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Kazakhstan's Kazakhmys Group has completed the restructuring process and has changed its name to KAZ Minerals Plc, Tengrinews reports citing the press service of the company. The restructuring included disposal of a number of mature low margin assets.
Kazakhstan's Kazakhmys Group has completed the restructuring process and has changed its name to KAZ Minerals Plc, Tengrinews reports citing the press service of the company. The restructuring included disposal of a number of mature low margin assets.
All the terms and conditions to the transfer of the company's assets had to be met to complete the restructuring that was announced on February 27, 2014 and approved by independent shareholders on August 15, 2014. It involves renaming Kazakhmys Group to KAZ Minerals Plc starting from October 31.
"After the restructuring, the company will retain its business assets in East Kazakhstan, Bozymchak mine in Kyrgyzstan and its major growth projects Bozshakol, Aktogai and Koksai. The company's subsidiaries in Karaganda, Zhezkazgan and Balkhash regions were transferred to Cuprum Holding (a private company owned by Vladimir Kim and Eduard Ogay),” the press service said. The assets transferred to Cuprum Holding will continue to operate under the name of Kazakhmys.
The process was accompanied by changes in the company's top management. Kazakhmys CEO Eduard Ogay is no longer a member of the Board of Directors or part of KAZ Minerals. Instead, he took up the position of Cuprum Holding CEO. Chief Financial Officer Andrew Southam joined the Board of Directors of KAZ Minerals as Executive Chief starting from November 1, 2014.
As Kazakhmys the company is a major copper producer in Kazakhstan and one of the top worldwide with five operating mines and four concentrators. After the restructuring, KAZ Minerals became a smaller and more focused group, but still has excellent growth prospects especially after production at Bozshakol and Aktogai is commenced.
As Kazakhmys the company produced significant volumes of other metals, including zinc, silver and gold. In 2013, it produced 134 kt of zinc in concentrate.
As a result of the restructuring KAZ Minerals no longer carries out smelting and refining activities, instead it sends copper concentrate directly to the export markets or to providers of smelting and refining services in Kazakhstan.
KAZ Minerals is listed at the London Stock Exchange, Kazakhstan Stock Exchange and Hong Kong Stock Exchange.
KAZ Minerals employs around 10,000 people, most of them in Kazakhstan.
Writing by Assel Satubaldina, editing by Tatyana Kuzmina
