ENRC Warns Investors of Major Writedowns

Reuters reported that Kazakh miner ENRC has warned its investors of “significant” writedowns and said minority stakes such as its 13.5% interest in Northam Platinum will be affected.

As quoted in the market news:

ENRC is the latest of the large miners to write down the value of assets, as boom-year deals sour for many of the sector’s big players, and falling prices bite. Weak platinum and aluminium prices also caused pain at rivals Anglo American , Rio Tinto and BHP Billiton.

Click here to read the full Reuters report.