Central African Mining and Exploration Company
Encyclopedia
The Central African Mining and Exploration Company (CAMEC) was a mining company active in the Katanga Province
of the Democratic Republic of the Congo (DRC) and in other parts of Africa. It was acquired by ENRC in 2009.
in October 2002. It pursued an aggressive and successful program of acquiring and developing projects, finding little difficulty in gaining funding based on its strong track record.
The company developed operations or undertook exploration in Mali (bauxite), Mozambique (coal), the DRC (copper and cobalt), South Africa (fluorspar) and Zimbabwe.
In July 2007 CAMEC said it planned to make an offer for the Canadian copper company Katanga Mining
in exchange for shares in the conbined company.
CAMEC withdrew the offer in September 2007, citing uncertainty due to a review of mining licenses being conducted by the DRC government.
controlled Boss Mining, which owned 50% of the Mukondo
resource. In a February 2006 deal, Rautenbach gained about 17% of the CAMEC shares when CAMEC bought Boss.
In 2007 CAMEC and Prairie International, the owner of Tremalt
, decided to combine their Mukondo assets into a new holding company. Billy Rautenbach would be excluded from ownership in the new company due to the hostile relations that had developed between him and the DRC government.
In November 2007 CAMEC and Prairie International announced plans to form a joint venture to extract cobalt from Mukondo, to reopen Kakanda concentrator and to control the copper cobalt SX/EW facility at Luita
.
In February 2008 the two companies announced that the Mukondo Mountain operations had restarted.
In July 2008 CAMEC said the Luita facility, due to be completed later that year, would be the largest of its kind in the world.
The target was to produce 100,000 tonnes per year of copper cathode.
In July 2009 CAMEC announced a long term agreement under which CAMEC would deliver its entire annual production of cobalt in concentrate from Mukondo Mountain to Zhejiang Galico Cobalt & Nickel Materials of China.
of South Africa an effective economic interest of 99.99%.
In May 2009 CAMEC said it had found bauxite on a property in Mali with an inferred resource of 439 million tons.
In July 2009 CAMEC said it was conducting a feasibility study at the Bokai platinum prospect in Zimbabwe, due to be completed by September. It expected to start production in 2012.
In September 2009 the Eurasian Natural Resources Corporation
(ENRC) of Kazakhstan
made a £584-million cash offer for CAMEC.
The chairperson Phillippe Edmonds and CEO Andrew Groves both resigned when the deal was closed in November 2009.
Katanga Province
Katanga Province is one of the provinces of the Democratic Republic of the Congo. Between 1971 and 1997, its official name was Shaba Province. Under the new constitution, the province was to be replaced by four smaller provinces by February 2009; this did not actually take place.Katanga's regional...
of the Democratic Republic of the Congo (DRC) and in other parts of Africa. It was acquired by ENRC in 2009.
Early years
CAMEC listed on the London Stock Exchange's Alternative Investment MarketAlternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
in October 2002. It pursued an aggressive and successful program of acquiring and developing projects, finding little difficulty in gaining funding based on its strong track record.
The company developed operations or undertook exploration in Mali (bauxite), Mozambique (coal), the DRC (copper and cobalt), South Africa (fluorspar) and Zimbabwe.
In July 2007 CAMEC said it planned to make an offer for the Canadian copper company Katanga Mining
Katanga Mining
Katanga Mining is a mining company in the Katanga Province of the Democratic Republic of the Congo , majority-owned by Swiss commodity trader Glencore.-DCC:...
in exchange for shares in the conbined company.
CAMEC withdrew the offer in September 2007, citing uncertainty due to a review of mining licenses being conducted by the DRC government.
Mukondo
The Zimbabwean businessman Billy RautenbachBilly Rautenbach
Billy Rautenbach, also known as Muller Conrad Rautenbach , is a multimillionaire Zimbabwean businessman. He is known for his aggressive business tactics and is believed to have close links to ZANU-PF and the government of Robert Mugabe...
controlled Boss Mining, which owned 50% of the Mukondo
Mukondo Mine
Mukondo Mine is a copper and cobalt mine in Katanga Province, Democratic Republic of the Congo. As of 2011 it was operated by the Central African Mining and Exploration Company...
resource. In a February 2006 deal, Rautenbach gained about 17% of the CAMEC shares when CAMEC bought Boss.
In 2007 CAMEC and Prairie International, the owner of Tremalt
Tremalt
Tremalt Limited was a mining company incorporated in the Democratic Republic of the Congo . It was the vehicle for a highly criticized deal in 2001 in which it bought copper assets at far below their estimated value in return for a private agreement to pay a share of profits to the DRC and Zimbabwe...
, decided to combine their Mukondo assets into a new holding company. Billy Rautenbach would be excluded from ownership in the new company due to the hostile relations that had developed between him and the DRC government.
In November 2007 CAMEC and Prairie International announced plans to form a joint venture to extract cobalt from Mukondo, to reopen Kakanda concentrator and to control the copper cobalt SX/EW facility at Luita
Luita
The Luita plant will be the largest copper and cobalt processing plant in Africa, and the largest cobalt facility in the world. It is being built in modules by the Central African Mining and Exploration Company in Katanga Province, Democratic Republic of the Congo.The Luita plant is designed to...
.
In February 2008 the two companies announced that the Mukondo Mountain operations had restarted.
In July 2008 CAMEC said the Luita facility, due to be completed later that year, would be the largest of its kind in the world.
The target was to produce 100,000 tonnes per year of copper cathode.
In July 2009 CAMEC announced a long term agreement under which CAMEC would deliver its entire annual production of cobalt in concentrate from Mukondo Mountain to Zhejiang Galico Cobalt & Nickel Materials of China.
Other projects
CAMEC had a stake in the Copper Resources Corporation but it was "disenfranchised", giving MetorexMetorex
Metorex is a mining company based in Johannesburg, South Africa.It has assets in the Democratic Republic of the Congo , Zambia and elsewhere.A recent takeover bid by the Jinchuan Group of China valued the company at US$1.1 billion.-History:...
of South Africa an effective economic interest of 99.99%.
In May 2009 CAMEC said it had found bauxite on a property in Mali with an inferred resource of 439 million tons.
In July 2009 CAMEC said it was conducting a feasibility study at the Bokai platinum prospect in Zimbabwe, due to be completed by September. It expected to start production in 2012.
In September 2009 the Eurasian Natural Resources Corporation
Eurasian Natural Resources Corporation
Eurasian Natural Resources Corporation PLC is a diversified natural resources company headquartered in London, United Kingdom. It has activities in mining, processing, energy, logistics and marketing....
(ENRC) of Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
made a £584-million cash offer for CAMEC.
The chairperson Phillippe Edmonds and CEO Andrew Groves both resigned when the deal was closed in November 2009.