Following, Kazakhmys reported an underlying profit for 2009 of $602m (£399m), including a $223m contribution from its 26 per cent holding in ENRC, which was valued at $5.9m at 29 March. But tax changes in Kazakhstan, including the introduction of a mineral extraction charge of $164m, resulted in a total tax charge of $261m.
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Revenues from continuing operations fell by 27 per cent to $2.4bn primarily as a result of the 25 per cent downturn in average realised copper price from $6,174 per tonne to $5,024 per tonne, and lower sales volumes. Net debt from continuing operations fell to $689m.
What we said:
When: 19/03/10
Price: 1,527p
