Bloomberg News

Ural Mining Boosts Sales to $6.3 Billion on Copper Output, Price

July 10, 2012

Ural Mining & Metallurgical Co., Russia’s largest copper producer, said sales rose about 23 percent last year after output increased and prices gained.

Revenue totaled 185.4 billion rubles, or $6.3 billion based on the average exchange rate for 2011, the company said today in an e-mail. That compares with $5.13 billion in 2010, according to UMMC’s website.

Copper earnings climbed last year as rising prices drove output. Antofagasta Plc reported an 18 percent profit gain, while Xstrata Plc had a 12 percent increase. UMMC, controlled by billionaire Iskandar Makhmudov, became Russia’s largest copper miner in 2011 after boosting production by almost 3 percent.

Earnings before interest, taxes, depreciation and amortization were 44.8 billion rubles in the period, while net debt was almost 114 billion rubles, UMMC said, without providing comparative figures for 2010.

Average copper prices on the London Metal Exchange rose 17 percent from a year earlier to $8,828 a metric ton.

To contact the reporters on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net; Lyubov Pronina in Moscow at lpronina@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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