We acquired the Koksay deposit in June 2014 for $260 million. The deposit is in south eastern Kazakhstan around 234 kilometres from Almaty and is located close to existing infrastructure.

The project is at scoping stage with an estimated mine life of 20 years and has a measured and indicated mineral resource of 701 MT with copper grade of 0.44%. The estimated annual production is approximately 80 kt of copper cathode equivalent along with gold, silver and molybdenum by-products.

Capital expenditure at Koksay will be limited until production ramps up at Bozshakol and in 2016 is expected to be around $5 million.