MasterFeeds: Eurasian Natural Resources (ENRC-LSE): DRC Assets Acquired, Including Kolwezi; Potential Negative to Sentiment - BMO Comment

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Aug 23, 2010

Eurasian Natural Resources (ENRC-LSE): DRC Assets Acquired, Including Kolwezi; Potential Negative to Sentiment - BMO Comment

Eurasian Natural Resources (ENRC-LSE): DRC Assets Acquired, Including Kolwezi; Potential Negative to Sentiment – Negative
Rating:   Market Perform
Price:     £8.66
Target:   £10.50
Description: cid:image007.gif@01CB42A0.411A3BF0
The acquisition of DRC copper-cobalt assets from companies associated with the Gertler Family including the exploration licence for First Quantum's Kolwezi project (currently in international arbitration) is expected to generate negative market sentiment. Further, it may open up potential future legal issues with respect to the ownership of Kolwezi, plus suffer potential ill-will from the community of global mining companies in future. ENRC has announced the acquisition of a 50.5% interest in DRC-focused Camrose Resources. The stake was purchased from Silvertide Global, Zanette and Cerida Global, all held by the Gertler Family Trust. Total consideration is US$175M, comprising US$50M in cash and US$125M in promissory notes payable in 9-24 months.



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