Kazakhstan-based mining group Eurasian Natural Resources Corporation Plc. (ENRC) has announced that it has reached an agreement to acquire Central African Mining & Exploration Company (CAMEC) for 20 pence in cash for each CAMEC share, for a total of approximately £584 million (about $954 million).
"We are pleased to announce a recommended cash offer for the acquisition of CAMEC. The attractive assets of CAMEC fit well with our strategic ambition to grow and diversify ENRC. CAMEC offers all of our key requirements including scale and scalable assets, low cost and extensive growth opportunities," ENRC CEO Felix Vulis commented.
Accordingly, the offer will give ENRC access to large copper/cobalt resources in the Democratic Republic of the Congo with the potential to support significant, scalable, low-cost production capacity.
CAMEC is an AIM-listed, Africa-focused emerging mining company with operations centered on copper and cobalt, coal, bauxite, platinum, trucking and logistics and fluorspar.