Baku, Azerbaijan, April 2
By Elena Kosolapova- Trend:
Kazakhstan's Metallurgical Corporation Kazakhmys PLC completed disposal of its remaining 50 percent interest in Ekibastuz GRES-1 to Samruk-Energo, the company reported on April 2.
Kazakhmys received net funds of $1.25 billion for the deal.
"The holding in Ekibastuz GRES-1 has provided a sound return for investors, but the disposal will strengthen our balance sheet and allow us to focus on our core copper business and proposed restructuring," Kazakhmys' Chief Executive Oleg Novachuk said.
Ekibastuz GRES-1 power station currently has a capacity of 3,000 MW. The power station generated about 13,000 GWh of net power in 2013. Earlier Ekibastuz LLP was owned equally by Kazakhmys and Samruk-Energo.
Kazakhmys 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 two copper smelters.
Samruk-Energo is a wholly-owned by Kazakh Government through Samruk-Kazyna Sovereign Wealth Fund.
Edited by C.N.
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