KAZ Minerals
 |
|
| Public company | |
| Traded as | : , : 847 |
| Industry | Mining |
| Founded | 1930 |
| Headquarters | Almaty, Kazakhstan |
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Key people
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Simon Heale, Chairman Oleg Novachuk, CEO |
| Products | Copper, zinc, silver, gold |
| Revenue | $766 million (2016) |
| $218 million (2016) | |
| $177 million (2016) | |
|
Number of employees
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12,125 (2016) |
| Website | www.kazminerals.com |
KAZ Minerals is a copper company focused on large scale, low cost open pit mining in Kazakhstan. The Group is listed in London, Kazakhstan and Hong Kong stock exchanges. The company operates 4 underground mines and 3 concentrators in the East Region, one open pit mine at Bozymchak, Kyrgyzstan and is developing two major growth projects Aktogay and Bozshakol, with the third - Koksay - at scoping stage. KAZ Minerals was created after the completion of the Restructuring of Kazakhmys PLC. The company is listed on the and it is a constituent of the FTSE 250 Index.
In 1930 Kazakhmys' operations began at the Balkhash copper smelting complex in Kazakhstan. In 1971 smelting operations commenced at the Zhezkazgan Complex. The Government of Kazakhstan forms the company, entitled OJSC Zhezgazgantsvetmet in 1992. From 1992 to 2002, a series of privatisations reduce the Government's holding from 100% to 0%. Samsung Corporation of Korea took over management of the company in June 1995. In 1996, Samsung acquired a 40% stake but subsequently sold it.
Kazakhmys was listed on the in October 2005 at 540 pence per share, joining the broad range of international mining companies listed in London. In January 2010 Kazakhmys announced the first of two facilities, totalling $4.2 billion, from the China Development Bank Corporation, to support growth projects. In February 2010 the company completed the sale of a 50% stake in its Ekibastuz GRES-1 power plant to the National Welfare Fund Samruk-Kazyna JSC for $681 million. This was originally set out at the time of purchase in May 2008.
On 11 November 2013 the Company announced the sale of its stake in ENRC. Following the transaction, which included the offer of certain Kazakhmys shares to ENRC shareholders, Kazakhmys becomes a majority free float company for the first time. On 7 January 2014 the Group approved the disposal of its 50% stake in the Ekibastuz GRES-1 power station, to become a focused, pure-play copper mining company. On 15 August 2014 the independent shareholders vote to approve the Group Restructuring. Kazakhmys PLC disposed of a number of mature assets primarily in the Zhezkazgan and Central Regions to Cuprum Holding, a company whose principal shareholder is Vladimir Kim. On completion Kazakhmys PLC was renamed KAZ Minerals PLC.
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