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Article: Googlies and spin in darkest Africa.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- August 30, 2007
CopyrightCOPYRIGHT 2007 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CAMEC's shares have plunged more than 30 per cent after apparent threats from the Congolese government that a key license will be revoked. Alastair Ford
As always in African conflicts, it's local strongmen who, in the end, decide the issue. CAMEC has become deeply embroiled in a battle for the assets of Katanga Mining, which is due to commence production of copper in the Congo imminently. It's a choice target, and one that would be transformational for a company that started out as a tiny Zimbabwean tantalum vehicle back in 2001.
The key men behind CAMEC, Phil Edmonds and Andrew Groves, certainly have some pull as far as the London markets are concerned ...