[pontikka]

raaka-ainesykliin luottaville

http://www.enrc.com/index.asp

Listautuu Lontoossa, markkina-arvon perusteella voi päästä FTSE 100 -seen.

Melko vaikeasti hinnoiteltava, koska niillä on vähän kaikkea, myös sähköntuotantoa. En löytänyt mitään numerodataa muuta kuin nämä: markkina-arvo 6.8 miljardia puntaa, liikevaihto yli 3 miljardia. Varantoja on kaikenlaisia, mutta suoraan sanoen pitäisi tietää aika lailla asioista arvioidakseen firman varantojen perusteella. Pitänee ehkä odotella ensimmäisiä tarkempia talouslukuja.

[sku]

Eurasian Natural Resources Shares Advance in London (Update2)

By Brett Foley

Dec. 7 (Bloomberg) -- Eurasian Natural Resources Corp. advanced 17 percent on its first day of trading after raising 1.36 billion pounds ($2.76 billion), the biggest initial public offering by a metals or mining company in London this year.

The London-based miner of chrome and iron ore in Kazakhstan sold 252.2 million new shares, or about 20 percent of the company, at 540 pence each, it said today in a statement. An over-allotment option of 25.3 million shares may raise a further 136.4 million pounds.

The sale caps a record year for new equity offerings in Europe, the Middle East and Africa even after metals producers United Co. Rusal and Cunico Resources NV shelved their plans. Companies in the region had raised $211.4 billion this year before ENRC, compared with $191.5 billion in 2006, Bloomberg data show.

``They have done very well to get it away against this market backdrop and at this time of the year,'' Charles Kernot, director of mining and metals at investment bank Seymour Pierce Ltd. in London, said today by phone. ``Investors were attracted by the diversified nature of its assets, which separates it from mining companies exposed to only one commodity.''

ENRC gained 90 pence to 630 pence at the close on the London Stock Exchange.

Russia's Rusal, the world's second-largest aluminum producer, delayed plans for a London IPO this year because of market volatility, Interfax reported Sept. 21. Cunico, a mining company half-owned by Israeli billionaire Beny Steinmetz, canceled a $580 million share sale in August, citing ``market conditions.'' Russian metals trader OAO Inprom yesterday delayed its IPO until the spring from this year.

Chrome, Alumina

ENRC says it's the world's largest producer of ferrochrome by chrome content and the sixth-largest exporter of iron ore. Ferrochrome is used in stainless steel.

The company, which accounts for 4 percent of Kazakhstan's economic output, also produces alumina, generates 16 percent of the country's electricity and has annual sales of more than $3 billion. Brazil's Cia. Vale do Rio Doce is the world's biggest iron-ore exporter.

The Kazakh government is a shareholder in ENRC, as are London-based Kazakhmys Plc and founders Alijan Ibragimov, Alexander Machkevitch and Patokh Chodiev.

Kazakhmys paid $806.5 million last month to buy a stake in the company from its Chairman Vladimir Kim. The three founders were also partners in Cunico alongside Steinmetz.

David Cooksey will be ENRC's chairman, while Richard Sykes and Gerhard Ammann will join the board as non-executive directors, the company said Nov. 13.

Deutsche Bank AG managed the sale, along with ABN Amro Rothschild LLC, Credit Suisse Group and Morgan Stanley.

To contact the reporter on this story: Brett Foley in London at bfoley8@bloomberg.net
Last Updated: December 7, 2007 12:14 EST