Kazakh Kazakhmys shareholders approve company’s restructuring
Baku, Azerbaijan, Aug.18
By Elena Kosolapova - Trend:
The shareholders of Kazakh Metallurgical Corporation Kazakhmys PLC approved the proposed restructuring of the company within the General Meeting held on Aug. 15, the company reported.
The restructuring involves the transfer of mature assets in the Zhezkazgan and Central Regions to Cuprum Holding, a private company owned by Vladimir Kim and Eduard Ogay.
Following completion of the transaction, the group will continue to own the mining and producing assets in Kazakhstan's East-Kazakhstan region, and the Bozymchak mine in Kyrgyzstan, as well as the major growth projects at Bozshakol, Aktogay and Koksay. It is proposed to rename the company KAZ Minerals PLC following completion.
The transaction completion remains subject to regulatory approvals in Kazakhstan and is expected by the end of 2014.
The company plans a potential restructuring of its business in order to improve profitability and cash returns.
Kazakhmys PLC is a leading international natural resources group. It is the largest copper producer in Kazakhstan and one of the top worldwide with 16 operating mines, 7 concentrators and a copper smelter. Kazakhmys Mining has a full range of facilities enabling it to process ore extracted through to finished metal. Total copper cathode equivalent output from own ore was 294,000 tonnes in 2013. The group has two major copper projects under construction.