KAZ MINERALS PLC AUDITED results for the year ENDED 31 December 2014 

• Restructuring completed 31 October 2014
• Disposal Assets transferred to Cuprum Holding
• Company re-named KAZ Minerals PLC
• Repositioned as a low cost, high growth copper miner

• Operational highlights – continuing operations
• Copper cathode production +9% to 83.5 kt, upper end of guidance (2013: 76.8 kt)
• Silver and zinc by-products in line or ahead of guidance
• First shipment of concentrate from Bozymchak copper-gold project

• Financial highlights – continuing operations
• EBITDA from continuing operations (excluding special items) $355 million (2013: $359 million), with cost measures offsetting lower revenues
• H2 2014 net cash cost of 107 USc/lb benefiting from the tenge devaluation, strong cost management and zinc by-product credits

• Balance sheet
• Received $1.25 billion proceeds from sale of stake in Ekibastuz GRES-1
• Refinanced PXF facility, fully drawn at $349 million
• Year end net debt $962 million
• Undrawn facilities of $798 million and gross funds of $2,130 million as at 31 December 2014

• Major growth projects on track
• Bozshakol expected to commence commissioning with limited production in the fourth quarter of 2015
• Capital expenditure in 2014 $0.5 billion, remaining $0.9 billion to be spent in 2015
• Aktogay oxide on course for production in the fourth quarter of 2015, sulphide in 2017
• Capital expenditure $0.4 billion in 2014, expenditure in 2015 expected to be $0.5-$0.7 billion
• Acquired Koksay, our third major growth project for total consideration of $260 million including $35 million deferred to 2015

• 2015 outlook
• 2015 copper cathode production guidance for East Region and Bozymchak 80-85 kt
• By-product grades expected to be temporarily lower in East Region
• 2015 gross cash cost guidance of 280–300 USc/lb for operating mines

Oleg Novachuk, CEO said: “2014 was a year of transformational change for the Group. We successfully completed our Restructuring in October 2014 and this has repositioned KAZ Minerals on the global cost curve, retaining a portfolio of first and second quartile operating and development assets. We are excited to be entering the final stages of the construction of Bozshakol, the first of our major growth projects, and continuing the development of Aktogay. We anticipate the copper market will return to deficit as we ramp up output from our major growth projects.”

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NOTICE OF PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014

KAZ Minerals PLC will announce its preliminary results for the year ended 31 December 2014 on Thursday 26 February 2015 at 7.00am (UK time).

A presentation for analysts will be held in the Theatre at the London Stock Exchange, 10 Paternoster Square, London EC4M 7LS at 9.00am (UK time).

The presentation for analysts can also be accessed by conference call at 9.00am (UK time). The dial-in details are as follows:

Telephone: +44 (0) 20 3003 2666

Please quote the password: KAZ Minerals

A webcast of the presentation for analysts will also be available on the KAZ Minerals website (www.kazminerals.com).

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KAZ Minerals PLC (“KAZ Minerals” or “the Group”) has signed an amendment to its existing $2.3 billion debt facilities with China Development Bank Corporation (“CDB”) and Joint Stock Company “Sovereign Wealth Fund “Samruk-Kazyna” (“Samruk-Kazyna”) obtained principally for the development of the Bozshakol and Bozymchak projects. Key changes to the terms of the amended facilities are as follows: 

• The facilities will become bilateral between KAZ Minerals and the CDB
• Interest rate lowered from USD LIBOR plus 4.80% to USD LIBOR plus 4.50%
• Arrangement fee of 0.5%, 60% payable in December 2014 and 40% payable in January 2016
• Balance sheet covenants aligned with those applicable to the $1.5 billion Aktogay CDB facilities, which include adjustments to mitigate the translation impact of movements in the US dollar/tenge exchange rate

As at 30 November 2014, the principal balance outstanding on the facilities was $2,086 million. Repayment of the previous facilities with Samruk-Kazyna and drawing of the new facilities directly from CDB is expected to occur during Q1 2015. All other material terms of the facilities, including the repayment schedule and final maturity, remain unchanged.

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