KAZ Minerals
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KAZ Minerals plc is a British copper company focused on large scale, low cost
open pit mining Open-pit mining, also known as open-cast or open-cut mining and in larger contexts mega-mining, is a surface mining technique of extracting rock or minerals from the earth from an open-air pit, sometimes known as a borrow. This form of mining ...
in
Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...
. The Group is listed in London and Kazakhstan stock exchanges. The company operates 3 underground mines and 2 concentrators in the East Region, one open pit mine at Bozymchak,
Kyrgyzstan Kyrgyzstan,, pronounced or the Kyrgyz Republic, is a landlocked country in Central Asia. Kyrgyzstan is bordered by Kazakhstan to the north, Uzbekistan to the west, Tajikistan to the south, and the People's Republic of China to the east. ...
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 was listed on the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
until it was acquired by Nova Resources in April 2021.


History

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 The Samsung Group (or simply Samsung) ( ko, 삼성 ) is a South Korean multinational manufacturing conglomerate headquartered in Samsung Town, Seoul, South Korea. It comprises numerous affiliated businesses, most of them united under the ' ...
of
Korea Korea ( ko, 한국, or , ) is a peninsular region in East Asia. Since 1945, it has been divided at or near the 38th parallel, with North Korea (Democratic People's Republic of Korea) comprising its northern half and South Korea (Republic o ...
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
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
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 The China Development Bank (CDB) () is a development bank in the People's Republic of China (PRC), led by a cabinet minister at the Governor level, under the direct jurisdiction of the State Council. As one of three policy banks in China, it ...
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 Samruk-Kazyna ( kk, Самұрық-Қазына, translit=Samūryq-Qazyna), officially known as the National Welfare Fund "Samruk-Kazyna" ( kk, «Самұрық-Қазына» ұлттық әл-ауқат қоры» Акционерлік Қо ...
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 Ekibastuz ( kk, Екібастұз, translit=Ekıbastūz, , ەكئباستۇز; russian: Экибастуз) is a city in Pavlodar Region, northeastern Kazakhstan. The population was Ekibastuz is served by Ekibastuz Airport. History The history ...
GRES-1 power station, to become a focused, pure-play copper mining company. On 15 August 2014 the independent shareholders voted 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 Vladimir Sergeyevich Kim (russian: Владимир Серге́евич Ким; born 29 October 1960) is a Kazakhstani businessman and billionaire who is the richest person in KazakhstanRichard Orange, 'Vladimir Kim reverses plans to sell more o ...
. On completion Kazakhmys PLC was renamed KAZ Minerals PLC. Following the completion of a major restructuring on 31 October 2014 which included the disposal of mining, smelting and power assets in the Zhezkazgan and Central Regions, the Group became a high growth copper company focused on large scale, low cost open pit mining in Kazakhstan. The company was renamed 'KAZ Minerals PLC'. On 23 July 2014 the Group announced that it had entered into a definitive agreement to transfer certain of its mature assets in the
Zhezkazgan Jezkazgan, or Zhezkazgan ( kk, Жезқазған, translit=Jezqazğan ), formerly known as Dzhezkazgan (russian: Джезказган) until 1992, is a city and the administrative centre of Ulytau Region, Kazakhstan, on a reservoir of the Kara ...
and Central Regions of Kazakhstan to Cuprum Holding B.V. On 15 August 2014 shareholders approved a major restructuring of the Group. All outstanding conditions to the restructuring were satisfied on 31 October 2014 with economic separation effective from 1 August 2014. In October 2020, Nova Resources, a consortium of businesses led by Oleg Novachuk, made an offer to take Kaz Minerals private in a transaction which valued the company at £3 billion.


Operations

KAZ Minerals is focused on copper production but also produces and sells significant quantities of zinc, silver and gold as by-products. The Group operates the following assets: *East Region **Three underground mines ***Orlovsky mine ***Irtyshsky mine ***Artemyevsky mine **2 concentrators ***Orlovsky concentrator ***Nikolayevsky concentrator *
Kyrgyzstan Kyrgyzstan,, pronounced or the Kyrgyz Republic, is a landlocked country in Central Asia. Kyrgyzstan is bordered by Kazakhstan to the north, Uzbekistan to the west, Tajikistan to the south, and the People's Republic of China to the east. ...
** Bozymchak *Growth projects ** Aktogay ** Bozshakol ** Koksay The group is developing two growth projects - Aktogay and Bozshakol projects, with third - Koksay - at the scoping stage. Bozshakol is the Group's major growth project; it is located in Pavlodar region, Kazakhstan. Aktogay is the Group's second largest project, located in eastern Kazakhstan. Koksay is located in south eastern Kazakhstan around 234 kilometres from
Almaty Almaty (; kk, Алматы; ), formerly known as Alma-Ata ( kk, Алма-Ата), is the List of most populous cities in Kazakhstan, largest city in Kazakhstan, with a population of about 2 million. It was the capital of Kazakhstan from 1929 to ...
and is close to existing infrastructure.


See also

* Bozshakol * Aktogay * Koksay * Bozymchak


References


External links

* : www.kazminerals.com {{Authority control Copper mining companies of Kazakhstan Kazakhmys Companies based in the City of Westminster Non-renewable resource companies established in 1930 1930 establishments in England 1930s establishments in the Kazakh Autonomous Socialist Soviet Republic Companies listed on the London Stock Exchange Companies formerly listed on the Hong Kong Stock Exchange