HomeBase MetalsCAMEC receives offers

CAMEC receives offers

Copper coming off the
line at a CAMEC
facility in the DRC
London, England — MININGREVIEW.COM — 16 July 2009 – AIM-listed Central African Mining & Exploration Company Plc (CAMEC) “’ an Africa-focused emerging mining company “’ has received offer approaches, but has not provided any details at this stage.
In a statement issued here today, the company “’ whose assets include copper, platinum and cobalt operations “’ said: “CAMEC notes the recent speculation concerning a possible offer for the entire share capital of the company.”

It went on to say: “CAMEC confirms it has received preliminary approaches concerning a possible offer for the entire issued and to be issued share capital of the company.”

Shares in CAMEC were up 39.58% at 16.5 pence at 1017 GMT today, giving the company a value of around £465 million (R6.1 billion).

The Financial Times newspaper reported today that there had been talk that the company could be a takeover target for Brazil’s Vale or a Chinese materials group.

CAMEC recently reported significant resources of platinum at its project in Zimbabwe .

The company confirmed that the prospect contained combined mineral resources of 91.32 million tonnes of sulphide ores, grading 3.64 g/t of 4E, and containing 10.69 million ounces of 4E, as well as significant base metal credits.

It added that estimated Stage 1 reserves would support production of 163 000 ounces a year of platinum group metals (PGMs) in concentrate over a 20-year mine life, while Stage 2 development was expected to double PGM production.