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By Sonia Rolley Oct 26 - Chemaf SA, a miner and long time-partner of commodities trader Trafigura , is up for sale as it deals with a cash crunch, according to a document seen by Reuters on Thursday.
The privately-owned copper and cobalt miner has asked for offers to wholly acquire the company, it said in the Sept. 8 document that invites potential investors to bid. A Chemaf spokesperson declined to comment. Investors had until Oct. 17 to tender non-binding offers, after which Chemaf could invite some bidders to conduct due diligence. Chemaf's woes arose after it sought to expand output at copper and cobalt mines in the Democratic Republic of Congo.
Chemaf requires as much as $300 million to complete expansion of its Etoile and Mutoshi copper and cobalt mines, it said in the document. The projects, which are 85% complete, have been hit by high inflation, weakening cobalt prices "and existing debt not being available for full draw," Chemaf said in the document.
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