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Kazakhmys PLC (KAZ)

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Tuesday 17 June, 2008

Kazakhmys PLC

Investment in Major Growth Pr

RNS Number : 8842W
Kazakhmys PLC
17 June 2008
 





17 June 08 


KAZAKHMYS PLC ANNOUNCES INVESTMENT TO PROGRESS MAJOR GROWTH PROJECTS



Kazakhmys PLC has approved the investment of up to $50 million dollars to purchase equipment for the Boschekul and Aktogay copper projects. The purchase will include some of the required major grinding mills, which will be able to process over 20 million tonnes of ore per annum. 

Boschekul and Aktogay are both currently in pre feasibility stage and are expected to move to  feasibility in the first half of 2009. The lead times for delivery of large mining items has increased in recent years, so that ordering for this equipment is required now, in order to receive the equipment in mid 2011 and meet the project schedules.
 

Oleg Novachuk, Chief Executive Officer of Kazakhmys PLC said "Our confidence in the progress being made at our major growth projects at Boschekul & Aktogay is such that we are making this commitment now, in order to ensure that the projects remain on schedule and our future growth is delivered".




For further information please contact:




Kazakhmys PLC



John Smelt

Head of Corporate Communications

Tel: +44 20 7901 7882

Tel: +44 78 7964 2675

Olga Nekrassova

Financial Analyst

Tel: +44 20 7901 7814

Merlin



David Simonson

 

Tel: +44 20 7653 6620

Tom Randell

 

Tel: +44 20 7653 6620

Leonid Fink 

 

Tel: +44 20 7653 6620



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Notes to Editors


Kazakhmys PLC is the largest copper producer in Kazakhstan and one of the leading copper producers in the world. Kazakhmys is a fully integrated copper producer from mining ore through to the production of finished copper cathode and rod. The Group produces significant volumes of other metals as by-products, including zinc, silver and gold.  Existing operations include 20 open pit and underground mines, 10 concentrators, two copper smelting and refining complexes, a copper rod plant, a zinc plant and a precious metals refinery. Production is backed by a captive power supply and significant rail infrastructure. Kazakhmys also owns MKM, a copper products fabrication company in Germany, and has Gold, Power and Petroleum Divisions with assets in Kazakhstan and other parts of Central AsiaThe Group's strategic aim is to diversify and participate in the development of the significant natural resource opportunities in Central Asia.



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