KAZAKHMYS PLC (United Kingdom) announces discussions on two development projects
/KASE, May 15, 09/ - KAZAKHMYS PLC (London), common shares of which
are listed on the Kazakhstan Stock Exchange (KASE), provided KASE with a
press release dated May 14, 2009:
Kazakhmys PLC ("Kazakhmys" or the "Group") announces that it has signed two
non-binding agreements regarding future projects in power generation and
copper. These were signed during a visit to Kazakhstan of the President of
Korea accompanied by a commercial delegation.
The first project is for the building of a combined heat and power plant at
Balkhash, in Kazakhstan. This agreement was between Samruk-Energy JSC
and the Korean companies Korea Electric Power Corporation and Samsung C&T
Corporation ("Samsung"). The memorandum would allow Kazakhmys the option
to take up to 10% in the project and would be able to provide power to the
Group's major copper facilities nearby. .
A second memorandum, signed by Kazakhmys with Korea Resources
Corporation and Samsung, sets out their interest in becoming involved in the
Group's copper development project at Boschekul in Kazakhstan. This project is
currently in pre-feasibility study, which should be completed by Q3 2009.
Oleg Novachuk, Chief Executive of Kazakhmys, said: "These two agreements
create options for Kazakhmys going forward. Providing locally generated power
at Balkhash would reduce costs and improve reliability of supply for the
operations, as well as assisting the local community. The agreement at
Boschekul shows the growing level of interest in our copper projects. As a
leading Kazakh company we are delighted to be part of this drive to encourage
investment in Kazakhstan, creating new jobs and developing the economy."
For further information, please, contact:
John Smelt Corporate Communications Head
Tel.: +44 20 7901 7882
Ayrin Barton Financial Analyst
Tel: +44 20 7901 7814
Zulfira Mukhamediarova Senior Manager Media Relations
Tel: +77 27 2663 317
Tel: +44 20 7653 6620