KAZ Minerals
| Company type | Public (until April 2021) |
|---|---|
| Industry | Copper mining |
| Predecessor | Kazakhmys PLC |
| Founded | 1930 |
| Fate | Acquired by Nova Resources in April 2021 |
| Headquarters | Kazakhstan |
Area served | Kazakhstan, Kyrgyzstan |
Key people | Oleg Novachuk (CEO of Nova Resources consortium) |
| Products | Copper, zinc, silver, gold |
| Website | www |
KAZ Minerals is a copper mining enterprise with primary operations in Kazakhstan and Kyrgyzstan, concentrating on copper extraction and the advancement of new projects within these territories.
The firm was publicly traded on both the London Stock Exchange and Kazakhstan Stock Exchange until its acquisition by Nova Resources in April 2021.
History
The origins of Kazakhmys trace back to 1930 with the launch of activities at the Balkhash copper smelting facility in Kazakhstan, later expanding to include the Zhezkazgan Complex in 1971. In 1992, the Kazakh government founded OJSC Zhezgazgantsvetmet, which underwent a privatisation process from 1992 through 2002, ultimately eliminating government ownership. From June 1995, Samsung Corporation took over management, acquiring a 40% share in 1996 before eventually divesting its stake.
Kazakhmys entered the London Stock Exchange in October 2005 with an initial share price of 540 pence, positioning itself alongside leading global mining corporations. In January 2010, it obtained $4.2 billion in financing from the China Development Bank to fund expansion initiatives. Subsequently, in February 2010, it sold half of its interest in the Ekibastuz GRES-1 power plant to National Welfare Fund Samruk-Kazyna JSC for $681 million.
By November 2013, Kazakhmys divested its stake in ENRC, transitioning to a majority free float status. In January 2014, the company approved the sale of its remaining Ekibastuz GRES-1 shares to concentrate exclusively on copper mining operations. August 2014 saw shareholder approval for restructuring that transferred mature assets primarily located in Zhezkazgan and Central Regions to Cuprum Holding, under the control of key shareholder Vladimir Kim. Following this reorganisation, Kazakhmys PLC was renamed KAZ Minerals PLC.
The comprehensive restructuring finalized on 31 October 2014 redirected the company’s focus toward open-pit copper mining within Kazakhstan by divesting smelting and power generation assets. The economic separation became effective from August 2014.
In October 2020, Nova Resources—a consortium led by CEO Oleg Novachuk—proposed a £3 billion offer to privatize KAZ Minerals. This transaction was concluded in April 2021.
Operations
KAZ Minerals specializes in copper production while also producing notable quantities of zinc, silver, and gold as secondary outputs.
The Group's portfolio includes:
- East Region
- Three underground mines: Orlovsky, Irtyshsky, Artemyevsky
- Two concentrators: Orlovsky and Nikolayevsky
- Kyrgyzstan
See also
External links
- : www.kazminerals.com
- Copper mining companies of Kazakhstan
- Kazakhmys
- Companies based in the City of Westminster
- Non-renewable resource companies established in 1930
- 1930 establishments in England
- 1930s establishments in the Kazakh Autonomous Socialist Soviet Republic
- Companies listed on the London Stock Exchange
- Companies formerly listed on the Hong Kong Stock Exchange
- Companies in the KASE