Kazakh Kazakhmys sells its German assets
Azerbaijan, Baku, May 29 / Trend E. Kosolapova/
Kazakhstan's Metallurgical Corporation Kazakhmys PLC has sold Mansfelder Kupfer und Messing GmbH ("MKM") for €42 million to a European family office, the company reported.
Kazakhmys will receive €42 million in consideration, including €12 million on a deferred basis. MKM was sold with debt of €137 million. Kazakhmys also received a dividend of €10 million from MKM in 2013.
"MKM is an excellent business, but did not fit with our geographic and strategic focus as a natural resources company in Central Asia. We are pleased to have found a buyer who is committed to the business, which should be in the best interests of customers and employees and we wish all at MKM continued success in the future," Chief Executive Officer Oleg Novachuk said.
MKM is a German based manufacturer of semi-finished copper products. It has been part of the Group since 2004, before Listing, but has been classified as a non-core asset held for sale, as announced in 2010.
Kazakhmys PLC is a leading international natural resources group with significant interests in copper, gold, zinc, silver and power generation. It is the largest copper producer in Kazakhstan and one of the top worldwide with 16 operating mines,10 concentrators and 2 copper smelters.