Kazakhstan in Talks to Buy Up to 15 Per Cent of Kazakhmys

Business News IN BRIEF

*Kazakhmys has confirmed it is in talks with the Kazakh government that may see the Central Asian nation take a stake of up to 15 per cent in the copper miner in exchange for mineral rights. The London-listed company said it has been in preliminary talks with the government on a variety of options in a statement issued after the market closed.Earlier this month, its Kazakh rival ENRC – the world’s biggest producer of ferrochrome and the sixth-largest iron ore exporter by volume – held talks with Kazakhmys. The government of Kazakhstan owns 19.3 per cent of ENRC, while its three founders own another 43.8 per cent of the group, which floated in London in December. Kazakhmys, the world’s 10th biggest copper producer, is 45.8 per cent owned by Vladimir Kim, its chairman. Shares in Kazakhmys had earlier closed at 7.5 per cent higher ahead of the statement at 1,542p, valuing the company at about 7bn.

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