ENRC gets extension for call option on outstanding stake in Shubarkol Komir

Kazakhstan-based mining group Eurasian Natural Resources Corporation Plc. (ENRC) has announced today, January 31, the extension by up to 12 months, to January 31, 2012, of a call option originally granted in conjunction with the acquisition of a 25 percent interest in Kazakh coal company Shubarkol Komir (Shubarkol) in February 2009.
 
The call option gives ENRC the right to acquire the outstanding 75 percent of the ordinary shares of Shubarkol for a consideration of some $600 million.
 
"Shubarkol represents an attractive, complementary and important strategic asset, which would add to the group's projected coal capacity and support the development of its businesses in Kazakhstan. This transaction gives us an additional 12 months' strategic optionality in a valuable segment of the market and over one of Kazakhstan's most attractive coal assets at no additional cost to the group." ENRC's CEO Felix J Vulis said.