5th Jul 2007 13:30
Kazakhmys PLC05 July 2007 5 July 2007 Kazakhmys PLC offer for Eurasia Gold Inc. is successful Kazakhmys PLC ("Kazakhmys") (LSE:KAZ) announced today that shareholders holding326,598,851 ordinary shares in the capital of Eurasia Gold Inc. ("Eurasia"),representing 96.34% of the outstanding Eurasia shares, have accepted the offerdated 15 May 2007, as varied and extended on 21 June 2007, of Kazakhmys GoldInc., an indirect wholly-owned subsidiary of Kazakhmys, for 100% of the Eurasiashares (the "Offer"). Kazakhmys confirmed that all conditions of the Offer have been waived orsatisfied, that Kazakhmys Gold Inc. has taken-up the shares validly depositedunder the Offer and that it intends to pay for such shares on 5 July 2007. Since the Offer was accepted by holders of more than 90% of the Eurasia shares,Kazakhmys intends to commence a compulsory acquisition of the remaining Eurasiashares not already owned by Kazakhmys at the same price of Cdn$0.85 for eachEurasia share. It is expected that an announcement regarding the compulsoryacquisition will be made shortly and that the compulsory acquisition will becompleted in September 2007. Oleg Novachuk, Kazakhmys' Chief Executive said: "We are pleased that the offer has already been accepted by over 96% of Eurasiashareholders. As part of Kazakhmys, Eurasia will be able to fully realise itspotential and become the core part of a growing precious metals division. Theacquisition of Eurasia is consistent with our diversification strategy, to whichwe remain fully committed " For further information please contact: John Smelt, Head of Corporate Communications Tel:+44 20 7901 7882Sergei Stephantsov, Investor Relations Manager Kazakhmys PLC Tel:+44 20 7901 7800 Robin WalkerFinsbury Tel:+44 20 7251 3801 - ends - Notes to Editors About Kazakhmys Kazakhmys is a London-listed natural resources company with primary operationsin Kazakhstan and Germany. Kazakhmys' operations are vertically integrated andits principal business is the mining, processing, smelting, refining and sale ofcopper and copper products as well as various by-products such as zinc, gold andsilver. Kazakhmys operates 19 open pit and underground mines and two smeltingand refining complexes in Kazakhstan and a copper products fabrication companyin Germany. In 2006 Kazakhmys produced 106,900 ozs of gold including 58,600 ozs from tolledmaterial. Kazakhmys is listed on the London Stock Exchange under the symbol KAZ. Forfurther information, visit the website at www.kazakhmys.com. Kazakhmys Gold Inc. is a company incorporated under the laws of British Columbia,Canada. Its registered and records office is located at Suite 2600, ThreeBentall Centre, P.O. Box 49314, 595 Burrard Street, Vancouver, British Columbia,V7X 1L3, Canada. About Eurasia Gold Inc. Eurasia has estimated resources of approximately 1.9 Moz of gold and goldequivalent (Measured & Indicated by JORC and C1 Former Soviet Union standard).Approximately half of these resources are located in Kazakhstan, with theremaining resources located in Kyrgyzstan. In addition, there is a high-gradesilver deposit in Tajikistan. Eurasia offers a well-balanced portfolio of commercial mining, new developmentand exploration opportunities, as well as a proven track record of bringingdevelopment assets into production. Eurasia will put new development assets intoconstruction in 2007/2008, with first production expected in 2009/2010.According to its public disclosure record, Eurasia sold 44,989 oz of gold in2006. Forward looking information This press release contains certain forward-looking information and statementswithin the meaning of applicable securities laws relating, but not limited, tooperations, anticipated or prospective financial performance, results ofoperations, business prospects and strategies of Kazakhmys. Forward-lookinginformation typically contains statements with words such as "consider","anticipate", "believe", "expect", "plan", "intend", "likely" or similar wordssuggesting future outcomes or statements regarding an outlook on future changesin volumes, freight rates, costs, achievable cost savings, the estimated amountsand timing of capital expenditures, anticipated future debt levels and incentivefees or revenue, or other expectations, beliefs, plans, objectives, assumptions,intentions or statements about future events or performance. These statements are subject to known and unknown risks, uncertainties and otherfactors that could cause actual results to differ materially from thosesuggested by the forward-looking statements. Although Kazakhmys believes it hasa reasonable basis for making the forecasts or projections included herein, youare cautioned not to place undue reliance on such forward-looking information.By its nature, the forward-looking information involves numerous assumptions,inherent risks and uncertainties, both general and specific that contributes tothe possibility that the predictions, forecasts and other forward-lookingstatements will not occur. Kazakhmys undertakes no obligation, except asrequired by law, to update publicly or otherwise revise any forward-lookinginformation, whether as a result of new information, future events or otherwise,or the above list of factors affecting this information. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
KAZ.L