Eurasian Natural Resources Corporation (ENRC) is a diversified mining company performing mining, processing, power generation, logistics and marketing operations. Primary assets are in Kazakhstan, Russia and China with a commodity portfolio of Ferrochrome, Iron Ore, Alumina, Aluminium, and Coal. Sales are largely destined for West Europe (2010 Revenue :21%), Japan (20%), China (20%) and Russia (19%) with Ferroalloys (45%) and Iron Ore (28%) dominating earnings. Recent acquisitions include copper and cobalt assets in Congo & Zambia and shares in a platinum producer in South Africa alongside continued expansion of their iron ore asset in Brazil. ENRC has a competitive advantage as the largest ferrochrome producer in the world (by chrome content) at the lowest cost, with close proximity to China. Growth is forecast to be driven by increased auto sales and continued urbanization & industrialization in emerging economies particularly China. Key risks included FX, cost inflation and slowing demand growth in China. Areas to monitor are cost growth and developments in Africa and Brazil.