LONDON, Aug 14 (Reuters) - Kazakh miner ENRC posteda steeper than expected 17 percent drop in first-half profit onWednesday, in what could be its final set of earnings as alisted company as its founders push ahead with plans to take thecompany private.
Hit by higher costs and a poor pricing environment affectingkey commodities, including iron ore, ENRC said underlyingearnings before interest, tax, depreciation and amortisation(EBITDA) totalled $944 million for the six months.
That compares to a consensus forecast of almost $970 millionaccording to Thomson Reuters I/B/E/S.
ENRC, hit by a $1.5 billion impairment in 2012, alsoreported a further $161 million hit in the first half of thisyear, most of it the result of deferring spending at its BossMining operations in the Democratic Republic of Congo, but alsofurther deterioration in the value of its platinum investment.
ENRC is in the final throes of a $4.6 billion buyout by itsfounders and the Kazakh government, a move that will draw a lineunder almost six turbulent years in London marred by boardroomrows and corruption probes.
ENRC's current management declined to comment on life afterthe takeover, but said they expected the change of control totrigger calls for early repayment of roughly $1.2 billion of its$5.4 billion debt - $500 million of which is debt owed to rivalFirst Quantum after a long-standing dispute overCongolese assets was settled in January last year.
The trio of founders and the Kazakh government are expectedto negotiate with lenders, though they have also said they couldsell some international assets as they refocus spending.
The buyout of ENRC is widely expected to succeed after rivaland top shareholder Kazakhmys backed the offer, despitewhat it said was a lower than desired price. ENRC's independentboard members have told minority investors to seriously considerthe offer, due to a lack of alternative options.
Shareholders have until Aug. 28 to take up the offer.
ENRC shares were down 2.9 percent at 0830 GMT at 229.7pence, just below the current value of the bidders'cash-and-share offer, around 239 pence.
