First Quantum calls ENRC’s buy illegal

Kazakhstan-based mining group Eurasian Natural Resources Corp. or ENRC (ENRC-L) has agreed to pay US$175 million for mining assets in the Democratic Republic of the Congo, including the Kolwezi copper project, much to the chagrin of Vancouverbased First Quantum Minerals (FM-T), which was developing Kolwezi until September 2009.

First Quantum maintains it continues to have exclusive rights and a binding contract with the Congolese government relating to the project.

After failing to win in Congolese courts, First Quantum pursued international arbitration at the International Chamber of Commerce in Paris, and received a favourable ruling, which is being ignored by the Congolese government.