"We continue to view ENRC
's liquidity as "less than adequate," given the high debt maturities from the fourth quarter of 2015.
reviewed its capital expenditure program with total expansionary capex for the next 5 years projected to require US$4.4 billion, of which US$3.2 billion to be spent on 5 key projects - the New Aktobe Ferroalloys Plant, Frontier and RTR, followed by the Boss Mining Concentrator and SSGPO iron ore expansion.
's founders -- Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov -- along with the Kazakh government, took the London-based mining company private in November.
reported gross available funds of US$1,565 million, borrowings of US$4,940 million as well as US$3.0 billion of additional facilities obtained since the start of 2012 to fund growth projects.
Others close to the investigation have suggested ENRC
was less than careful about preserving key evidence - an allegation ENRC
More than half of the targeted shares are held by Kazakh miner Kazakhmys Plc (LON:KAZ), the stockholders of which approved the sale of the ENRC
stake last week.
As announced previously, ENRC
's co-founders Alijan Ibragimov, Patokh Chodiev and Alexander Mashkevitch in partnership with the Kazakh government seek to acquire the 46.1% they do not already own in the Kazakh-focused natural resources company and delist it from the London Stock Exchange (LSE).
Mr Ibragimov's father and his partners are the major shareholders in the mining giants Eurasian National Resources Corporation (ENRC
Miners were the biggest drag on performance in early trading, with Vedanta Resources, Kazakhmys and ENRC
all affected by a drop in base metal prices falling 3.6%, 3.7% and 2.4% respectively.
eyes spin-off of its international assets (page 2)
Kazakh-based Kazakhmys PLC (Kazakhmys) (LSE: KAC) and Eurasian Natural Resources Corporation PLC (ENRC
) (LSE: ENRC
) are looking for loans from China, according to United Kingdom newspaper The Daily Telegraph.
ERG completed the acquisition of Eurasian Natural Resources Corporation PLC ("ENRC
") in December 2013 and would continue carrying on the tradition of longstanding partnership with its operations areas.