Information  X 
Enter a valid email address

Kazakhmys PLC (KAZ)

  Print      Mail a friend       Annual reports

Monday 01 March, 2010

Kazakhmys PLC

Kazakhmys completes sale of 5

RNS Number : 8596H
Kazakhmys PLC
01 March 2010
 



 

 

1 March 2010

 

 

 

KAZAKHMYS PLC COMPLETION OF SALE OF 50% STAKE IN EKIBASTUZ POWER PLANT TO SAMRUK-KAZYNA

 

 

 

On 10 December 2009, Kazakhmys PLC ("Kazakhmys") announced that it would be selling a 50% stake in its Ekibastuz GRES -1 ("Ekibastuz") power plant to the National Welfare Fund Samruk-Kazyna JSC ("Samruk-Kazyna") for $681 million. The transaction completed on 26 February 2010.

 

As previously announced, Kazakhmys and Samruk-Kazyna will now create a joint supervisory board, and management positions will alternate between Kazakhmys and Samruk-Kazyna every five years.  In the first five years following the transaction, Kazakhmys will appoint the management team whilst Samruk-Kazyna will appoint several key oversight positions.

 

Over the next seven years there will be investment of around $1 billion at Ekibastuz, to upgrade the plant and restore it from its current capacity of 2,500 MW to its original nameplate capacity of 4,000 MW.

 

 

 

For further information please contact:

 

Kazakhmys PLC
 
 
John Smelt
Head of Corporate Communications
Tel: +44 20 7901 7882
Tel: +44 78 7964 2675
Irene Burton
Financial Analyst
Tel: +44 20 7901 7814
Zulfira Mukhamedyarovа
Senior Manager – Media Relations
Tel:+77  27  266  3317
Merlin
 
 
David Simonson
 
Tel: +44 20 7726 8400
Tom Randell
 
Tel: +44 20 7726 8400
Leonid Fink
 
Tel: +44 20 7726 8400

Notes to Editors

 

Kazakhmys PLC is a leading international natural resources group with significant interests in copper,

gold, zinc, silver, power generation and petroleum.

 

It is the largest copper producer in Kazakhstan and one of the top ten worldwide with 15 operating

mines, 10 concentrators and 2 copper smelters. Kazakhmys Copper operations are fully integrated

from mining ore through to the production of finished copper cathode and rod. Total copper cathode

equivalent produced in 2009 from own ore was 320 thousand tonnes. Production is backed by a

captive power supply and significant rail infrastructure.

 

Kazakhmys Copper produces significant volumes of other metals, including zinc, silver and gold. In

2009, it produced 150 thousand tonnes of zinc in concentrate. The Group is in the top ten largest

silver producers in the world (17 million ounces produced in 2009).

 

Kazakhmys Gold, which acquired Eurasia Gold Inc in July 2007, includes new development and exploration opportunities. The Group produced 180 thousand ounces of gold in 2009 and has measured and indicated resources of 2.3 million ounces.

 

Kazakhmys Power has a 50% interest in the coal fired Ekibastuz GRES-1 plant, the largest in Kazakhstan with a nameplate capacity of 4,000 MW. In addition, it owns the Maikuben open cast coal mine, supplying around a quarter of the power plant's fuel requirements producing over 3.7 million tonnes of coal in 2009.

 

Kazakhmys Petroleum is continuing its work programme at the East Akzhar exploration block, located

on the eastern fringe of the Caspian depression, which was acquired in April 2007.

 

Kazakhmys also owns MKM, an upstream copper products fabrication company in Germany, which

produces a range of pre- and semi-finished copper and copper alloy products.

 

The Group is part of the FTSE-100 index of companies listed on the London Stock Exchange and is

also listed on the Kazakhstan Stock Exchange (KASE). It had revenues of $5.2 billion in 2008 with

EBITDA of $2.0 billion. The Group employs some 67,000 people, principally in Kazakhstan. The

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
 
END
 
 
DISDMGGFFMVGGZM