Kazakhmys Chairman of the Board to transfer his powers to an independent director

Vladimir Kim, Chairman of the Board of Directors at Kazakhmys, plans to transfer his powers to an independent director, the Company’s Press Service reports. Established in 1930 and focused on copper production, Kazakhmys PLC is among the world's leading natural resources groups. The Company is based primarily in Kazakhstan, Central Asia, listed in London and Hong Kong, and is part of the FTSE 100 Index. Mr. Kim has been heading the Board since the Company floated its shares in London back in 2005. According to the press release, the Board will select a new Chairman shortly and plans to transfer the powers before the next annual meeting of the Company’s shareholders. “My professional life has been tightly knitted with Kazakhmys in the recent 20 years. Much has been done for this time. The Company floated its shares in London, Almaty and Hong Kong. We have secured finances and launched large-scaled projects to ensure the Company’s growth. The timing is perfect for a selecting an independent Chairman of the Board. After releasing my powers, I will still be actively involved as a non-executive director and I have no intention of slashing my stake in the Company”, the press release quotes Mr. Kim as saying. Mr. Kim’s current stake in the Company stands at 27.9%.