Baku, Azerbaijan, Nov 3.
By Elena Kosolapova - Trend:
The restructuring of Kazakhstan's Metallurgical Corporation Kazakhmys PLC has completed, the company said.
The new company retains mining and processing assets in eastern Kazakhstan and the Bozymchak mine in Kyrgyzstan, as well as what it describes as the major growth projects Bozshakol, Aktogay and Koksay.
The miner's subsidiaries owning mature assets in the Zhezkazgan and central Kazakhstan have been transferred to Cuprum Holding and will remain under the trading name Kazakhmys.
The company will be renamed to KAZ Minerals PLC, while the assets transferred to Cuprum Holding will continue to operate under the trading name of "Kazakhmys".
As described in the circular to shareholders dated 23 July 2014, Kazakhmys' Chairman of the Board Eduard Ogay stepped down from this post with immediate effect in order to take up his position as chief executive officer of Cuprum Holding and will no longer be the company's director or the employee of the group.
Andrew Southam, Kazakhmys' Chief Financial Officer joined the Board as an executive Director of KAZ Minerals PLC.
KAZ Minerals (formerly Kazakhmys PLC) is the largest copper producer in Kazakhstan and one of the top worldwide with 16 operating mines, 8 concentrators and a copper smelter. Kazakhmys Mining's operations are fully integrated from mining ore through to the production of finished copper cathode and rod. It is a leading copper producer in Kazakhstan with five operating mines and four concentrators.
Total copper cathode output in 2014 from continuing operations is expected to be between 80,000 metric tons and 85,000 metric tons.
KAZ Minerals also produces significant volumes of by-products including zinc, silver and gold. In 2014, KAZ Minerals is expected to produce 115,000 to 120,000 metric tons of zinc in concentrate.
The group is also a significant silver producer with expected output from continuing operations in 2014 of 3.3 million ounces to 3.7 million ounces. Gold production for continuing operations in 2014 is expected to be between 37,000 ounces and 42,000 ounces.
The group has two major copper projects under construction, Bozshakol and Aktogay, and a third, Koksay, at a scoping stage.
Edited by S.I.