London-based Kazakh miner Eurasian Natural Resources Corporation (ENRC) says it is acquiring African resources group Camec for £584 million (approximately $960 million) at 20p a share.
The company has secured around 55 per cent of Camec's shares. ENRC has its main interest in Kazakhstan, and with $2 billion reserve cash, is also reportedly in talks for the miner African Minerals.
"The board of directors of Camec is pleased to receive, and intend to recommend, this cash offer from ENRC to all the shareholders of Camec," said Andrew Groves, managing director and chief executive, Camec.
The acquisition will allow ENRC to explore Camec's copper and cobalt properties in the Democratic Republic of Congo and in Mozambique, Mali and Zimbabwe.
It will also be the first step outside Central Asia for the Kazakh miner, and is in accordance with its goal of diversifying its product portfolio.
While there may be a change of the top executive, other existing structure at Camec is likely to remain unchanged.