29th Jul 2008 11:30
29 July 08
KAZAKHMYS COMPLETES ACQUISITION OF FURTHER 7.7% STAKE IN ENRC PLC
Kazakhmys PLC ("Kazakhmys") announces the completion of its acquisition of a further 7.66% stake in ENRC PLC ("ENRC") from the Government of Kazakhstan (the "Government").
Kazakhmys has acquired 98,607,884 shares in ENRC from the Government taking Kazakhmys' total holding in ENRC from 14.59% to 22.24%. The acquisition was satisfied by the issue of 80,286,050 new shares in Kazakhmys to the Government of Kazakhstan. As a consequence, the Government has become a 15.0% shareholder of the enlarged capital of Kazakhmys.
Following this transaction, Kazakhmys has acquired its total stake in ENRC at an average of 623 pence per ENRC share.
Commenting on the completion, Oleg Novachuk, Chief Executive of Kazakhmys, said: "We are pleased to have completed this increase of our stake in ENRC and welcome the Government of Kazakhstan as a shareholder in Kazakhmys. The stake in ENRC is consistent with our strategy of diversifying our earnings stream and we will continue to seek attractive opportunities in the region."
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 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, the largest privately owned power business in Kazakhstan owns and operates a number of power plants, including the recently acquired coal fired Ekibastuz plant, the largest in Kazakhstan with a nameplate capacity of 4,000 MW. In addition, it owns the Maikuben West 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 Dostan-Temir LLP 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