https://www.engineeringnews.co.za

Kaz Minerals expands into Russia with $900m copper deal

2nd August 2018

By: Reuters

  

Font size: - +

LONDON – Kaz Minerals, a low-cost copper producer until now focused on Kazakhstan, said it has agreed to buy the Baimskaya copper project in the Chukotka region of Russia for $900-million in cash and shares.

The deal is comprised of an initial $675-million and a deferred payment of $225-million.

Kaz Minerals chairman Oleg Novachuk said the acquisition of Baimskaya marked "the next stage of the transformation of Kaz".

"The development of this new project in Russia will enable the group to continue its industry leading growth, delivering both value and volume as the copper market is forecast to enter a period of significant supply deficit," he said in a statement.

Kaz Minerals said Baimskaya was one of the world's most significant undeveloped copper assets with the potential to become a large scale, low cost, openpit copper mine.

It holds 9.5-million tonnes of copper and 16.5-million ounces of gold and is expected to yield average annual production over the first 10 years of operations of 250 000 t of copper and 400 000 t of gold, with a mine life of approximately 25 years.

Edited by Reuters

Comments

Showroom

Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.078 0.136s - 156pq - 2rq
Subscribe Now