Credit Suisse brokers dropped by mining giant ENRC

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The Independent Online

Eurasian Natural Resources Corporation (ENRC), the Ftse 100 mining giant, has replaceds one of its corporate brokers, Credit Suisse, with Morgan Stanley.

ENRC is believed to have signed a contract with Morgan Stanley earlier this month. A source said that Credit Suisse's name disappeared from the investor relations part of the Kazakhstan-based miner's website last month. However, the bank is understood to still be a close adviser to ENRC. The breakdown in relations with the broking arm of Credit Suisse was "just a simple personality clash", says the source, and has since been resolved.

ENRC has been in the headlines this past week. On Friday, it confirmed that a £584m offer for Central African & Mining Exploration Company (Camec) had been accepted by its board. ENRC's chief executive, Felix Vulis, said: "The attractive assets of Camec fit well with our strategic ambition to grow and diversify."

Camec is listed on the Alternative Investment Market and focuses its operations, which include coal and platinum works, in southern Africa.

ENRC closed at 892p on Friday, down 3 per cent on start of trading. Camec was down 2 per cent at 794p.