Miners and merger moves lift FTSE 100 but ENRC misses out
Miners and mergers have helped push shares higher, but Kazakh
group Eurasian Natural Resources Corporation missed out after
negative comment about a controversial takeover in the
Democratic Republic of Congo.  ENRC said late last week it would
buy 50.5% of Camrose, a holding company in the DRC owned by
Israeli diamond entrepreneur Dan Gertler. The key asset involved
is a 70% shareholding in a copper project in Kolwezi, but the
ownership of the stake is in dispute. Canada's First Quantum
Minerals is claiming it is the rightful licensee, and has
successfully called for a tribunal in Paris to rule on the
issue. Analyst Anindya Mohinta at Citigroup said:  This is the
sort of deal we have previously flagged as representing a
downside risk for [ENRC]. The Kolwezi asset is still under
arbitration and First Quantum continues to allege that this
asset was illegally seized from it and then awarded to Dan
Gertler's investment vehicle. Until the arbitration proce