HomeNewsEurasian company may buy Mvelaphanda

Eurasian company may buy Mvelaphanda

The twin shaft
system at
Northam mine
Johannesburg, South Africa — MININGREVIEW.COM — 06 January 2010 – Mvelaphanda Resources Limited “’ a leading, broad-based, pan-African empowerment mining and minerals company “’ has risen to a four-month high after a report that Eurasian Natural Resources Corporation (ENRC) may buy the company.

Miningmx reports that ENRC is in talks on a possible bid. Mvelaphanda owns 62.8% of Northam Platinum Limited, which runs the world’s deepest platinum mine, and owns the Booysendal deposit.

“The platinum sector is going to be looking a lot more attractive to potential bidders,” Mvelaphanda spokesman James Wellsted said in an interview with Bloomberg News. “Northam, with Booysendal, has a desirable asset and if an offer was made, we definitely would have to look at it,” he added.

ENRC, “’ a Kazakh ferroalloy producer “’ declined to comment when Bloomberg contacted spokesman Edward Orlebar by phone.

“We view the speculation as credible given that ENRC has previously been linked to a bid for Northam Platinum,” Liberum Capital Limited wrote in a note.

ENRC “’ looking to grow outside of steelmaking materials “’ last month bought copper producer Central African Mining and Exploration Company for about US$934 million (R7 billion).

Mvelaphanda also owns 5.5% of Gold Fields Limited,  Africa’s second-biggest gold producer.