Month: June 2017

Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons

Total Voting Rights

In conformity with the Disclosure and Transparency Rules (“the Rules”), the Company hereby notifies the market of the following:

At the date of this announcement, the issued capital of the Company comprises 458,379,033 ordinary shares.

The Company currently holds 11,659,195 ordinary shares in treasury and therefore the issued share capital of the Company which carries voting rights of one vote per share comprises 446,719,838 ordinary shares (excluding treasury shares).

The above figure of 446,719,838 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

For further information, please contact:

Susanna Freeman

Company Secretary

Tel: + 44 (0)20 7901 7826

PLEASE FOLLOW THE LINK TO DOWNLOAD THE FULL ANNOUNCEMENT

 

Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons

Report on Payments to Governments FY 2016

KAZ Minerals PLC (“KAZ Minerals” or “the Group”) today provides information in accordance with DTR4.3A and The Reports on Payments to Governments Regulations 2014 (the “Regulations”) in respect of payments made by the Group for the year ended 31 December 2016.

Payments to Governments

The table below represents the Group’s consolidated report on payments made to governments under the Regulations. The table includes all payments made in excess of £86,000 ($116,000) for activities related to the exploration, prospecting, discovery, development and extraction of minerals by project, government type and country, rounded to the nearest thousand US Dollars.

US$’000

Corporate income tax

Mineral Extraction Tax and Royalties(1)

Withholding tax

Signature bonus

Licence fee(2)

Infrastructure and social payments(3)

Total

KAZAKHSTAN

              

Artemyevsky – License

–

11,143

–

965

–

–

12,108

Irtyshsky – License

–

6,677

–

–

326

–

7,003

Orlovsky – License

–

27,368

–

–

–

–

27,368

Yubileyno-Snegirihinsky – License

–

3,714

–

–

132

–

3,846

Legal entity

29,824

–

351

–

–

4,485

34,660

Total East Region

29,824

48,902

351

965

458

4,485

84,985

Aktogay project and legal entity

8,494

18,809

515

–

1,051

600

29,469

Bozshakol project and legal entity

–

46,359

208

–

148

2,153

48,868

Koksay project and legal entity

–

–

–

–

–

–

–

Other legal entities

461

–

–

–

–

195

656
 

38,779

114,070

1,074

965

1,657

7,433

163,978

RECIPIENT

              

State Revenue Committee

38,779

114,070

1,074

965

1,657

–

156,545

Local government

–

–

–

–

–

7,433

7,433
 

38,779

114,070

1,074

965

1,657

7,433

163,978
               

KYRGYZSTAN

              

Bozymchak licence and legal entity

–

3,533

544

–

–

1,632

5,709

RECIPIENT

              

State Tax Administration (central government)

–

3,123

544

–

–

1,322

4,989

Local government

–

410

–

–

–

310

720
 

–

3,533

544

–

–

1,632

5,709
               

Payments to Governments

38,779

117,603

1,618

965

1,657

9,065

169,687
  1. The Mineral Extraction Tax is payable on the value of the mineral resources extracted based on the average price of the minerals on the London Metal Exchange or at the London Precious Metal Exchange. Royalties are paid by the Bozymchak operation once metal is sold with a portion thereof paid to local government.
  2. Payments made as required under subsoil use license.
  3. Infrastructure and social payments of $7.4 million made in Kazakhstan represent payments made to bodies, associations, trusts and other public interest groups located in the regions in which the Group operates. These payments include the transfer of assets at their book value, which the Group regards as infrastructure and social payments, as these benefit local communities. The infrastructure payments reflected as part of the Bozymchak operation includes a statutory infrastructure development levy which is based on a percentage of revenues. Part of this payment is made to local government.

 

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Refinancing of Pre-Export Finance Debt Facility and Increase to $600 million

KAZ Minerals PLC (“KAZ Minerals” or “the Group”) announces that it has completed an amendment and extension of its pre-export finance loan facility which includes an increase in the facility commitments to $600 million (the “new PXF”).

The new PXF extends the maturity profile of the existing facility by 2.5 years from December 2018 until June 2021. Under the revised repayment profile, principal repayments will commence in July 2018 and then continue in equal monthly instalments over a three-year period until final maturity in June 2021.

The facility amount has been increased to $600 million reflecting strong support from the market during syndication. The balance of the $600 million commitments over the $224 million outstanding under the existing facility as at 31 May 2017 will be available for drawing over a six month availability period until December 2017.

The interest basis of the new PXF is substantially the same as the existing facility, with a variable margin of between 3.0% and 4.5% above US$ LIBOR, dependent on the ratio of net debt to EBITDA1 which will be tested semi-annually.

Financial covenants have been revised in the new PXF to increase headroom as the Group’s new mines at Bozshakol and Aktogay continue to ramp up production. The Group remains subject to temporary restrictions relating to the Group’s total debt, dividends, acquisitions and capital expenditure outside the scope of existing operating mines and major growth projects for as long as net debt to EBITDA1 is above 3.5:1.

The refinancing was coordinated by Deutsche Bank AG, ING Bank and Société Générale Corporate and Investment Banking acting as Coordinating Mandated Lead Arrangers and Bookrunners. Other lenders in the facility are ABN AMRO Bank NV, Bank of China Limited, Citibank N.A., Crédit Agricole Corporate and Investment Bank, ICBC London, JP Morgan Chase Bank N.A., Natixis, Rabobank London and UniCredit S.p.A.. Deutsche Bank AG continues as the agent bank and ING Bank is the security trustee.

Andrew Southam, Chief Financial Officer, said: “We are pleased to announce the signing of the amendment and extension of the PXF facility with an enlarged syndicate of 12 banks participating. The amended facility demonstrates continuing support for the Group from its lenders, with all existing banks maintaining or increasing their participation and four new banks joining the syndicate. The new PXF will enhance our financial flexibility as we complete the ramp up of output from our new mines at Bozshakol and Aktogay.”

  1. EBITDA is calculated on broadly the same basis as “Gross EBITDA” as defined in the KAZ Minerals PLC Annual Report 2016

Please follow the link to read the full announcement