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Central African Mining & Exploration Company Plc ('CAMEC' or 'the Company') Offer for Katanga Mining Limited.

Publication: PR Newswire
Publication Date: 11-JUL-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
'Creating a Leading African Copper and Cobalt Producer'

LONDON, July 11 /PRNewswire-FirstCall/ -- CAMEC , the fully integrated exploration, production and investment company, announces its intention to make an all share offer (the "Offer") for Canadian listed Katanga Mining Limited ("Katanga"). The acquisition will create one of Africa's largest copper and cobalt producers. The Offer is 17 new ordinary shares in CAMEC for each Katanga common share held. This is an increase from the previously announced exchange ratio of 15 to 1 referred to in CAMEC's announcement of July 9, 2007. In connection with the Offer, CAMEC, which already owns 22% of the outstanding common shares of Katanga, also announces that it has entered into agreements with certain shareholders representing approximately 32% of the outstanding shares of Katanga pursuant to which such shareholders have agreed to accept the Offer. Based on yesterday's closing mid-market price of 71p per CAMEC share, the Offer values the entire issued share capital of Katanga at approximately GBP943 million (CDN$ 1.98 billion).

The Offer documentation is expected to be posted to Katanga shareholders in August, 2007.

Summary

- The combination of CAMEC and Katanga will create a leading copper cobalt company with growing production, as well as quantified and increasing resources

- Synergistic deal creates value for both companies' shareholders by...



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