LONDON Eurasian Natural
Resources Corp. (ENRC) may be affected by "significant"
write-downs related to four of its assets.
The miner said it expects to
recognize non-cash impairment charges primarily for copper and
cobalt producers Boss Mining and Chambishi in the Democratic
Republic of Congo, Northam Platinum Ltd. in South Africa and
Aluminium of Kazakhstan.
"The market will be notified of
the final amounts, which are likely to be significant," ahead
of the groups preliminary results for the year ended Dec.
31, which will be released March 20, the company said.
Fellow miner Kazakhmys Plc said
Feb. 28 that the value of its 26-percent stake in ENRC had
fallen by 53 percent to just over $1.5 billion. Kazakhmys said
it is reviewing the carrying value of its holding but will not
be able to determine any impairments until ENRC releases its
ENRC also said its effective tax
rate for 2012 will be around 45 percent, up from a previous
guidance of 37 to 39 percent. The change is due to the
write-off of a deferred tax asset by Aluminium of Kazakhstan,
changes in commodity prices and market conditions, and
higher-than-expected spending on asset development.
A version of this article was first
published by AMM sister publication Metal