TIDMKAZ

RNS Number : 7776N

KAZ Minerals PLC

28 October 2016

 
 
     KAZ MINERALS 
     PLC 
     6(TH) FLOOR 
     CARDINAL PLACE 
     100 VICTORIA 
     STREET 
     LONDON SW1E 5JL 
     Tel: +44 (0) 
     20 7901 7800 
  ==================

28 October 2016

PRE-EXPORT FINANCE FACILITY COVENANT WAIVER

KAZ Minerals PLC ("KAZ Minerals" or "the Group") announces that a waiver of the Net Debt to EBITDA financial covenant in the Group's PXF facility due to be tested as at 31 December 2016 has been approved. The covenant is next due to be tested as at 30 June 2017.

The Group continues to enjoy strong support from its lenders and plans to resume discussions with the PXF bank syndicate over a longer term refinancing of the facility in early 2017, after release of the 2016 financial statements.

A similar waiver request has also been issued to Caterpillar Financial Services (UK) Limited in respect of the Group's $50 million revolving credit facility and a formal response is expected shortly.

For further information please contact:

 
 KAZ Minerals 
  PLC 
====================  ==========================  ================= 
 Chris Bucknall        Investor Relations,         Tel: +44 20 7901 
                        London                                 7882 
                       Investor Relations,         Tel: +44 20 7901 
 Anna Mallere           London                                 7814 
 Maksut Zhapabayev     Corporate Communications,    Tel: +7 727 244 
                        Almaty                                03 53 
====================  ==========================  ================= 
 Instinctif Partners 
====================  ==========================  ================= 
                                                   Tel: +44 20 7457 
 David Simonson                                                2020 
====================  ==========================  =================

REGISTERED OFFICE

6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL, United Kingdom.

NOTES TO EDITORS

KAZ Minerals PLC ("KAZ Minerals" or "the Group") is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan. It operates four mines and three concentrators in the East Region of Kazakhstan, the Bozymchak copper-gold mine in Kyrgyzstan, the Bozshakol open pit copper mine in the Pavlodar region of Kazakhstan and the SX/EW plant at Aktogay. In 2015, total copper cathode output from the East Region and Bozymchak was 81 kt with by-products of 94 kt of zinc in concentrate, 3,135 koz of silver and 35 koz of gold bar.

The Group's major growth projects at Bozshakol and Aktogay are expected to deliver one of the highest growth rates in the industry and transform KAZ Minerals into a company dominated by world class, open pit copper mines.

Bozshakol is a first quartile asset on the global cost curve and will have an annual ore processing capacity of 30 million tonnes when fully ramped up, with a mine life of 40 years at a copper grade of 0.36%. The mine and processing facilities will produce 100 kt of copper cathode equivalent and 120 koz of gold in concentrate per year over the first 10 years of operations.

The Aktogay project is a large scale, open pit development similar to Bozshakol, with a mine life of more than 50 years and average copper grades of 0.37% (oxide) and 0.33% (sulphide). Aktogay commenced production of copper cathode from oxide ore in December 2015, and the production of copper in concentrate from sulphide ore is expected to begin in the first half of 2017. The sulphide concentrator will have an annual ore processing capacity of 25 million tonnes when fully ramped up. Aktogay is competitively positioned on the global cost curve and will produce an average of 90 kt of copper cathode equivalent from sulphide ore and 15 kt of copper cathode from oxide ore per year over the first 10 years of operations.

KAZ Minerals is listed on the London Stock Exchange, the Kazakhstan Stock Exchange and the Hong Kong Stock Exchange and employs around 12,000 people, principally in Kazakhstan.

This information is provided by RNS

The company news service from the London Stock Exchange

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