Kazakhmys acquires a further 7.66% stake in ENRC

Tag : zinc rod
Kazakhmys acquires a further 7.66% stake in ENRC Tuesday , 29 Jul 2008
Kazakhmys PLC ("Kazakhmys") announces the completion of itsacquisition of a further 7.66% stake in ENRC PLC ("ENRC") from theGovernment of Kazakhstan (the "Government").
Kazakhmys has acquired 98,607,884 shares in ENRC from theGovernment taking Kazakhmys' total holding in ENRC from 14.59% to22.24%. The acquisition was satisfied by the issue of 80,286,050new shares in Kazakhmys to the Government of Kazakhstan. As aconsequence, the Government has become a 15.0% shareholder of theenlarged capital of Kazakhmys.
Following this transaction, Kazakhmys has acquired its total stakein ENRC at an average of 623 pence per ENRC share.
Commenting on the completion, Oleg Novachuk, Chief Executive ofKazakhmys, said: "We are pleased to have completed this increase ofour stake in ENRC and welcome the Government of Kazakhstan as ashareholder in Kazakhmys. The stake in ENRC is consistent with ourstrategy of diversifying our earnings stream and we will continueto seek attractive opportunities in the region."
For further information please contact:
Kazakhmys PLC
John Smelt Head of Corporate Communications Tel: +44 20 7901 7882
Tel: +44 78 7964 2675
Olga Nekrassova Financial Analyst Tel: +44 20 7901 7814
Merlin
David Simonson Tel: +44 20 7653 6620
Tom Randell Tel: +44 20 7653 6620
Leonid Fink Tel: +44 20 7653 6620
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KAZAKHMYS PLC
6TH FLOOR
CARDINAL PLACE
100 VICTORIA STREET
LONDON SW1E 5JL
Tel: +44 (0) 20 7901 7800
Company registered in England and Wales
Company Number: 5180783
NOTES TO EDITORS
Kazakhmys PLC is a leading international natural resources group,listed in the UK and Kazakhstan, with significant interests incopper, gold, zinc, silver, power generation and petroleum.
It is the largest copper producer in Kazakhstan and one of the topten worldwide with 20 mines, 10 concentrators and 2 smelters.Kazakhmys copper operations are fully integrated from mining orethrough to the production of finished copper cathode and rod. Totalcopper cathode produced in 2007 from own ore was 341 thousandtonnes. Production is backed by a captive power supply andsignificant rail infrastructure. Kazakhmys also owns MKM, anupstream copper products fabrication company in Germany, whichproduces a range of preand semi-finished copper and copper alloyproducts.
Kazakhmys produces significant volumes of other metals, includingzinc, silver and gold. In 2007, it produced 45 thousand tonnes ofzinc metal and 133 thousand tonnes of zinc concentrate. Kazakhmysis the fourth largest silver producer in the world (19 millionounces produced in 2007). Kazakhmys Gold, which acquired EurasiaGold Inc in July 2007, includes substantial new development andexploration opportunities. The Group produced 146 thousand ouncesof gold in 2007 and has measured and indicated resources of 2.3million ounces.
Kazakhmys Power, the largest privately owned power business inKazakhstan owns and operates a number of power plants, includingthe recently acquired coal fired Ekibastuz plant, the largest inKazakhstan with a nameplate capacity of 4,000 MW. In addition, itowns the Maikuben West open cast coal mine, supplying around 20% ofthe power plant's fuel requirements producing over 3.4 milliontonnes of coal in 2007.
Kazakhmys Petroleum has acquired the Dostan-Temir LLP explorationblock, with an area of 602km², located on the eastern fringeof the Caspian depression.
The Group is part of the FTSE-100 index of companies listed on theLondon Stock Exchange and is also listed on the Kazakhstan StockExchange (KASE). It had revenues of $5.3 billion in 2007 withEBITDA of $2.3 billion. The Group employs some 65,000 people,principally in Kazakhstan. The Group's strategic aim is todiversify and participate in the development of the significantnatural resource opportunities in Central Asia.