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Kazakhmys PLC (KAZ)

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Thursday 18 November, 2010

Kazakhmys PLC

Update on Major Growth Projec

RNS Number : 4115W
Kazakhmys PLC
18 November 2010
 



 

 

 

18 November 2010

 

 

 

Kazakhmys PLC Announces Update On Major Growth Project

 

 

Kazakhmys PLC announces that a draft feasibility study for the Bozshakol project has been completed by the study contractor Aker Solutions.  Following on from the results of the study, further drilling work is being carried out.  This will provide additional data, particularly on the gold resource, and assist in the development of the mine plan.  The drilling will be completed in the first half of 2011 and a revised feasibility study is scheduled to be issued in Q4 2011.

 

Basic engineering for the Bozshakol project, also carried out by Aker Solutions, has commenced and should be completed during 2011.  Several larger items with long delivery times, notably the mills and drive systems for the cominution circuit, have been ordered and approximately $90 million has already been committed. 

 

Based on this timetable, first ore will be produced by the end of 2015.

 

 

 

 

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

Fiona Crosswell


Tel: +44 20 7726 8400

 

REGISTERED OFFICE

6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL.



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 16 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 149 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. Kazakhmys Gold has measured and indicated gold equivalent resources of 2.5 million ounces. The Group produced 182 thousand ounces of gold in 2009.

 

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.

 

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.

 

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 $3.7 billion in 2009 with EBITDA of $1.6 billion. The Group employs some 62,000 people, principally in Kazakhstan. The Group's strategic aim is to optimise its current operations, deliver its major growth projects and 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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