Support The Moscow Times!

Russian Copper Earns $353M in 2010

Russian Copper Company, reportedly planning an initial public offering in London this year, said profit soared 73 percent in 2010 as sales surged.

The country's third-largest producer of the metal had earnings before interest, taxes, depreciation and amortization of $353 million in 2010 as sales jumped 76 percent to $1.46 billion, according to a presentation by the company for a planned bond issue arranged by banks including Troika Dialog. The company expects profit to expand to $546 million this year, it said.

Russian Copper plans an IPO of as much as a 25 percent stake in the third quarter, valuing the company at $3.6 billion to $4.8 billion, Kommersant said May 20, citing unidentified people. Kazakhmys, a Kazakh copper miner listed in London, trades at 7.6 times 2010 EBITDA, according to Bloomberg data.

Russian Copper had $1.08 billion of debt at the end of 2010, with $297 million due to be repaid next year, according to the presentation. The company plans to sell 5 billion rubles ($180 million) of five-year bonds this week with a coupon of 9.2 percent to 9.5 percent, Troika Dialog said Tuesday.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.