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Kazakhmys had its own reorganization

19 November 2014

Based on the provided data Kazakhmys Group, today made all the agreed terms of the transaction, the transferred assets, and started over at the end of February this year reorganization, approved in mid-August, the independent shareholders. After the reorganization of the public company are production assets located in eastern Kazakhstan, Aktogay major projects, and Koksai Boschekul aimed at expanding production Bozamchak mine in Kyrgyzstan. The use of a private company «Cuprum Holding» will be transferred to the enterprise of Balkhash, Karaganda and Zhezkazgan industrial sites. An educated public company changed its name to «KAZ Minerals», the new name came into effect after the registration of 31 October this year. Assets, departed the company «Cuprum Holding», are the old name of «Kazakhmys».

In accordance with the previously stipulated in the circular to shareholders of the terms, after the reorganization of the Board of Directors appears Eduard Ogai, after which it will not be a director or employee of the «KAZ Minerals», taking place at the same time «Cuprum Holding» General Manager of the company. Since early November, the post of executive director of the Group «KAZ Minerals» atonement Andrew Souza, a former chief financial officer. According to Oleg Novachuk, General Managing Director, the event is an important milestone in the development of the company. «KAZ Minerals» Group is a rapidly growing company focusing on the production of copper and development of low-costly modern mining sites in Kazakhstan.

Oleg Novachuk assured that the previously calculated output for «Kazakhmys» Groups are within the predicted values. On Bozymchak the process of production of copper concentrate is expected in November shipment on Balkhash copper production of copper concentrate produced from Kyrgyzstan. To date, the Group's main activity is the production of copper, which assumes great prospects. After the reorganization of the activities of the new company will focus on increasing the production with a low cost of implementation and overriding the growth potential in the industry.

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