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ENRC completes acquisition of Canrose Resources

Steel News - Published on Sun, 06 Jan 2013

Eurasian Natural Resources Corporation PLC announced the completion of the private acquisition by its wholly owned subsidiary, ENRC Congo BV, of the remaining 49.5% of the share capital of Camrose Resources Limited as well as the outstanding minority shareholdings in certain Camrose subsidiaries.

The amount paid for the shares was USD 550 million.

Camrose is now a 100% owned subsidiary of ENRC PLC.

Mr Felix J Vulis chief executive officer said that \"I am very pleased that we have concluded this strategic transaction, which enables us to gain maximum benefit from the development of the Camrose assets and to achieve our goal of becoming a material African copper producer.”

Mr Mehmet Dalman chairman of ENRC said that “I welcome the completion of this important value enhancing transaction. It is an integral part of the corporate governance and company structure optimisation which I set as a key priority when I assumed the chairmanship.”

Source - ENRC

(www.steelguru.com)

Posted By : admin on Sun, 06 Jan 2013
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