ENRC May Sell DRC Mines to Repay Loan; Japanese Copper Improves

by on

ENRC may be in the market to sell “all its international assets, including its coveted copper operations in Congo, as its founders come under increasing pressure to repay a big loan they took on to privatize the company, industry and banking sources said,” reports Reuters.

“Among the most likely buyers of the copper mines in the Democratic Republic of Congo – ENRC’s jewel outside Kazakhstan – are commodities trader and miner Glencore Xstrata and its rival Trafigura, the sources said.”

“ENRC’s three founders and the Kazakh government took the company private last year in a $4.5 billion buyout that ended six turbulent years as a listed company, troubled by boardroom battles, weaker commodity prices and corruption allegations.”

In metal price news for copper…

The cash price of Japanese copper saw the biggest increase at 0.9 percent for Monday, February 3. The price of US copper producer grade 110 saw a 0.3 percent decline. The price of US copper producer grade 122 weakened by 0.3 percent. The price of US copper producer grade 102 declined 0.2 percent.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese copper prices were flat for the day. The price of Chinese copper bar showed little movement on Monday. The cash price of Chinese copper showed little movement on Monday. Chinese copper wire held its value yesterday. The price of Chinese bright copper scrap held steady.

FREE Download: The Monthly MMI® Report – covering the Copper market.

On the LME, the primary copper cash price fell 0.9 percent to $7,090 per metric ton. Also on the LME, the 3-month price of copper declined 0.8 percent to $7,062 per metric ton.