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The Group's origins as a copper miner in Kazakhstan stretch back to the 1930s. Following the independence of Kazakhstan in 1991 the Group was privatised and was subsequently listed on the London Stock Exchange in 2005. After a Restructuring in 2014 the Group was renamed KAZ Minerals and is now one of the largest copper miners in Kazakhstan. In April 2021, the Group was acquired by Nova Resources BV and it delisted from the London and Kazakhstan Stock Exchanges on 11 May 2021.
Disposal of the Baimskaya copper project
Successful ramp-up
The second sulphide concentrator at Aktogay achieves ore throughput design capacity, a significant milestone in the project’s world-class ramp-up
Official opening of Aktogay expansion project
The Aktogay expansion project to double sulphide processing capacity at the mine was officially opened in October 2021, with first shipments to customers dispatched in December 2021.
Acquisition by Nova Resources BV
The Group was acquired by Nova Resources BV and it delisted from the London and Kazakhstan Stock Exchanges on 11 May 2021.
Track record of delivery
The Group faced significant challenges arising from Covid-19 in 2020 but continued its track record of delivery, achieving its annual copper production guidance for the 12th consecutive year.
Acquisition of Baimskaya copper project
The Group acquired the Baimskaya copper project in the Chukotka region of Russia for $900 milllion, payable in a combination of cash and new KAZ Minerals shares. Baimskaya is one of the world’s most significant undeveloped copper assets with the potential to become a large scale, low cost, open pit copper mine.
The Peschanka deposit within the Baimskaya licence area in Russia has JORC measured, indicated and inferred resources of 9.9 Mt of copper at an average grade of 0.39% and 16.6 Moz of gold at an average grade of 0.21 g/t.
Average annual copper production of 320 kt, gold production of 540 koz and an average net cash cost of 45 USc/lb (in 2020 real terms) over the first five year period following the initial ramp up.
Work begins on Aktogay expansion
Construction of a second concentrator begins, to double sulphide ore processing capacity at the Aktogay site.
Aktogay sulphide concentrator commences commissioning
Testing and commissioning of the main sulphide concentrator at Aktogay commenced in December 2016 and production of copper concentrate from sulphide commenced in February 2017.
Output of 65 kt of copper in the full year 2017
Bozshakol production commences
The Bozshakol project commenced production of copper concentrate from sulphide ore in February 2016.
Bozshakol produced 48 kt and 64 koz of gold in 2016 during its first year of ramp-up
Aktogay production from oxide ore commences
The Group’s major growth project at Aktogay commenced production of copper cathode from oxide ore in December 2015.
Aktogay has a total ore processing capacity of 37 million tonnes, consisting of a 25 million tonne sulphide concentrator and 12 million tonnes of oxide ore capacity per year
Aktogay produced 18 kt of copper cathode in 2016, the first full year of oxide operations
Restructuring
A major restructuring is undertaken, including the disposal of mining, smelting and power assets in the Zhezkazgan and Central Regions of Kazakhstan. Retained high grade East Region mines. The Company is renamed ‘KAZ Minerals PLC’.
KAZ Minerals is expected to grow production by 55% annually until 2018
Following the Restructuring and the ramp up of Bozshakol, the Group recorded a net cash cost of 59 USc/lb in 2016
Group Restructuring
On 15 August 2014 our independent shareholders approved a major Restructuring of the Group whereby Kazakhmys PLC disposed of a number of mature assets primarily in the Zhezkazgan and Central Regions to Cuprum Holding, a company whose principal shareholder is Vladimir Kim. On completion Kazakhmys PLC was renamed KAZ Minerals PLC.
Download Restructuring CircularPure-play copper miner
The Group approves the disposal of its remaining 50% stake in the Ekibastuz GRES-1 power station for $1.2 billion, to become a focused, pure-play copper mining company.
Sale of 50% stake in Ekibastuz GRES-1
The company completes the sale of a 50% stake in its Ekibastuz GRES-1 power plant to the National Welfare Fund Samruk-Kazyna JSC for $681 million.
Kazakhmys announces the first of two lending facilities with CDB
Kazakhmys announces the first of two lending facilities, totaling $4.2 billion, from the China Development Bank Corporation, to support the development of the Group's growth projects at Bozshakol and Aktogay.
London Stock Exchange listing
Kazakhmys is listed on the London Stock Exchange at 540 pence per share, joining the broad range of international mining companies listed in London. The Group maintains a premium listing and is a member of the FTSE UK index series.
Management buyout
Vladimir Kim, Oleg Novachuk and Y. K. Cha execute a management buyout, acquiring 97% of the company via share purchases from Samsung and other shareholders, and participation in an issuance of new shares in 2003.
Samsung ownership
Samsung Corporation of Korea takes over management of the company in June 1995 and acquires a 40% stake in May 1996.
OJSC Zhezgazgantsvetmet formed
The Government of Kazakhstan forms the company, entitled OJSC Zhezgazgantsvetmet. From 1992 to 2002, a series of privatisations reduce the Government's holding from 100% to 0%.
Kazakhstan becomes independent
Kazakhstan declares independence on 16 December 1991.
Smelting operations commence at the Zhezkazgan Complex.
Smelting operations commence at the Zhezkazgan Complex.
Kazakhmys' operations begin at the Balkhash copper smelting complex in Kazakhstan.
Kazakhmys' operations begin at the Balkhash copper smelting complex in Kazakhstan.