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Kazakh ENRC to double investment to $6.9bln -report

Tue Oct 7, 2008 1:03am EDT

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ALMATY, Oct 7 (Reuters) - Kazakh miner Eurasian Natural Resources Corp (ENRC.L) plans to nearly double investment in new projects to $6.9 billion, a senior manager was quoted as saying on Tuesday.

Kazakhstan, its banking sector hit hard by a global credit crisis, has had limited access to borrowing to fund growth but companies in the metals and oil sector have continued to expand due to high commodity prices.

"Most of these projects will come on stream in 2010-2012," Felix Vulis, ENRC's Chief Operating Officer Kazakhstan, told the Business i Vlast newspaper, adding that the company sought to expand in all of its production divisions.

ENRC is the world's biggest producer of ferrochrome and also produces iron ore, alumina and aluminium.

Its 2007 pretax profit rose 36 percent to $1.32 billion on revenues up 26 percent. (Writing by Maria Golovnina; Editing by Lincoln Feast)



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