17th Nov 2015 08:13
LONDON (Alliance News) - Miner Kaz Minerals PLC on Tuesday said it has reached an agreement with its main construction contractor on the Atkogay project to defer payment of USD300.0 million.
Under the revised terms of its agreement with Non Ferrous China, the USD300.0 million in construction costs will had been due to be paid in 2016 and 2017 will now be settled in 2018.
There is no change to the overall budget of the project or the total amount payable to the contractor.
Kaz shares were up 5.7% to 80.63 pence on Tuesday morning, one of the best performers in the FTSE 250 just after the open.
By Sam Unsted; [email protected]; @SamUAtAlliance
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