Print   



11 November 2009

Central African Mining & Exploration Company plc

("CAMEC" or the "Company")

Directorate change

Further to yesterday's announcement by Eurasian Natural Resources Corporation PLC that its recommended offer for the entire issued share capital of CAMEC has been declared unconditional in all respects, CAMEC announces the resignation with immediate effect of Philippe Edmonds from his post as chairman of CAMEC, Andrew Groves from his post as chief executive and managing director and John Anthony from his post as non-executive director of CAMEC.

Following a board meeting of CAMEC this afternoon, the Company announces the appointment of Mr. Beat Ehrensberger, Mr. James Cochrane and Ms. Zaure Zaurbekova to the board of directors of CAMEC with immediate effect.

Mr. James Cochrane has been appointed Chairman of the board of directors of CAMEC.

The board of directors thanks Philippe Edmonds, Andrew Groves and John Anthony for their service to CAMEC and wishes them well for the future.

Mr. James Alastair Kirkland Cochrane (45 years old) holds, or has in the last five years held, the following directorships:

Current directorships Mr. James Cochrane:

Landark Developments Ltd.

ENRC Finance Limited

ENRC Management (UK) Limited

ENRC Africa Limited

ENRC Africa 1 Limited

Alloy 2000 B.V., Luxembourg

Bahia Minerals B.V., Amsterdam

DDK Trading AG, Switzerland

ENRC Marketing AG, Switzerland

Past directorships Mr. James Cochrane:

Eurasian Capital AG, Switzerland

ENR Alumina AG, Switzerland (deregistered company)

ENR Iron AG, Switzerland (deregistered company)

ENR Technik AG, Switzerland (deregistered company)

Joint Stock Company Serov Ferrochrome Factory, Russia 

Joint Stock Company Serov Metalconcentrate Works, Russia 

Joint Stock Company Saranovskaya Mine "Rudnaya", Russia 

Xinjiang Tuoli ENRC Taihang Chrome Co, Ltd., China

Ms. Zaure Zaurbekova (47 years old) holds, or has in the last five years held, the following directorships:

Current directorships Ms. Zaure Zaurbekova:

Eurasian Natural Resources Corporation PLC

TNC Kazchrome JSC 

Aluminium of Kazakhstan JSC 

KAS JSC 

ENRC Microcredit LLP 

ENRC Credit LLP

Mr. Beat Ehrensberger (38 years old) holds, or has in the last five years held, the following directorships:

Current directorships Mr. Beat Ehrensberger:

ENRC Africa Limited

ENRC Africa 1 Limited

ENRC Finance Limited

ENRC Management (UK) Ltd 

ASEK Reinsurance AG, Switzerland

DDK Trading AG, Switzerland

ENRC Marketing AG, Switzerland

Joint Stock Company Serov Ferrochrome Factory, Russia 

Joint Stock Company Serov Metalconcentrate Works, Russia 

Joint Stock Company Saranovskaya Mine "Rudnaya", Russia

Bahia Minerals B.V., The Netherlands

Past directorships Mr. Beat Ehrensberger:

Eurasian Capital AG, Switzerland 

Eurasian Natural Resources Corporation AG, Switzerland

EWI Eastwest Interaction Management GmbH, Switzerland

Gastralos AG, Switzerland

IMR International Mineral Resources AG, Switzerland

Central Asian Investment Holding AG, Switzerland (deregistered company) 

Central Asian Investment Management GmbH, Switzerland (deregistered company)

CoMIT Resources AG, Switzerland (deregistered company)

Corica AG, Switzerland (deregistered company)

ENR Alumina AG, Switzerland (deregistered company)

ENR Finance AG, Switzerland (deregistered company)

ENR Finance Holding AG, Switzerland (deregistered company)

ENR Finance Management AG, Switzerland (deregistered company) 

ENR Iron AG, Switzerland (deregistered company)

ENR Technik AG, Switzerland (deregistered company)

Ferronikeli AG, Switzerland (deregistered company) 

Flour Invest GmbH, Switzerland (deregistered company)

Hilford Holding AG, Switzerland (deregistered company) 

HSPL Holding AG, Switzerland (deregistered company) 

IMR Marketing AG, Switzerland (deregistered company) 

International Mineral Resources Holding AG, Switzerland (deregistered company) 

International Mineral Resources Management AG, Switzerland (deregistered company) 

J&W Holding AG, Switzerland (deregistered company) 

Lynchburg Holding AG, Switzerland (deregistered company) 

Mineral Resources Holding AG, Switzerland (deregistered company) 

Mineral Resources Management GmbH, Switzerland (deregistered company) 

Prentiss Holding AG in Liquidation, Switzerland (deregistered company) 

Steelfox AG, Switzerland (deregistered company) 

Summerside Holding AG, Switzerland (deregistered company) 

Tacit AG, Switzerland (deregistered company) 

Traniwa Holding AG, Switzerland (deregistered company) 

Zetenics AG, Switzerland (deregistered company)

There is no further information required to be disclosed in respect of the above appointment pursuant to paragraph (g) of Schedule Two of the AIM Rules.

- ENDS -

Enquiries

For further information, please contact: 

ENRC: Investor Relations
Mounissa Chodieva	+44 (0) 20 7389 1879
James S Johnson	+44 (0) 20 7389 1862
Marianna Adams	+44 (0) 20 7389 1886

ENRC: Press Relations
Julia Kalcheva	+44 (0) 20 7389 1861

About CAMEC

CAMEC is an Africa focused emerging mining company. It operations are centred around copper and cobalt, coal, bauxite, platinum, trucking and logistics and fluorspar. CAMEC's copper and cobalt operations are located in the Democratic Republic of Congo. CAMEC is a holder of coal licences in Mozambique, including the 100 per cent. owned 871L coal project, in the prospective Zambezi coal province in Mozambique. In platinum, CAMEC has a controlling interest in a number of significant assets in Zimbabwe, including a 60 per cent. interest in the Bokai and Kironde claims held through Todal Mining (Pty) Limited. CAMEC's trucking and logistics subsidiary, Sabot, has a fleet of approximately 467 trucks and a series of warehouses across the region. In Fluor spar, CAMEC holds a majority stake in the Doornhoek Fluorspar Project located adjacent to the Wiktop Fluorspar mine in South Africa. CAMEC is a UK company whose shares were admitted to trading on AIM on 9 October 2002. For the year ended 31 March 2009, CAMEC reported a loss before tax of US$41.5 million and had total assets as at 31 March 2009 of US$1,627 million. 

Forward-looking Statements

This announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will', or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include matters that are not historical facts or are statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Group operates. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed upon them. Such statements are subject to risks and uncertainties, most of which are difficult to predict and generally beyond the Group's control. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The Group cautions you that forward-looking statements are not guarantees of future performance and that if risks and uncertainties materialise, or if the assumptions underlying any of these statements prove incorrect, the Group's actual results of operations, financial condition and liquidity and the development of the industry in which the Group operates may materially differ from those made in, or suggested by, the forward-looking statements contained in this announcement. In addition, even if the Group's results of operations, financial condition and liquidity and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in future periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations, changes in business strategy, political and economic uncertainty. Subject to the requirements of the Prospectus Rules, the Disclosure and Transparency Rules and the Listing Rules or any applicable law or regulation, the Group expressly disclaims any obligation or undertaking publicly to review or confirm analysts expectations or estimates or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

---

ENDBOAGUGMPGUPBUBG