ENRC sees prices fall and costs rise

Mining group Eurasian Natural Resources Corporation (ENRC) saw a 'significant' decline in group revenue in the first three months of 2012 mainly as a result of a strong comparator and falling commodities prices.

Mining group Eurasian Natural Resources Corporation (ENRC) saw a 'significant' decline in group revenue in the first three months of 2012 mainly as a result of a strong comparator and falling commodities prices.

The first quarter of 2011 was ENRC's strongest-ever quarter in terms of revenue generation. The firm also saw a substantial decline in prices for all of the group's commodities and for iron ore in particular. "A decrease in sales volumes for iron ore and ferroalloys also negatively affected revenue. This was partially offset by increased sales volumes of copper, coal and electricity."

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