Baku, Azerbaijan, Jan. 10
By Elena Kosolapova- Trend: Kazakhstan's Metallurgical Corporation Kazakhmys approved the sale of the group's remaining 50 percent interest in Ekibastuz LLP and 100 percent of the issued share capital of Kazhydro to Kazakh Samruk-Energo, the company reported this week.
The majority of the group's shareholders voted for the transaction at the general meeting on Jan. 7.
Based on the terms of the transaction, Kazakhmys will receive net proceeds of approximately $1.249 billion in cash, which will substantially strengthen the Group's financial position during the development phase of the group's major copper growth projects, Bozshakol and Aktogay, Kazakhmys said earlier.
The principal asset in the transaction is Ekibastuz GRES-1, which is the largest power station in Kazakhstan. The power station currently has a capacity of 3,000 MW. Earlier Ekibastuz LLP was owned equally by Kazakhmys and Samruk-Energo.
Kazakhmys 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 16 operating mines, 10 concentrators and two copper smelters.
Samruk-Energo is a wholly-owned by Kazakh Government through Samruk-Kazyna Sovereign Wealth Fund.