Kazakhmys Signs Agreement With RusHydro

Date : 06/08/2012 @ 5:47AM
Source : UK Regulatory (RNS & others)
Stock : Kaz Minerals (KAZ)
Quote : 828.4  -6.8 (-0.81%) @ 11:35AM
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Kazakhmys Signs Agreement With RusHydro

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RNS Number : 9789E

Kazakhmys PLC

08 June 2012

8 June 2012


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 
                                                              Tel: +44 78 7964 
                                                              Tel: +44 20 7901 
 Irina Tretyakova     Financial Analyst                                   7814 
 Maksut Zhapabayev    Head of Corporate Communications        Tel: +77 27 3304 
                       Almaty                                              556 
===================  ===================================  ==================== 
                                                              Tel: +44 20 7726 
 David Simonson                                                           8400 
                                                              Tel: +44 20 7726 
 Ian Middleton                                                            8400 
                                                              Tel: +44 20 7726 
 Maria Babkina                                                            8400 
===================  ===================================  ==================== 
 Hill & Knowlton Hong 
========================  ==============================  ==================== 
 K W Lam                                                   Tel: +852 2894 6321 
===================  ===================================  ==================== 


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



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