Kazakh ENRC completes acquiring remaining shares in Congo’s subsidiaries
Azerbaijan, Baku, Dec. 28 / Trend E. Kosolapova/
Kazakh Metallurgical Corporation Eurasian Natural Resources Corporation PLC has approved private acquisition of the remaining 49.5 percent of the share capital of Camrose Resources Limited as well as the outstanding minority shareholdings in certain Camrose subsidiaries by its wholly owned subsidiary ENRC Congo BV, the company reported.
Some 99.24 percent of the company's shareholder voted for the acquisition at the General Meeting on Friday.
An aggregate cash payment for the deal hit $550 million.
Camrose holds interests in various high quality copper and cobalt exploitation licenses in Congo.
Near-term production potential from the Camrose assets is approximately 100,000 copper contained tons per annum, with capital expenditure in 2013 estimated at around $300 million.
The remaining 49.5 percent of Camrose and a 50 percent interest in Daletona Properties Limited will be purchased from Cerida Global Limited, while the outstanding minority stake in Comide will be purchased indirectly through Cerida, as well as from Straker International Corp.
Moreover, ENRC Congo BV will also acquire one issued share in each of Akam Mining Sprl and Simplex Holding Sprl, which are subsidiaries of Camrose, from Mr Medard Palankoy.
As a result of the acquisition, Comide will be indirectly wholly owned by ENRC. Metalkol will remain 30-percent owned by Congo state-owned entities and Gecamines will continue to hold the minority 25-percent stake in Swanmines (the remaining 75 percent of which is held indirectly by Africa, in which ENRC Congo BV will hold an indirect 64 percent interest).
Eurasian Natural Resources Corporation (ENRC) is one of the leading diversified natural resources groups with integrated mining, processing, energy, logistical and marketing operations. ENRC production assets are mainly located in Kazakhstan. Moreover, the company operates in China, Russia, Brazil and Africa (the Democratic Republic of Congo, Zambia, Mozambique and South Africa). ENRC is the world's largest producer of ferrochrome on the chrome content basis and one of the world's significant iron ore and alumina producers.