KAZAKHMYS PLC (United Kingdom) rejected non-binding proposal from ENRC

/KASE, May 12, 08/ - KAZAKHMYS PLC (London), common shares of which are traded in the official list of Kazakhstan Stock Exchange (KASE) of category "А", provided KASE with the press release which reads as follows: Quotation start 9 May 2008 KAZAKHMYS PLC REJECTS NON-BINDING PROPOSAL FROM ENRC Kazakhmys confirms that it received last night an indicative and non-binding proposal in the form of a letter from ENRC. The non-binding indicative proposal Under the terms of this proposal from ENRC, Kazakhmys shareholders would receive for each share held: - 1,022 pence in cash, and - a dividend in specie of 0.413 ENRC shares representing Kazakhmys' current holding in ENRC. The proposal values each Kazakhmys share at approximately 1,550 pence, which is well below the current share price. Response from the Kazakhmys Board of Directors The Board of Kazakhmys has considered and unanimously rejected the proposal from ENRC. 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 This announcement is being made without the agreement or approval of ENRC. A further announcement will be made as and when appropriate. There can be no certainty that any offer will be made nor as to the terms on which any offer may be made. DEALING DISCLOSURE REQUIREMENTS Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of ENRC or of Kazakhmys, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of ENRC or of Kazakhmys, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of ENRC or of Kazakhmys by ENRC or Kazakhmys, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. Quotation end [2008-05-12]