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Kazakhmys PLC (KAZ)

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Friday 11 May, 2012

Kazakhmys PLC

AGM Statement

RNS Number : 1897D
Kazakhmys PLC
11 May 2012




11 May 2012


Kazakhmys PLC AGM Statement and Board Change



The following release covers the key items in the Chairman's speech, delivered at the 2012 Annual General Meeting of Kazakhmys PLC ("Kazakhmys"), held earlier today.


Highlights of 2011 and growth projects

In 2011 we delivered another year of reliable production and financial performance from all of our operations. This was our fourth consecutive year of meeting our production targets and our financial performance remains robust.


Last year was also significant for building the future of Kazakhmys. The Board approved the development of our major growth project at Bozshakol and work is now fully underway at the site. In December 2011, we secured a second loan facility, which will help fund the development of our other major growth project at Aktogay and we should be in a position to take Aktogay into development at the end of this year.


We now have $4.2 billion of funding towards our development projects and together with our power assets, we are investing around $6 billion in our growth. These investments will take our production from 300 kt of copper output to over 500 kt in the next 6 years, the largest programme of its kind in Kazakhstan and I should like to thank our employees for their contribution and commitment.


Health and safety

The health and safety of our workforce remains a key focus for the Board and all management.


I regret to say that in the first four months of 2012 there have been 6 fatalities. We are making progress in reducing the fatality rate in the business and there has been a significant and positive change in our safety culture since we listed in 2005. However, any fatality is unacceptable and we have to continue to make further rapid improvements in order to achieve our aim of zero fatalities.


Copper and corporate outlook

All of the annual off-take agreements for our copper products were signed by the start of 2012 and we continue to see strong demand from our customers. Copper remains fundamental to economic growth, and supply is naturally constrained. Copper remains one of the most attractive metals to be involved with.


As previously announced we anticipate producing between 285 kt and 295 kt of copper cathode. Our focus in 2012 will be on cost management, the delivery of our growth projects and continuing to improve our health and safety record.


Dividends and shareholders returns

There has been much comment recently on the balance of returns to stakeholders. We are today recommending a final dividend of 20.0 US cents per share, taking our full year dividend to 28.0 US cents per share, equivalent to 15% of underlying post-tax cash earnings. Since our Listing in 2005 we have returned nearly $1.7 billion to shareholders, which relative to our size remains amongst the highest in the mining sector.



I am delighted to welcome Charles Watson to his first Kazakhmys Annual General Meeting. Charles brings with him considerable experience, particularly in the development of major industrial projects and knowledge of the region.


We are fortunate to have a Board with a wide range of talent, all relevant to our business, and I should like to thank the Board for their continued assistance and guidance.


I have been Chairman of Kazakhmys since we first listed in London in October 2005. Having put in place the Listing, the funding of our growth projects and the start of their development, I think that now is the right time to hand on the role to a new and independent Chairman, which will bring the Company fully into line with the UK Corporate Governance Code. I anticipate that we will be able to arrange a handover by the time of the next Annual General Meeting.


I will remain as a non-executive Director on the Board and continue to be closely involved with the Company. I currently have no intention to reduce my shareholding.


The Board of Kazakhmys has proven to be a strong and positive guiding force for the Group and I think this change will be a further improvement.





For further information please contact:


Kazakhmys PLC

John Smelt

Head of Corporate Communications

Tel: +44 20 7901 7882

Tel: +44 78 7964 2675

Irina Tretyakova

Financial Analyst

Tel: +44 20 7901 7814

Maksut Zhapabayev

Head of Corporate Communications


Tel: +77 27 3304   556  


David Simonson

Tel: +44 20 7726 8400

Ian Middleton

Tel: +44 20 7726 8400

Maria Babkina

Tel: +44 20 7726 8400

Hill & Knowlton Hong Kong

K W Lam

Tel: +852 2894 6321



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 and power generation.


It is the largest copper producer in Kazakhstan and one of the top worldwide with 18 operating mines, 10 concentrators and 2 copper smelters. Kazakhmys Mining operations are fully integrated from mining ore through to the production of finished copper cathode and rod. Total copper cathode produced in 2011 from own ore was 299 thousand tonnes. Production is backed by a captive power supply and significant rail infrastructure.


Kazakhmys Mining produces significant volumes of other metals, including zinc, silver and gold. In 2011, it produced 140 thousand tonnes of zinc in concentrate. The Group is amongst the largest silver producers in the world (13 million ounces produced in 2011).


Kazakhmys Power has a 50% interest in the coal fired Ekibastuz GRES-1 plant, the largest in Kazakhstan with a current capacity of 2,500 MW and which is undergoing a modernization programme to reach its nameplate capacity of 4,000 MW. Kazakhmys Power also operates the captive coal mines and power stations which supply power to the Mining Division.


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) and Hong Kong Stock Exchange (HKSE). It had revenues from continuing operations of $3.6 billion in 2011 with an operating profit of $1.2 billion. The Group employs some 60,000 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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