Kazakhmys PLC
LSE : KAZ

Kazakhmys PLC

July 06, 2007 18:45 ET

Kazakhmys PLC Announces Commencement of Compulsory Acquisition

LONDON, UNITED KINGDOM--(Marketwire - July 6, 2007) - Kazakhmys PLC ("Kazakhmys") (LSE:KAZ) announced today Kazakhmys Gold Inc., an indirect wholly-owned subsidiary of Kazakhmys, has mailed a notice of compulsory acquisition to all remaining holders of Eurasia Gold Inc. ("Eurasia") ordinary shares.

Following the 4 July 2007 expiration of Kazakhmys Gold Inc.'s offer to acquire all of the issued and outstanding ordinary shares of Eurasia (the "Offer"), Kazakhmys Gold Inc. owns approximately 96.34% of the issued and outstanding Eurasia shares.

Since the Offer was accepted by holders of more than 90% of the Eurasia shares, Kazakhmys Gold Inc. is now exercising its right under the compulsory acquisition provisions of the Business Corporations Act (British Columbia) to acquire all outstanding Eurasia shares not already owned by Kazakhmys Gold Inc. at the same price of Cdn$0.85 for each Eurasia share. Further details are provided in Kazakhmys Gold Inc.'s Notice of Compulsory Acquisition available at www.sedar.com.

NOTES TO EDITORS

About Kazakhmys

Kazakhmys is a London-listed natural resources company with primary operations in Kazakhstan and Germany. Kazakhmys' operations are vertically integrated and its principal business is the mining, processing, smelting, refining and sale of copper and copper products as well as various by-products such as zinc, gold and silver. Kazakhmys operates 19 open pit and underground mines and two smelting and refining complexes in Kazakhstan and a copper products fabrication company in Germany.

Kazakhmys is listed on the London Stock Exchange under the symbol KAZ. For further information, visit the website at www.kazakhmys.com.

Kazakhmys Gold Inc. is a company incorporated under the laws of British Columbia, Canada. Its registered and records office is located at Suite 2600, Three Bentall Centre, P.O. Box 49314, 595 Burrard Street, Vancouver, British Columbia, V7X 1L3, Canada.

Forward looking information

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws relating, but not limited, to operations, anticipated or prospective financial performance, results of operations, business prospects and strategies of Kazakhmys. Forward-looking information typically contains statements with words such as "consider", "anticipate", "believe", "expect", "plan", "intend", "likely" or similar words suggesting future outcomes or statements regarding an outlook on future changes in volumes, freight rates, costs, achievable cost savings, the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenue, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.

These statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Although Kazakhmys believes it has a reasonable basis for making the forecasts or projections included herein, you are cautioned not to place undue reliance on such forward-looking information. By its nature, the forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific that contributes to the possibility that the predictions, forecasts and other forward-looking statements will not occur. Kazakhmys undertakes no obligation, except as required by law, to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise, or the above list of factors affecting this information.

Contact Information

  • Kazakhmys PLC
    John Smelt
    Head of Corporate Communications
    +44 20 7901 78882
    or
    Kazakhmys PLC
    Sergei Stephantsov
    Deputy Head of Investor Relations
    +44 20 7901 7800
    Website: www.kazakhmys.com
    or
    Finsbury
    Robin Walker
    +44 20 7251 3801