kazakhmys (Kazakhstan) to invest $140 m in its operations in 2004

/REUTERS, Almaty, Tatyana Seroshtanova, January 29, 04/ - The largest copper producer in Central Asia, Kazakhmys copper corporation intends to invest in its operations nearly $140 m in 2004, the company's press service informed. "We've already composed budget for 2004 - for $140 m - and it is still may be upward amended", Elvira Minchuk, press secretary of the corporation underlined. "The amount of investments in 2003 totaled $150 m", Minchuk informed by phone from Zhezkazgan. Promising development plan of the corporation for 2002 -2004 allows for $600 m investments for its capacities expansion. In addition to capital investments in operations of its Kazakhstani enterprises, Kazakhmys seeks for activities expansion abroad. In 2004 the company intends to participate in bids for development of Russian Udokan field. During the last year, a part of total investments was used for launching zinc ore plant in Balkhash town in October, and construction of a repair plant for electric locomotives, railcars and railparks in Zhezkazgan. One of company's primary objectives is an expansion of its raw materials base. Putting onto operations one of the country's largest copper mines Nurkazgan in 2003 enables producing up to 4.0 m tones of ore annually. In the last year, the first order of mine #67 with 4.0 m tones of ore annual capacity was launched. Currently, the construction of a second order of the mine is in process, as well as Zhaman-Aibat and Artemiyevskyi ore mines in Karaganda region and Eastern Kazakhstan, correspondingly. The company, therefore, is considering projects on construction of ore enriching plants near Nurkazgan and Boshekul mines. Moreover, the corporation plans to launch Karagaily ore mining-and-processing plant along with Abyz filed with 1.5 m tones annual capacity and automobile road. In 2003 Kazakhmys enterprises extracted over 40 m tones of ore and produced 417.366 tones of refined copper in comparison with 431.700 tones a year ago. Shareholder list of the company includes Samsung - 25.33 percent of shares, Central Depository of Securities CJSC - 26.67%, Samsung Hong Kong Ltd. - 17.22%, ABN AMRO Bank Kazakhstan - 19.51%. [2004-01-29]