Results of the year-end general meeting of "Kazakhmys corporation" shareholders (Kazakhstan)

/KASE, 11.08.99/ - According to the listing requirements "Kazakhmys corporation" provided KASE with the minutes of the year-end shareholders general meeting, the Board's report on the results of year 1998 and the documents of the Revision commission. At the meeting, held on July 27, 1999, the shareholders affirmed the reports of the Board and the Revision commission on company results for 1998, also an annual financial results and a number of regulations related to the structure and control of the company. Participants of the meeting has decided to: pay out dividends on all kinds of shares (common and preferred) at 250% of the nominal price of the share; payment of dividends should start on September 23, 1999; make changes and amends in the chart of "Kazakhmys corporation" in order to bring it in the conformity with the Law on "Joint stock companies" adopted on 10.07.98; increase liabilities of "Kazakhmys corporation" due to reorganization and coupling of companies where the corporation holds all blocks of voting shares ("VKMHK", "Borly" and its affiliate companies: "Razrez Kuu- Chekskii", "Razrez Molodezhnyi", "Nurinskoe PTU", "Prishakhtinskaya avtobaza"); enact the agreements on coupling of above mentioned companies and the transfer documents. Also, the shareholders has elected a new Board of directors consisting of 8 people (V.T. Jong - "SAMSUNG" corporation, I.K. Cha - "SAMSUNG" administrative group, D.S. Young - "SAMSUNG" administrative group, Kim V.S. - the president of "Kazakhmys corporation", Ni V.V. - "HOZU", Nazarbaev M.N. - "BN Consulting" company, Korjov A.I. - Staff of the president of the Republic of Kazakhstan, Ogai E. V. - "Petrokaz"), as well as the Revision commission of 3 people (Ruzmatov Z.I. - "Kazakhmys corporation", Dosjanov J. - "Kazakhmys corporation", H.S. Shima - "SAMSUNG" corporation). Company expansion is pointed out in the report of "Kazakhmys corporation" for 1998, since new companies have joined the corporation: enterprises of Jezkazgan region (number of employees - 29 472, production of a cathode copper in 1998 - 214 090 tonns); Balkhash metallurgical - mining company (number of employees 10 390, production of a cathode copper - 110 376 tonns a year); "Jezkentskii GOK" (number of employees - 3 517, production of copper in concentrate - 54 000 tonns, production of zinc in concentrate -25 452 tonns a year); "VKMHK" (number of employees - 3 453, production of copper in concentrate - 25 000 tonns, production of zinc in concentrate - 55 452 tonns a year); "Borly" with its affiliates (number of employees - 3 357, coal mining - 5.1-5.5 mln. tonns, with the possible increase of up to 7 mln. tonns a year). It was also mentioned in the report that due to the expansion of "Kazakhmys corporation" it had everything to produce 4 mln. tonns of cathode copper in year 2000 and to become one of seven leading producers of this product. 1998 results (for the corporation as a whole) look as the following (compared with the year when "SAMSUNG" took a control over the corporation): ore extraction in 1995 has made 12.7 mln. tonns, in 1998 - 34.3 mln. tonns; production of copper in concentrate in 1995 has made 135.9 thousand tonns, in 1998 - 316.0 thousand tonns; production of raw copper in 1995 has made 131.0 thousand tonns, in 1998 - 336.2 thousand tonns; production of cathode copper (the main product) in 1995 has made 132.3 thousand tonns, in 1998 - 324.5 thousand tonns (production volume increase of 7.8% compared to 1997). Also, during 1998 "Kazakhmys corporation" produced 65 297 tonns of zinc in concentrate, 1 718.83 kilograms of gold in bars, 359 074 kilograms of silver in granules, 5 022 575 thousand kW/h of electricity, 3 785 081 thousand gcal of heat, 6 173 000 tonns of coal.