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Kazakhmys PLC (KAZ)

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Friday 15 December, 2006

Kazakhmys PLC

Share Transfers

Kazakhmys PLC
15 December 2006

                                                               15 December 2006

Kazakhmys PLC - Share transfers amongst major shareholders

On 27 September 2006, Kazakhmys PLC announced a series of transfers of shares to
be made among its major shareholders. A number of these transfers, as announced
at the time, were subject to certain Kazakh regulatory approvals.

As approvals have now been obtained for a number of these transfers, Kazakhmys
PLC today announces the completion of the following transfers in accordance with
its announcement dated 27 September 2006.

-  Mr Cha has sold an interest of approximately 7.1% of Kazakhmys PLC to
   Mr Kim through the sale of the entire capital of Perry Partners S.A. 
   to Mr Kim. This transaction occurred yesterday at that day's closing market
   price of the underlying shares in Kazakhmys PLC on the London Stock Exchange.
   Perry Partners SA is now wholly owned by Mr Kim. Following the completion of
   this transaction, Mr Cha now holds 4.5% of Kazakhmys through Mellow Fields
   Limited (of which Mr Cha is the sole ultimate beneficial owner).

-  Following his acquisition of Perry Partners S.A., Mr Kim transferred 
   a 2.5% interest in Kazakhmys PLC to Mr Vladimir Ni. As a result,
   Perry Partners S.A. (of which Mr Kim is the sole ultimate beneficial owner) now
   holds 4.6% of Kazakhmys PLC.

Further details in relation to these transfers and the equity interests of the
executive members of our management team are as set out in the annexe to this

The remaining transfer that is awaiting Kazakh regulatory approvals relates to
Mr Novachuk's decision to transfer a beneficial interest of 2.5% and 0.9% in
Kazakhmys PLC to Mr Ruslan Yun and Mrs Gafura Ibrayeva respectively. A separate
announcement will be made upon the completion of such transfers.

City Code on Takeovers and Mergers (the "City Code")

In accordance with its announcement dated 27 September 2006, the Panel on
Takeovers and Mergers (the "Panel") (the body which administers the City Code)
has said that those persons and entities named as concert parties in the
announcement made by Kazakhmys PLC on 27 September 2006, together with Kinton
Trade Limited and Mellow Fields Limited (together the "Concert Party")
constitute a concert party for the purposes of the City Code. The Concert Party,
as a group acting in concert, is interested in shares which carry 64.62% of the
voting rights in Kazakhmys PLC. Following the share transfers announced today,
the Concert Party will hold 62.12% of the voting rights in Kazakhmys PLC.

The Panel has consented to the share transfers announced today and has
re-confirmed that they do not trigger the Rule 9 mandatory bid requirements
under the City Code.

For further information please contact:

Jinsoo Yang, Head of IR                       Tel: +44 20 7901 7813
Sergei Stephantsov, Deputy Head of IR              +44 20 7901 7814
Kazakhmys PLC

Robin Walker                                  Tel: +44 20 7251 3801
Zoe Watt


The table below displays the equity interests of the executive members of our
management team before these transactions and thereafter, assuming the
completion of all above transactions as envisaged in this announcement:

Director             Number of   Percentage of   Number of   Percentage of
                       shares     issued share  shares after  issued share
                       before    capital before transactions capital after
                     transfers     transfers                  transactions
Mr Kim              186,685,950       39.9      208,189,763       44.5

Mr Cha               54,246,982       11.6       21,056,314       4.5

Mr Novachuk          50,817,545       10.9       50,817,545       10.9

Mr Ni1                  Zero          Zero       11,686,855       2.5

Mr Munro               41,211        0.009         41,211        0.009

Mr Ogay              5,134,427        1.1        5,134,427        1.1

1 Mr Ni is a non-executive director of Kazakhmys PLC

The table below displays the equity interests of the existing shareholding
entities (the "Entities") through which these executives hold their interests,
before the aforementioned transactions and thereafter, assuming the completion
of all above transactions as envisaged in this announcement. The percentage in
brackets following the entity name represents the ultimate beneficial holding in
the relevant vehicle:

Entities             Number of   Percentage of   Number of   Percentage of
                       shares     issued share  shares after  issued share
                       before    capital before transactions capital after
                     transfers     transfers                  transactions
Cuprum Holding BV   135,944,325      29.08      135,944,325      29.08
("Cuprum") (Mr Kim

Perry Partners SA    54,246,982      11.60       21,503,813       4.6
("Perry") (Mr Cha
100% pre-transfer/
Mr Kim 100% post

Harper Finance      101,470,900      21.71      101,470,900      21.71
Limited ("Harper")
(Mr Kim 50%, Mr
Novachuk 44.94% and
Mr Ogay 5.06%)

Kinton Trade         10,433,045       2.23       10,433,045       2.23
Limited ("Kinton")
(Mr Novachuk 50%)

Mellow Fields           Zero          Zero       21,056,314       4.5
Limited ("Mellow")
(Mr Cha 100%)

Notes to Editors

Kazakhmys PLC's principal business is the mining, processing, smelting, refining
and sale of copper and copper products, including copper cathode and copper rod,
which is carried on by the Group's main subsidiary LLC Kazakhmys Corporation.
The Group is one of the largest producers of copper cathode and mined copper in
the world. The Group's operations are vertically integrated. Kazakhmys operates
19 open pit and underground mines and two smelting and refining complexes in the
Republic of Kazakhstan. Kazakhmys also owns significant rail infrastructure in
Kazakhstan and MKM, a copper products fabrication company in Germany.

                      This information is provided by RNS
            The company news service from the London Stock Exchange