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Kazakhmys PLC (KAZ)

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Monday 14 February, 2011

Kazakhmys PLC

Chairman's Holding and Potential HK Listing

RNS Number : 1673B
Kazakhmys PLC
14 February 2011
 



 

 

 

14 February 2011

 

 

 

KAZAKHMYS: UPDATE ON REDUCTION OF CHAIRMAN'S HOLDING AND POTENTIAL HONG KONG LISTING

 

 

 

On 5 October 2010, Kazakhmys announced that its Chairman, Vladimir Kim, had sold part of his holding in Kazakhmys, reducing his interest from 38.9% to 27.9%.

 

The announcement also stated that Mr Kim intended making a further 4.0% available to facilitate the provision of liquidity for a possible secondary listing on the Hong Kong Stock Exchange in 2011.

 

Mr Kim has subsequently informed the Board that he intends to retain his current holding in full.  The 27.9% will be locked up until October 2011.

 

The Group wishes to continue developing its already strong relationships with China, and believes that this will be assisted by a successful Hong Kong listing. As a result, Kazakhmys will continue to consider a secondary listing on the Hong Kong stock exchange, potentially using new shares to assist liquidity. Given the strength of Kazakhmys' balance sheet, the size of the offering is expected to be smaller than originally envisaged.

 

 

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
Ian Middleton
 
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 worldwide with 17 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 2010 from own ore was 303 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 2010, it produced 167 thousand tonnes of zinc in concentrate. The Group is in the top ten largest silver producers in the world (14 million ounces produced in 2010).

 

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 170 thousand ounces of gold in 2010.

 

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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