ENRC denies Kazakhmys to be represented in its Board

/INTERFAX-KAZAKHSTAN, Almaty, August 22, 08/ - Kazakhstan primary holding ENRC has rejected any suggestion it could give Kazakhmys a seat on the Board, Financial Times informed. Last week Kazakhmys, having purchased shares and increased its stake in ENRC to block stock (25.02 %) announced that their representative will have a seat on the Board. However, according to Financial Times there was no official bid from Kazakhmys. Meanwhile, a last year bid was rejected. "We do not believe it is in the interest of all shareholders that Kazakhmys should have a seat on the Board of ENRC" - Financial Times gives the words of ENRC chairman David Cooksey. Meanwhile, as ENRC chief executive Johnannes Sittard said in such relation that both Kazakhmys and ENRC were competing resources in Central Asia countries, there would be a conflict of interests if a Kazakhmys representative could have a seat in the ENRC board and took part in strategic decisions. Financial Times also gives the words of ENRC financial director Miguel Perry, who said that the stake of Kazakhmys is not big enough to prevent actions of ENRC group. ENRC consolidated assets of such companies as Kazchrome, Aluminum of Kazakhstan, Kazakhstan electrolysis plant, Zhayremskiy OPP, Eurasian Energy Corporation and also ENRC Logistics and ENRC Marketing & Sales. Kazakhmys - is the largest Kazakhstan producer of copper. In 2005 it had offered its shares on London exchange from name of Kazakhmys Plc holding, registered in Great Britain, which includes oil, gold mining and energy subdivisions, MKM plant in Germany. Kazakhmys Corporation is specializing on production of refined copper and copper raw materials, on other non-ferrous and precious metals, on coal production which includes four production units: Zhezkazgantsvetmet, Balkhashtsvetmet, Vostoktsvetmet, Karagandatsvtemet. [2008-08-25]