17th Feb 2014 07:00
17 February 2014
KAZAKHMYS PLC ANNOUNCEMENT REGARDING TENGE DEVALUATION AND SALARIES
In response to the recent 20% devaluation of the tenge and discussions with the Government of Kazakhstan, it has been agreed that salaries for the major exporting companies will have a managed increase in order to protect workers from some of the impact of the devaluation.
Kazakhmys will increase salaries for operational staff in Kazakhstan by up to 10% with effect from the 1st April 2014.
Further information on financial results, the expected impact of the tenge devaluation and cost targets for 2014 will be provided with the Preliminary Results on 27 February.
For further information please contact:
Kazakhmys PLC | |||
John Smelt | Corporate Communications, London | Tel: +44 20 7901 7882 | |
Maria Babkina | Corporate Communications, London | Tel: +44 20 7901 7849 | |
Irene Burton | Financial Analyst, London | Tel: +44 20 7901 7814 | |
Maksut Zhapabayev | Corporate Communications, Almaty | Tel: +77 27 2440 353 | |
Instinctif Partners | |||
David Simonson
| Tel: +44 20 7457 2020 Tel: +44 78 3134 7222 | ||
Anca Spiridon | Tel: +44 20 7457 2020 | ||
Hill & Knowlton Hong Kong |
| ||
K W Lam | Tel: +852 2894 6321 | ||
REGISTERED OFFICE
6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL, United Kingdom.
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 16 operating mines, 8concentrators and a copper smelter. Kazakhmys Mining's operations are fully integrated from mining ore through to the production of finished copper cathode and rod. Total copper cathode equivalent output from own ore was 294 kt in 2013. 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 2013, it produced 134 kt of zinc in concentrate. The Group is amongst the largest global silver producers with output of 14 Moz in 2013.
Kazakhmys Power operates the captive power stations which supply electricity to Kazakhmys Mining and third parties. In 2013, net power generated by captive power stations was 5,723 GWh.
The Group is listed on the London Stock Exchange, the Kazakhstan Stock Exchange (KASE) and the Hong Kong Stock Exchange (HKSE). It had revenues from continuing operations of $3.4 billion in 2012 and a Group EBITDA of $1.9 billion. The Group employs around 58,000 people, principally in Kazakhstan. The Group's strategic aim is to optimise its current operations, deliver its major growth projects and to participate in the development of the significant natural resource opportunities in Central Asia.
Related Shares:
KAZ.L