Kazakhmys Signs Agreement With RusHydro (9789E)
June 08 2012 - 5:47AM
UK Regulatory
TIDMKAZ
RNS Number : 9789E
Kazakhmys PLC
08 June 2012
8 June 2012
KAZAKHMYS SIGNS AGREEMENT WITH RUSHYDRO ON HYDRO-ELECTRICITY
PROJECTS
Kazakhmys PLC ("Kazakhmys") announces that it has signed an
agreement with JSC RusHydro ("RusHydro"), one of Russia's largest
power generating companies, to consider establishing a joint
venture which will review the development of small hydro-electric
plants in Kazakhstan with a total capacity of up to 300 MW.
It is anticipated that up to 30% of the possible project costs
will come from Kazakhmys and RusHydro, with the balance coming from
external project finance.
Oleg Novachuk, Chief Executive of Kazakhmys PLC, said:
"Kazakhstan needs further investment in its power sector in order
to maintain adequate and reliable supplies and assist economic
growth. Currently just 10% of Kazakhstan's power is generated from
hydro plants with nearly 90% coming from coal fired stations. As
the largest producer of power in Kazakhstan, Kazakhmys is ideally
placed to promote the development of renewable energy and we
believe that small hydro-electric plants may have a key role in the
growth of the sector. The combination of RusHydro and Kazakhmys
brings a balance of knowledge and skills which should deliver a
successful and profitable outcome."
For further information please contact:
Kazakhmys PLC
=================== =================================== ====================
John Smelt Head of Corporate Communications Tel: +44 20 7901
7882
Tel: +44 78 7964
2675
Tel: +44 20 7901
Irina Tretyakova Financial Analyst 7814
Maksut Zhapabayev Head of Corporate Communications Tel: +77 27 3304
Almaty 556
Merlin
=================== =================================== ====================
Tel: +44 20 7726
David Simonson 8400
Tel: +44 20 7726
Ian Middleton 8400
Tel: +44 20 7726
Maria Babkina 8400
=================== =================================== ====================
Hill & Knowlton Hong
Kong
======================== ============================== ====================
K W Lam Tel: +852 2894 6321
=================== =================================== ====================
REGISTERED OFFICE
6th Floor, Cardinal Place, 100 Victoria Street, London SW1E
5JL.
Notes to Editors
Kazakhmys PLC is a leading international natural resources group
with significant interests in copper, gold, zinc, silver and power
generation.
It is the largest copper producer in Kazakhstan and one of the
top worldwide with 18 operating mines, 10 concentrators and 2
copper smelters. Kazakhmys Mining operations are fully integrated
from mining ore through to the production of finished copper
cathode and rod. Total copper cathode produced in 2011 from own ore
was 299 thousand tonnes. Production is backed by a captive power
supply and significant rail infrastructure.
Kazakhmys Mining produces significant volumes of other metals,
including zinc, silver and gold. In 2011, it produced 140 thousand
tonnes of zinc in concentrate. The Group is amongst the largest
silver producers in the world (13 million ounces produced in
2011).
Kazakhmys Power has a 50% interest in the coal fired Ekibastuz
GRES-1 plant, the largest in Kazakhstan with a current capacity of
2,500 MW and which is undergoing a modernization programme to reach
its nameplate capacity of 4,000 MW. Kazakhmys Power also operates
the captive coal mines and power stations which supply power to the
Mining Division.
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) and Hong Kong Stock Exchange (HKSE). It had
revenues from continuing operations of $3.6 billion in 2011 with an
operating profit of $1.2 billion. The Group employs some 60,000
people, principally in Kazakhstan. The Group's strategic aim is to
optimise its current operations, deliver its major growth projects
and 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
END
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