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ENRC shareholders approve Gertler deal

Publishing Date
28 Dec 2012 1:10pm GMT
Mining Journal

Shareholders in Eurasian Natural Resources Corp plc (ENRC) have voted in favour of a US$550 million deal to buy out Israeli businessman Dan Gertler from Camrose Resources Ltd.

Camrose is a copper and cobalt operation in the Democratic Republic of the Congo (DRC).

More than 99% of votes recorded at a shareholder meeting on December 28 were in favour of the deal, ENRC said. Votes were cast for just under 62% of shares in issue.

Earlier this month, ENRC agreed to pay US$550 million for the 49.5% stake it didn’t already own in Camrose from Gertler through a subsidiary of Fleurette Properties Ltd, a trust associated with Mr Gertler’s family.

ENRC acquired 50.5% of Camrose, which holds a 70% indirect interest in Metalkol Sarl, owner of the Kolwezi copper tailings project, in August 2010 for US$175 million.

Kolwezi was previously part-owned by First Quantum Minerals Ltd and has a total resource of 112.8Mt grading 1.49% Cu and 0.32% Co.

Camrose holds interests in copper and cobalt exploitation licences in the DRC and the combined assets have near-term production potential of 100,000t/y of contained copper, ENRC said.

 In the circular to shareholders announcing today’s general meeting, ENRC said the UK Listing authority had instructed the company to appoint a sponsor to carry out a review of listing rules related to transactions including the original 50.5% purchase of Camrose.

The authority had not referred the matter to an enforcement team, but were awaiting the conclusion of the sponsor’s review, ENRC said.






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