About us

Group history

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. KAZ Minerals has the highest production growth and amongst the lowest operating costs of any listed pure-play copper company worldwide.

2016

December

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. The Aktogay project budget was reduced by over $270 million in 2016 and 2017 and is now expected to be approximately $2.0 billion.

February

Bozshakol production commences

The Bozshakol project commenced production of copper concentrate from sulphide ore in February 2016.

2016 COPPER PRODUCTION
45 kt

Bozshakol produced 45 kt of copper cathode equivalent in 2016 during its first year of ramp-up

2015

December

Aktogay production from oxide ore commences

The Aktogay project commenced production of copper cathode from oxide ore in December 2015.

2016 ORE EXTRACTION
16 Mt

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

2016 COPPER PRODUCTION
18 kt

Aktogay produced 18 kt of copper cathode in 2016, the first full year of oxide operations

2014

October

High growth, low cost

Following the completion of a major restructuring including the disposal of mining, smelting and power assets in the Zhezkazgan and Central Regions, the Group becomes a high growth copper company focused on large scale, low cost open pit mining in Kazakhstan. The company is renamed ‘KAZ Minerals PLC’.

PRODUCTION CAGR 2015-18
55%

KAZ Minerals is expected to grow production by 55% annually until 2018

NET CASH COST 2016
59 USc/lb

Following the Restructuring and the ramp up of Bozshakol, the Group recorded a net cash cost of 59 USc/lb in 2016

August

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 Circular

April

Pure-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.

2010

February

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.

January

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.

2005

October

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.

2004

November

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.

1996

May

Samsung ownership

Samsung Corporation of Korea takes over management of the company in June 1995 and acquires a 40% stake in May 1996.

1992

January

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%.

1991

December

Kazakhstan becomes independent

Kazakhstan declares independence on 16 December 1991.

1971

January

Smelting operations commence at the Zhezkazgan Complex.

Smelting operations commence at the Zhezkazgan Complex.

1930

January

Kazakhmys' operations begin at the Balkhash copper smelting complex in Kazakhstan.

Kazakhmys' operations begin at the Balkhash copper smelting complex in Kazakhstan.