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Dan Gertler

Dan Gertler
Based in Tel Aviv
Active in DR Congo
Targeted base metals

Dan Gertler is one of the world's best known and controversial "diamantaires", but his questionable reputation doesn`t stop there. Along with his family trust Praire International Ltd (qv), he held shares in Camec, operating in the DR Congo, until it was purchased by Eurasian National Resources (ENRC) in late 2010 (see: Capital Group Companies and John Bredenkamp).

Another Gertler family trust, Camrose Resources Ltd, in 2008 acquired a 62.5% interest in Africo Resources Ltd which, the following February, confirmed a deal with the DR Congo government to proceed with its 75%-owned Kalukundi copper-copper project [MJ 6 February 2009].

In mid-summer 2010, Gertler sold 50.5% of Camrose to ENRC (he held on to the remaining equity in Camrose). Camrose has five copper and cobalt mining licences in DR Congo and a signficant interest in the Kolwezi tailings copper-cobalt "recovery" project in the country [MJ 27 August 2010].

Then, in late 2012, ENRC acquired Gertler's remaining stake in Camrose, agreeing to pay him US$550m million - through the subsidiary of yet another of his trusts, Fleurette Properties Ltd [MJ 14 December 2012].

Kazakhmys - the largest single shareholder in ENRC (at 26%)abstained from approving the transaction, although it didn't say why.

However, Daniel Balint-Kurti, a representative of the UK anti-corruption group Global Witness, told shareholders at ENRC's December 2012 AGM: "I strongly oppose this deal...I think you are laying yourself open to the gravest of corruption risks...And whatever the legalities of it, it is completely morally wrong to rip off one of the poorest countries in the world in such a blatant fashion."