Lanka says UNHRC should not be politicized

October 8, 2019


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He said that countries emerging from painful conflicts and renewing their commitment to economic and  social development after the eradication of terrorism, deserve understanding and sympathetic  support  from the international community, not judgmental attitudes buttressed by pressure which erodes the dignity and self-respect of developing nations. Sri Lanka says the developing world has a particular interest in ensuring that the UN Human Rights Council (UNHRC) is not politicized.External Affairs Minister G.L Peiris said that such organs of the UN System should not become  instruments  for  giving  effect  to  decisions  made  by  power  blocs  for  political  reasons. He said this during a meeting with the Minister of Foreign Affairs of Nigeria Olugbenga Ayodeji  Ashiru, the External Affairs Ministry said. “If  political  and  strategic  alignments, rather  than  recourse  to  an  issue  based  approach,  are  seen  to  determine  voting  patterns,  the  actual  conduct  of  these bodies,  over  time,  will  move  further  and  further  away  from  the  value  system  underpinning  the  Charter  of  the  United  Nations,”  the  Minister  observed.Professor Peiris emphasized that external intervention at a time when domestic procedures are vibrant and moving forward, is entirely counterproductive in terms of achieving results on the ground. read more

ENRC gains controlling interest in Serov

September 24, 2019


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first_imgEurasian Natural Resources Corp (ENRC), a diversified and fully integrated Kazakh metals and mining company, has completed the acquisition of a controlling interest in the Serov group and certain related entities. Serov is a ferrochrome producer in eastern Russia and owns a chrome ore mining facility and a ferrochrome smelter. The smelter produces a variety of ferroalloys including high, medium and low carbon ferrochrome and has an annual sales volume of approximately 200,000 t.Serov was acquired from various entities affiliated with Messrs. P Chodiev, A Ibragimov and A Machkevitch, all of whom are significant shareholders in ENRC. This transaction is ENRC’s first acquisition outside of Kazakhstan. The total cash consideration for the acquisition is $210 million, including an initial $100 million pre-payment made in July 2007.ENRC believes that the acquisition of Serov will help reinforce the market position of the Group in the ferrochrome industry and in the region. In addition, the transaction will allow the Group to benefit from further vertical integration within the ferroalloys business. Commenting on the acquisition, Dr. Johannes Sittard, CEO of ENRC, said, “We believe that the operations of Serov will not only complement our existing ferrochrome product range but will also provide ENRC with an important asset base in Russia, which supports our strategy to pursue expansion opportunities.”Sir David Cooksey, the Non-Executive Chairman of ENRC, said, “It is good that we have completed this transaction, our first as a public company, and we believe that Serov will be an important part of the Group’s development. The acquisition will provide a strong platform for ENRC in Russia.”ENRC is the world’s largest producer of ferrochrome, based on chrome content, the world’s sixth largest iron ore exporter by volume and world’s fifth largest supplier of traded alumina by volume. The Group’s revenues were $3,256 million for the year ended 31 December 2006 and $1,856 million for the six months ended 30 June 2007. EBITDA (pre exceptional items) was $1,256 million for the year ended 31 December 2006 and $797 million for the six months ended 30 June 2007.last_img read more