ENRC Shareholders Back $550 Million Deal for Camrose Resources DRC Interests

Bloomberg reported that Eurasian Natural Resources Corp shareholders have backed a $550 million cash bid for 49.5 percent of Camrose Resources Ltd., which has interests in copper and cobalt licenses in the Democratic Republic of Congo.

As quoted in the market report:

ENRC, which produces ferroalloys and iron ore as well as copper, bought its 50.5 percent stake in Camrose from Gertler, 39, for $175 million in 2010. ENRC said Dec. 7. that the latest deal will simplify its structure and create cost savings across its operations in the region. The Camrose assets produce about 100,000 metric tons of copper annually and estimated 2013 capital expenditure is about $300 million.

To view the whole Bloomberg report, click here.

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Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with FCO to get their latest news instantly.

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