17th Jun 2008 11:40
17 June 08
KAZAKHMYS PLC ANNOUNCES INVESTMENT TO PROGRESS MAJOR GROWTH PROJECTS
Kazakhmys PLC has approved the investment of up to $50 million dollars to purchase equipment for the Boschekul and Aktogay copper projects. The purchase will include some of the required major grinding mills, which will be able to process over 20 million tonnes of ore per annum.
Boschekul and Aktogay are both currently in pre feasibility stage and are expected to move to feasibility in the first half of 2009. The lead times for delivery of large mining items has increased in recent years, so that ordering for this equipment is required now, in order to receive the equipment in mid 2011 and meet the project schedules.
Oleg Novachuk, Chief Executive Officer of Kazakhmys PLC said "Our confidence in the progress being made at our major growth projects at Boschekul & Aktogay is such that we are making this commitment now, in order to ensure that the projects remain on schedule and our future growth is delivered".
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 |
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Tel: +44 20 7653 6620 |
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Tom Randell |
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Tel: +44 20 7653 6620 |
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Leonid Fink |
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Tel: +44 20 7653 6620 |
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Notes to Editors
Kazakhmys PLC is the largest copper producer in Kazakhstan and one of the leading copper producers in the world. Kazakhmys is a fully integrated copper producer from mining ore through to the production of finished copper cathode and rod. The Group produces significant volumes of other metals as by-products, including zinc, silver and gold. Existing operations include 20 open pit and underground mines, 10 concentrators, two copper smelting and refining complexes, a copper rod plant, a zinc plant and a precious metals refinery. Production is backed by a captive power supply and significant rail infrastructure. Kazakhmys also owns MKM, a copper products fabrication company in Germany, and has Gold, Power and Petroleum Divisions with assets in Kazakhstan and other parts of Central Asia. The Group's strategic aim is to diversify and participate in the development of the significant natural resource opportunities in Central Asia.
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