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DJ ENRC Expands In Congo By Acquiring Camrose Stake For $175M

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LONDON,&nbsp; Aug 20&nbsp;&nbsp;(Dow Jones)--
Eurasian Natural Resources Corp. PLC (ENRC.LN) Friday 
said it has expanded its presence in Congo by acquiring 50.5% of Camrose 
Resources Ltd. for $175 million.
Camrose holds indirect interests in five copper and cobalt exploitation 
licenses in Congo.
&quot;The transaction [complies] with ENRC's stated commodity driven acquisitions 
strategy and our belief in the fundamental attractiveness of copper and 
cobalt,&quot; said Felix Vulis, chief executive of ENRC. &quot;Camrose's assets are 
contiguous to our existing assets in the region and offer the potential for 
synergies,&quot; he added.
The proximity of both the assets to each other means ENRC can share power 
allocation and logistics capacity while reducing mining costs through the 
optimization of mining methods and better use of its processing facilities 
through economies of scale.
ENRC has paid $50 million in cash and issued $125 million in promissory notes 
to cover the costs of buying the stake from Silvertide Global Ltd., Zanette 
Ltd. and Cerida Global Ltd. The promissory notes mature in 9 to 24 months.
As part of the deal, ENRC will provide Camrose with a $400 million 
shareholder loan facility to repay loans, fund working capital, kick-start the 
feasibility studies and develop the project, among other things. ENRC is also 
providing a guarantee of $155 million to cover Cerida's payment of outstanding 
debt.
At 1519 GMT, ENRC's shares were down 21.50 pence or 2.4% at 864.50p, in line 
with lower U.K. mining stocks. 
&nbsp;

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DJ ENRC Expands In Congo By Acquiring Camrose Stake For $175M | Shanghai Non ferrous Metals

DJ ENRC Expands In Congo By Acquiring Camrose Stake For $175M

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