ENRC plummets as it buys out Camrose from its Congo unit

MINER Eurasian Natural Resources was the second-biggest blue-chip faller yesterday, falling 2.62 per cent, as it paid $550m (£343m) to tighten its control over its unit in the Congo.

Kazakh ENRC said its subsidiary ENRC Congo had agreed to buy the 49.5 per cent of holding company Camrose Resources that it did not already own, plus outstanding minority shareholdings in some Camrose subsidiaries.

Camrose holds interests in copper and cobalt exploitation licences in the central African nation, including a 70 per cent indirect interest in Metalkol.

The deal to buy out Camrose will spell the end for ENRC’s relationship with controversial Israeli businessman Dan Gertler.

Felix J Vulis, chief executive of the FTSE 100-listed miner, said yesterday that consolidating ownership of Camrose is an “important step forward” for ENRC, “enabling us to gain maximum benefit from the development of these assets and to continue to support our strategy and ambition of becoming a material African copper producer”.

The transaction is expected to complete by 28 December, although it needs shareholder approval first.

ENRC closed down at 275.6p yesterday.