26th Oct 2007 11:47
Kazakhmys PLC26 October 2007 Kazakhmys PLC Completes Acquisition of 18.8% Stake in ENRC Kazakhmys PLC (the 'Group') announces that the acquisition of an 18.8% stake inEurasia Natural Resources PLC ('ENRC) has now been completed. Following approval of the transaction by Independent Shareholders on 19 October,and receipt of the remaining regulatory approval from the Government ofKazakhstan, 18.8% of the shares in ERNC were acquired yesterday at a price ofUS$806.5 million, subject to non-material adjustment, to take account of finalfinancing costs. The investment is in accordance with Kazakhmys' long-term strategy of seeking toacquire interests in existing regional natural resources businesses in CentralAsia. The acquisition will be funded from existing Group cash resources and willbe accounted for as an investment. For further information please contact:--------------------------------------------------------------------------------John Smelt, Head of Corporate Communication Tel: +44 20 7901 7882 Mob: +44 787 964 2675Sergei Stephantsov, Investor Relations Manager Tel: +44 20 7901 7814Kazakhmys PLC================================================================================Robin WalkerFinsbury Tel: +44 20 7251 3801-------------------------------------------------------------------------------- --------------------------------------------------------------------------------NOTES TO EDITORS Kazakhmys PLCKazakhmys PLC is the largest copper producer in Kazakhstan and one of theleading copper producers in the world. Kazakhmys is a fully integrated copperproducer from mining ore through to the production of finished copper cathodeand rod. The Group produces significant volumes of other metals as by-products,including zinc, silver and gold. Existing operations include 19 open pit andunderground mines, 8 concentrators, two copper smelting and refining complexes,a copper rod plant, a zinc plant and a precious metals refinery. Production isbacked by a captive power supply and significant rail infrastructure. Kazakhmysalso owns MKM, a copper products fabrication company in Germany, and has Goldand Petroleum Divisions with assets in Kazakhstan and Central Asia. The Group'sstrategic aim is to diversify and participate in the development of thesignificant natural resource opportunities in Central Asia. Eurasia Natural Resources PLCENRC is a privately owned natural resources company with fully integratedmining, processing, energy and transport operations in Kazakhstan. ENRC's operations, spread throughout Kazakhstan, are principally comprised of vertically integrated ferroalloy, iron ore and alumina businesses which employover 60,000 people and generated estimated revenues of approximately US$3 billion in 2006. ENRC benefits from high operating margins as its operations and growth profile are underpinned by relatively low costs of production at the company's major operations and it has access to a captive energy supply and in-house logistics and transportation operation. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
KAZ.L