Kazakhmys considers possibility of reorganization

Kazakh company Kazakhmys considers possibility of reorganization by separation of Vostoktsvetmet’s enterprises from Kazakhmys Corporation into an independent legal entity within the public company Kazakhmys Plc, the company’s press centre reported.

According to the report, Kazakhmys Corporation will keep assets of the following enterprises: Zhezkazgantsvetmet, Karagandasvetmet, Kazakhmys Smelting and Kazakhmys Energy, and will continue to operate as a private, non-public company. The Kazakhmys group’s Board of Directors and executive management believe that such reorganization will provide perspective for a successful long-term development of the assets.

"The assumed reorganization will allow enterprises of the Karaganda region to conduct their own investment policies, being within an independent structure without debt burdens of the public company, that will have a positive impact on the upgrade of the assets, recovery and expansion of resources in the Karaganda region. Vladimir Kim will continue to be the main shareholder in both companies,"- said the press release.