Glencore may consider bidding for ENRC Kazakhstan manganese assets
Glencore Xstrata Plc (LON: GLEN) is said to be considering an offer to buy manganese assets from Eurasian Natural Resources Corp. (ENRC), a private Kazakhstan/Central African-focused company, Bloomberg reported Thursday.
The report added ENRC’s Zhairem GOK mainly sells manganese concentrate used in steel and its sale could fetch $100 million to $200 million.
London-listed ENRC took a major step to go private after a series of accusations of corruption and bribery last year. The ENRC’s three founders and the Kazakh government now control more than 75% of the diversified miner.
Should a deal be made, it would enable Switzerland-based Glencore to build on manganese assets from Vale SA in 2012.