9th Dec 2008 07:00
8 December 2008
KAZAKHMYS PLC BOARD OF DIRECTORS
Kazakhmys PLC regrets to announce that Jim Rutland, Senior Independent Non-Executive Director and Chairman of the Audit Committee of Kazakhmys plc, died suddenly on 5 December, after a short illness.
Vladimir Kim, Chairman of Kazakhmys, stated "Jim played a vital part in helping to prepare Kazakhmys for its IPO on the London Stock Exchange and, since listing, in ensuring the Group's compliance with international financial reporting standards and with the Combined Code on Corporate Governance. As a friend and colleague, he will be sadly missed. All the members of the Board of Kazakhmys join me in expressing our deepest sympathy to his family."
Mr Philip Aiken will succeed Mr Rutland as the Senior Independent Non-Executive Director. Mr Simon Heale will become Chairman of the Audit Committee. A search is being initiated for the recruitment of an additional independent Non-Executive Director to succeed Mr Rutland, to ensure the Group's compliance with the provisions of the Combined Code.
For further information please contact:
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Kazakhmys PLC |
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John Smelt |
Head of Corporate Communications |
Tel: +44 20 7901 7882 Tel: +44 78 7964 2675 |
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Olga Nekrassova |
Financial Analyst |
Tel: +44 20 7901 7814 |
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Merlin |
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David Simonson |
Tel: +44 20 7653 6620 |
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Tom Randell |
Tel: +44 20 7653 6620 |
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Leonid Fink |
Tel: +44 20 7653 6620 |
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Notes to Editors
Kazakhmys PLC is a leading international natural resources group, listed in the UK and Kazakhstan, 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 20 mines, 10 concentrators and 2 smelters. Kazakhmys copper operations are fully integrated from mining ore through to the production of finished copper cathode and rod. Total copper cathode produced in 2007 from own ore was 341 thousand tonnes. Production is backed by a captive power supply and significant rail infrastructure. Kazakhmys also owns MKM, an upstream copper products fabrication company in Germany, which produces a range of pre- and semi-finished copper and copper alloy products.
Kazakhmys Copper produces significant volumes of other metals, including zinc, silver and gold. In 2007, it produced 45 thousand tonnes of zinc metal and 133 thousand tonnes of zinc concentrate. Kazakhmys is the fourth largest silver producer in the world (19 million ounces produced in 2007). Kazakhmys Gold, which acquired Eurasia Gold Inc in July 2007, includes substantial new development and exploration opportunities. The Group produced 146 thousand ounces of gold in 2007 and has measured and indicated resources of 2.3 million ounces.
Kazakhmys Power owns the recently acquired coal fired Ekibastuz GRES-1 plant, the largest in Kazakhstan with a nameplate capacity of 4,000 MW. In addition, it owns the Maikuben open cast coal mine, supplying around 20% of the power plant's fuel requirements producing over 3.4 million tonnes of coal in 2007.
Kazakhmys Petroleum has acquired the East Akzhar exploration block, with an area of 602km², located on the eastern fringe of the Caspian depression.
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 $5.3 billion in 2007 with EBITDA of $2.3 billion. The Group employs some 65,000 people, principally in Kazakhstan. The Group's strategic aim is to diversify and participate in the development of the significant natural resource opportunities in Central Asia.
Related Shares:
KAZ.L