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ENRC will buy Samancor stake from IMR -- source

October 19, 2009 - 14:03 GMT Location: London

KEYWORDS: clementine wallop , ferro-chrome , charge chrome , international mineral resources , eurasian natural resources corp , Alexander Machkevitch , Patokh Chodiev and Alijan Ibragimov

International Mineral Resources (IMR) will sell its share in Samancor Chrome to Eurasian Natural Resources Corp (ENRC), market sources said on Monday

IMR is owned by the three founding shareholders of ENRC, Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov, and has interests that include a stake in ferro-chrome major Samancor and the cobalt smelting assets of Chambishi Metals in Zambia. “I know that it is the intention [for IMR to sell to ENRC],” one well-placed market source told MB, although he declined to say when the transaction will take place, or how the stake in privately-held Samancor will be valued. “There will be a combination, but I do not know the details,” the source said. IMR is in the process of taking a majority stake in Samancor through a buyout of Kermas’ 34.5% stake in the producer that will take its holding to 67% from 32.5%....

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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