KAZAKHMYS PLC (United Kingdom) announces early completion of contract with AES

/KASE, March 20, 09/ - KAZAKHMYS PLC (London), common shares of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the press release of March 20, 2009 on the following: Quotation start Kazakhmys PLC ("Kazakhmys" or the "Group") today announces that it has agreed the early completion of the contract with AES, so that management of the Ekibastuz GRES-1 power plant and Maikuben Coal Mine will transfer to Kazakhmys. The management contract was due to run until December 2010 and included earn out fees of up to $375 million, based on profitability and the successful delivery of the capital development programme. The early completion agreement includes an earn out of $80 million for the financial year 2008, payable in April 2009, and a single reduced payment of $102 million to be paid in January 2010. Nikolai Korobovsky, a former AES employee at Ekibastuz GRES-1, has been appointed Head of Kazakhmys Power Division, to manage all of the Kazakhmys power businesses, including Ekibastuz GRES-1, Maikuben coal mine and the three power stations and two coal mines that are owned and operated within the Kazakhmys Copper Division. Kazakhmys' Chief Executive Oleg Novachuk said, ".I should like to thank AES for their work with us over the past year and in helping the transition to Kazakhmys management. This agreement reduces our cash commitments, which is welcome in the current environment. It should also allow us to create a more integrated approach to all of our power facilities, which together represent over 20% of Kazakhstan's power output.". For more detailed information, please, call by the following numbers: Kazakhmys PLC: John Smelt Head of Corporate Relations Tel.: +44 20 7901 7882 Olga Nekrassova Financial Analyst Tel.: +44 20 7901 7814 Zulfira Mukhamediarova Senior manager for Media Relations Tel.: +7 727 266 33 17 Merlin: David Simonson Tom Randell Leonid Fink Tel.: +44 20 7653 6620 Quotation end [2009-03-20]