This preliminary results announcement includes the audited consolidated financial results of the Kazakhmys Group for the year ended 31 December 2011, including the Group's proportionate share of the unaudited earnings of ENRC PLC (ENRC), in which the Group has a 26% shareholding, on an equity accounted basis.
2011 HIGHLIGHTS
o Group EBITDA (excluding special items) of $2,925 million benefiting from higher metals prices
· $1,959 million from subsidiaries, joint ventures and discontinued operations
· $966 million contribution from ENRC
o Copper production costs remained globally competitive at 114 USc/lb
· In line with the target set at the start of 2011
· Cost pressures remain an industry wide issue in 2012
o Underlying Profit for the year of $1,498 million
· $465 million contribution from ENRC
· EPS of $2.80 based on Underlying Profit
o Balance sheet returned to a net funds position for first time since 2008
· Net funds of $19 million at year end, compared to net debt of $350 million at 31 December 2010
· Market value of ENRC holding $3,328 million at 26 March 2012
· Long term funding secured for major and mid-sized projects of $4.2 billion
o Dividend and shareholder returns
· Final dividend already declared of 20.0 US cents per share
· Full year dividend of 28.0 US cents per share increased by 27% from 2010
· $110 million of share buy-back completed at an average price of 904 pence per share
