TIDMKAZ
RNS Number : 5896T
Kazakhmys PLC
09 June 2009
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9 June 2009
KAZAKHMYS PLC ANNOUNCES REFINANCING OF SUBSIDIARY LOAN FACILITY
Kazakhmys PLC (the "Group") announces the successful refinancing of the loan
facility relating to MKM Mansfelder Kupfer und Messing GmbH ("MKM"), the Group's
downstream copper business in Germany.
The facility is used to finance working capital requirements to match customer
orders. The Group has been able to reduce the size of the facility, due to lower
copper prices and more efficient management of inventory. The three year EUR 170
million revolving structured trade finance facility was arranged by Deutsche
Bank and was over subscribed in syndication.
Matthew Hird, Chief Financial Officer said: "We are extremely pleased with the
outcome of the refinancing, given the challenging conditions in financial
markets. The over subscription reflects the quality of MKM's operations and
management and a new 3 year facility enables MKM to continue developing their
business."
For further information please contact:
+------------------------+----------------------------------+---------------------------+
| Kazakhmys PLC | | |
+------------------------+----------------------------------+---------------------------+
| John Smelt | Head of Corporate Communications | Tel: +44 20 7901 7882 |
| | | Tel: +44 78 7964 2675 |
+------------------------+----------------------------------+---------------------------+
| Irene Burton | Financial Analyst | Tel: +44 20 7901 7814 |
+------------------------+----------------------------------+---------------------------+
| Zulfira Mukhamedyarov? | Senior Manager - Media Relations | Tel: +77 27 266 3317 |
+------------------------+----------------------------------+---------------------------+
| Merlin | | |
+------------------------+----------------------------------+---------------------------+
| David Simonson | | Tel: +44 20 7653 6620 |
+------------------------+----------------------------------+---------------------------+
| Tom Randell | | Tel: +44 20 7653 6620 |
+------------------------+----------------------------------+---------------------------+
| Leonid Fink | | Tel: +44 20 7653 6620 |
+------------------------+----------------------------------+---------------------------+
- ends -
Notes to Editors
MKM
MKM is based in Germany, producing and selling copper and copper alloy
semi-finished products. There are three units: wire products, flat products
(strips, plates and sheets) & tubes and bars. The production volumes are sales
driven with additional capacity available for most general product
specifications.
Kazakhmys
Kazakhmys PLC is a leading international natural resources group, listed in the
UK and Kazakhstan, with significant interests in copper, gold, zinc, silver,
power generation and petroleum.
It is the largest copper producer in Kazakhstan and one of the top ten worldwide
with 20 mines, 10 concentrators and 2 smelters. Kazakhmys copper operations are
fully integrated from mining ore through to the production of finished copper
cathode and rod. Total copper cathode produced in 2008 from own ore was 343
thousand tonnes. Production is backed by a captive power supply and significant
rail infrastructure. Kazakhmys also owns MKM, an upstream copper products
fabrication company in Germany, which produces a range of pre- and semi-finished
copper and copper alloy products.
Kazakhmys Copper produces significant volumes of other metals, including zinc,
silver and gold. In 2008, it produced 48 thousand tonnes of zinc metal and 137
thousand tonnes of zinc concentrate. Kazakhmys is the fourth largest silver
producer in the world (17 million ounces produced in 2008).
Kazakhmys Gold, which acquired Eurasia Gold Inc in July 2007, includes
substantial new development and exploration opportunities. The Group produced
179 thousand ounces of gold in 2008 and has measured and indicated resources of
2.3 million ounces.
Kazakhmys Power owns the recently acquired coal fired Ekibastuz GRES-1 plant,
the largest in Kazakhstan with a nameplate capacity of 4,000 MW. In addition, it
owns the Maikuben open cast coal mine, supplying around 20% of the power plant's
fuel requirements producing over 3.6 million tonnes of coal in 2008.
Kazakhmys Petroleum has acquired the East Akzhar exploration block, with an area
of 602km², located on the eastern fringe of the Caspian depression.
The Group is part of the FTSE-100 index of companies listed on the London Stock
Exchange and is also listed on the Kazakhstan Stock Exchange (KASE). It had
revenues of $5.2 billion in 2008 with EBITDA of $2.0 billion. The Group employs
some 67,000 people, principally in Kazakhstan. The Group's strategic aim is to
diversify and participate in the development of the significant natural resource
opportunities in Central Asia.
This information is provided by RNS
The company news service from the London Stock Exchange
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