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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
26 March 2021
RECOMMENDED CASH ACQUISITION
of
KAZ MINERALS PLC
by
NOVA RESOURCES B.V.
(a company indirectly owned by joint offerors (i) Oleg Novachuk and (ii) Vladimir Kim)
FINAL INCREASED CASH OFFER
1. Final Increased Offer
On 28 October 2020 the board of Nova Resources B.V. ("Bidco") and the Independent Committee of KAZ Minerals PLC ("KAZ Minerals") announced the terms of a recommended cash offer to be made by Bidco for the entire issued and to be issued share capital of KAZ Minerals (other than the KAZ Minerals Shares already owned or controlled by members of the Consortium) (the "2.7 Announcement"). On 7 December 2020, Bidco announced that the Acquisition was to be implemented by way of a recommended takeover offer (the "Original Offer").
On 4 February 2021, Bidco and the Independent Committee announced the terms of a significantly increased recommended cash offer comprising 780 pence in cash (the "Original Increased Offer Price") for each KAZ Minerals Share (other than the KAZ Minerals Shares already owned or controlled by either member of the Consortium) (the "Original Increased Offer"). On 8 February 2021, Bidco published an offer document (the "Original Offer Document") setting out the full terms and conditions of the Original Increased Offer.
Bidco and the Independent Committee are pleased to announce the terms of a further increased and final offer comprising 850 pence in cash payable by Bidco for each KAZ Minerals Share (other than the KAZ Minerals Shares already owned or controlled by either member of the Consortium) (the “Final Increased Offer”), together with a special dividend equal to 27 US cents per KAZ Minerals Share payable by KAZ Minerals subject to the Final Increased Offer becoming or being declared unconditional in all respects, to all KAZ Minerals Shareholders who are on the register of members of KAZ Minerals at 6.00 p.m. (London time) on the day that the Final Increased Offer becomes or is declared unconditional in all respects (the “Special Dividend”). The Final Increased Offer and the Special Dividend in aggregate have a value of 869 pence in cash per KAZ Minerals Share, on the basis of the Dividend Conversion Rate. The Final Increased Offer has been unanimously recommended by the Independent Committee.
2. Summary of terms of the Final Increased Offer and Special Dividend
Under the terms of the Final Increased Offer, KAZ Minerals Shareholders will be entitled to receive, for each KAZ Minerals Share, 850 pence in cash.
In addition, in connection with the Final Increased Offer, KAZ Minerals will pay the Special Dividend of 27 US cents per KAZ Minerals Share. The payment of the Special Dividend is conditional upon the Final Increased Offer becoming or being declared unconditional in all respects. Subject to the Final Increased Offer becoming or being declared unconditional in all respects, KAZ Minerals Shareholders who are on the register of members of KAZ Minerals at 6.00 p.m. (London time) on the day that the Final Increased Offer becomes or is declared unconditional in all respects will receive the Special Dividend. The Special Dividend will be paid at or around the same time as settlement of consideration payable by Bidco under the Final Increased Offer to those KAZ Minerals Shareholders who have validly accepted the Final Increased Offer before it becomes or is declared unconditional in all respects.
Accordingly, under the terms of the Final Increased Offer, when taken together with the Special Dividend, KAZ Minerals Shareholders will be entitled to receive:
|
For each KAZ Minerals Share |
850 pence in cash (the "Final Increased Offer Price") and 27 US cents in cash (the “Special Dividend”) The Final Increased Offer Price and the Special Dividend in aggregate having a value of 869 pence in cash (on the basis of the Dividend Conversion Rate) |
The terms of the Final Increased Offer, when taken together with the Special Dividend, value the entire issued and to be issued share capital of KAZ Minerals at approximately £4.1 billion, based on the Dividend Conversion Rate.
The Final Increased Offer Value represents a premium of approximately:
The financial terms of the Final Increased Offer are final and will not be increased.
The revised offer document, which contains the full terms and conditions of the Final Increased Offer and the procedures for acceptance of the Final Increased Offer (the "Final Offer Document"), has been posted to KAZ Minerals Shareholders today, together with the related Second Form of Acceptance. For information purposes only, the Final Offer Document will also be sent, or made available, to persons with information rights and participants in the KAZ Minerals Share Plans.
The Final Increased Offer will remain open for acceptances until 1.00 p.m. (London time) on 9 April 2021. KAZ Minerals Shareholders are urged to accept the Final Increased Offer as soon as possible and, in any event, by no later than this deadline.
KAZ Minerals Shareholders who have previously validly accepted the Original Increased Offer (and have not validly withdrawn their acceptance) will automatically be deemed to have accepted the terms of the Final Increased Offer by virtue of their prior acceptances, and therefore need not take any further action to accept the Final Increased Offer. Subject to the Final Increased Offer becoming or being declared unconditional in all respects, all KAZ Minerals Shareholders that have validly accepted the Original Increased Offer will receive the Final Increased Offer Price in respect of their KAZ Minerals Shares.
Commenting on the Final Increased Offer, Oleg Novachuk, Chairman of Bidco, said:
"Bidco is pleased to announce this Final Increased Offer for KAZ Minerals that is recommended by the Independent Committee. Mr. Kim and I are proud of the progress KAZ Minerals has made since its listing in 2005, during which time it has demonstrated strong governance and delivered significant shareholder returns. However, KAZ Minerals must now focus on the execution of a higher risk, capital intensive strategy to deliver the Baimskaya project, the associated implementation risks of which are substantial. In this context, KAZ Minerals’ long term interests are best served as a private organisation.
We have listened to market constituents and remain committed to offering KAZ Minerals Shareholders the opportunity to realise in cash the value of their investment at an attractive valuation. Copper market dynamics have evolved since the announcement of the Original Offer in October 2020, and the Final Increased Offer fully reflects this change. We remain convinced that the Final Increased Offer represents a highly attractive return for KAZ Minerals Shareholders."
Commenting on the Final Increased Offer, Michael Lynch-Bell, Chair of the Independent Committee, said:
"Following improved market conditions in recent months and further negotiations with Bidco, the Independent Committee is pleased to announce a Final Increased Offer together with the Special Dividend worth in total 869 pence per share. The Independent Committee unanimously recommends that KAZ Minerals Shareholders accept this Final Increased Offer as we believe it reflects the long term fair value of KAZ Minerals, and strikes a fair balance between the strength of KAZ Minerals’ operating assets and development portfolio and the increased risk profile of the Baimskaya project."
Unless otherwise stated, the terms used in this announcement have the same meanings as given to them in the Final Offer Document.
3. Level of acceptances
As at 1.00 p.m. (London time) on 25 March 2021, being the last Business Day prior to the date of this announcement, Bidco had received valid acceptances of the Original Increased Offer in respect of 94,119,370 KAZ Minerals Shares representing approximately 19.91 per cent. of the existing issued share capital of KAZ Minerals as at close of business on the Latest Practicable Date, which Bidco may count towards the acceptance condition of the Final Increased Offer.
The aggregate of those KAZ Minerals Shares in respect of which Bidco has received acceptances (as set out above) and the KAZ Minerals Shares in which the Consortium is already interested represents approximately 59.28 per cent. of the existing issued share capital of KAZ Minerals as at close of business on the Latest Practicable Date.
Of the total number of acceptances set out above, acceptances have been received in respect of a total of 50,233,953 KAZ Minerals Shares, representing in aggregate, approximately 10.63 per cent. of the existing issued share capital of KAZ Minerals, which were subject to irrevocable undertakings given by members of the Independent Committee and other KAZ Minerals Shareholders. Bidco confirms that it has received acceptances in respect of all KAZ Minerals Shares which are subject to an irrevocable undertaking.
The total number of acceptances set out above includes acceptances in respect of 669,129 KAZ Minerals Shares, representing approximately 0.14 per cent. of the existing issued share capital of KAZ Minerals, which were received from persons who are considered to be acting in concert with members of the Consortium for the purposes of the Takeover Code.
In addition, Bidco has now received non-binding letters of intent from Samson Rock Capital LLP and Alpine Associates Management Inc. to accept, or use best efforts to procure the acceptance of, the Final Increased Offer in respect of a total of 15,002,691 KAZ Minerals Shares, representing approximately 3.17 per cent. of the existing issued share capital of KAZ Minerals as at the close of business on the Latest Practicable Date (the "Letters of Intent").
4. Background to and reasons for the Acquisition
The Consortium believes that there is a strong rationale for the Acquisition given KAZ Minerals' shift to a capital-intensive strategy. KAZ Minerals is a well-established and efficient copper company focused on open pit mining in the CIS region.
The Consortium recognises that KAZ Minerals' focus on developing and operating large scale, low cost copper mines in Kazakhstan and the CIS region has enabled it to successfully progress a pipeline of growth projects, including its largest assets in Kazakhstan, Aktogay and Bozshakol.
The Consortium also believes that KAZ Minerals' decision to dedicate efforts to a capital intensive strategy focused on long term growth remains the optimal long term strategic path for KAZ Minerals. The Consortium has the appetite for the significantly higher risks involved in this strategy, which demands a number of years of heavy capital investment with curtailed prospects for a reliable dividend stream. The members of the Consortium accept those diminished prospects but recognise this may be misaligned with the preference of many investors in the mining sector who look for a greater proportion of capital to be allocated to dividends rather than focussed on re-investment into long term growth projects.
The Baimskaya project is one of the world's most significant undeveloped copper assets with the potential to deliver a strong return on investment in the future. However, in the announcement made on 28 October 2020, the Bidco Directors and the Independent Committee of KAZ Minerals highlighted that the risks to the Baimskaya project were significant and had increased. These include project delivery risks, demand and supply dynamics for copper, future prevailing prices for copper and gold, and a reliance on Government of the Russian Federation to make the necessary investments in new infrastructure for the project.
Since the announcement of the Original Offer, certain of these risks have begun to crystallise. KAZ Minerals announced in the Baimskaya Project Update on 18 November 2020 that the Ministry of Development of the Russian Far East and Arctic had submitted for approval by the Prime Minister of the Russian Federation a multi-party Complex Development Plan (“CDP”) for new infrastructure in the Chukotka region, including infrastructure to be used by KAZ Minerals for the Baimskaya project. Under the CDP, additional responsibility was transferred to KAZ Minerals for a portion of these infrastructure capital costs. Together with a revised cost for the tailings storage facility and the impact of an approximate one year delay to the project schedule, the capital construction budget for the Baimskaya project is now estimated to be close to USD8 billion. The project will also have a peak working capital requirement of USD700 million in nominal terms over the initial years of operation.
In addition to this capital construction and working capital costs, members of the Consortium anticipate that the financial liabilities that KAZ Minerals will have to enter into associated with life-of-mine take-or-pay contracts will be substantial.
The Consortium believe that the project delivery risks remain elevated; both the project schedule and budget remain subject to change. KAZ Minerals continues to be exposed to unprecedented wider economic instability compounded by a global financial system significantly weakened as a result of the COVID pandemic as well as consistent geopolitical tensions. These factors could reduce the ability of KAZ Minerals to finance the construction of the Baimskaya project from its own cash resources, materially increasing pressure on gearing levels during development of the project. Furthermore, there is increasing risk that KAZ Minerals may need to make material capital investments ahead of definitive commitments from the Russian government in respect of all aspects of infrastructure, whether or not covered by the CDP.
In September 2020, the Russian State Duma approved an increase in mineral extraction tax ("MET") for mining companies in Russia; the Consortium believes the revised MET regime has a negative impact on the overall economics of the Baimskaya project.
The Independent Committee has acknowledged the risks surrounding the successful development of the project are significant. The members of the Consortium accept those uncertainties.
Consequently, whilst the Consortium firmly believes that Baimskaya is the right project to underpin the long term transformation of KAZ Minerals and represents an attractive opportunity to deliver value accretive growth from 2027, the members of the Consortium have concluded that KAZ Minerals' long term development of Baimskaya would be best undertaken away from public markets as a private company.
The spot price of copper reached a five year high on 25 February 2021 of US$9,456/t. The increase in spot copper was seen in the context of rapid depletion of LME and SHFE copper inventories. This trend in depletion of inventories has reversed with March LME and SHFE inventories increasing materially month-on-month. This has coincided with a decline in the spot price of copper which as at the Latest Practicable Date was US$8,973/t, a reduction of c.5.1 per cent. from the five year high price. Notwithstanding this decline, market consensus estimates on the long-term price of copper remain significantly lower than the spot copper price.
In this context, the Consortium is confident that the Final Increased Offer Price represents compelling value for KAZ Minerals on the basis of consensus long-term estimates for the price of copper. Accordingly, the Consortium is offering KAZ Minerals Shareholders an opportunity to crystallise the value of their investment in KAZ Minerals Shares in cash at a material increase to pre offer announcement trading levels whilst providing certainty, in cash, and insulating them from the risks to KAZ Minerals described above.
The Consortium considers the terms of the Acquisition to be highly attractive for KAZ Minerals Shareholders. The Final Increased Offer Value represents a premium of approximately:
5. Background to and reasons for the Independent Committee Recommendation
Subsequent to the announcement of the increased offer price on 4 February 2021 and the publication of the Original Offer Document on 8 February 2021, the spot price of copper on the LME has further increased by 11.5 per cent. and medium-term analyst price expectations for copper have also been revised further upwards, resulting in stronger forecast cash flows for KAZ Minerals.
In light of this, the Independent Committee and its advisers engaged in further extensive discussions with Bidco regarding a further improved offer. Following this engagement, Bidco made a revised proposal to the Independent Committee regarding an improved, final cash offer value of 869 pence per share. This improved, final cash offer value comprises a final cash offer of 850 pence per share and a special dividend of 27 US cents per share (or approximately 19.5 pence per share for KAZ Minerals Shareholders who elect or have elected to receive dividends in pounds sterling), which represents:
The Independent Committee is recommending the Final Increased Offer to KAZ Minerals Shareholders as it believes the Final Increased Offer Value:
In coming to its recommendation, the Independent Committee's view on the fundamental valuation of KAZ Minerals has taken account of the benefits of increased market consensus copper prices over the short and medium term. It has also taken account of the current market consensus on the long-term price of copper that, whilst higher than at the date of the Original Offer Document, is lower than the current spot price, which has fluctuated significantly. Given the impact of commodity prices, the Independent Committee notes that, if a KAZ Minerals Shareholder has a materially different view of long-term commodity prices than the current market consensus, the Final Increased Offer Value may be viewed differently by that shareholder.
The Independent Committee, which has been so advised by Citigroup and UBS as to the financial terms of the Final Increased Offer, considers the terms of the Final Increased Offer to be fair and reasonable. In providing their advice to the Independent Committee, Citigroup and UBS have taken into account the commercial assessments of the Independent Committee.
Accordingly, the Independent Committee, having carefully considered the Final Increased Offer and engaged with a number of KAZ Minerals Shareholders, has concluded that it unanimously recommends the Final Increased Offer to KAZ Minerals Shareholders.
6. Action to be taken
The Final Increased Offer, which remains subject to the terms and Conditions set out in the Original Offer Document (as amended and/or supplemented by the Final Offer Document) and, in respect of KAZ Minerals Shares in certificated form, the Forms of Acceptance, will remain open for acceptances until 1.00 p.m. (London time) on 9 April 2021.
KAZ Minerals Shareholders who have not yet accepted the Final Increased Offer and who wish to do so, are urged to do so as soon as possible and by the following deadlines:
Full details of the procedure to accept the Final Increased Offer are set out in paragraph 14 of Part 2 of the Final Offer Document and, in respect of certificated KAZ Minerals Shares, in either of the Forms of Acceptance.
The default currency for receipt of dividends declared by KAZ Minerals is USD, although KAZ Minerals Shareholders can elect to receive their dividends in pounds sterling. For those KAZ Minerals Shareholders who wish to receive the Special Dividend in pounds sterling, currency election forms or a CREST message should be sent to the KAZ Minerals' registrar, Computershare Investor Services PLC, so as to arrive no later than 6.00 p.m. on 9 April 2021. The relevant currency election form can be found on the website of KAZ Minerals' registrar, Computershare, at https://www-uk.computershare.com/Investor/FormsCatalogue.asp. The relevant Company Code is KZK.
For those KAZ Minerals Shareholders who now make, or have previously made, a valid dividend currency election, the Special Dividend will be paid in pounds sterling, with the currency conversion rate to convert the Special Dividend denominated in USD into pounds sterling being £0.72068 per US dollar (the “Dividend Conversion Rate”). The Dividend Conversion Rate is based on the average exchange rate for the five business days ending two business days before the date of this announcement.
The payment of the Special Dividend to each KAZ Minerals Shareholder who is on the register of members of KAZ Minerals at 6.00 p.m. (London time) on the day that the Final Increased Offer becomes or is declared unconditional in all respects (or to the first-named shareholder in the case of joint holders) shall be effected by the issue of cheques, or BACS payments in the case of those KAZ Minerals Shareholders that have provided a valid bank mandate to KAZ Minerals, whether the relevant KAZ Minerals Shares are held in uncertificated form (i.e. in CREST) or in certificated form.
KAZ Minerals Shareholders who have previously validly accepted the Original Increased Offer (and have not validly withdrawn their acceptance) will automatically be deemed to have accepted the terms of the Final Increased Offer by virtue of their prior acceptances, and therefore need not take any further action to accept the Final Increased Offer. Subject to the Final Increased Offer becoming or being declared unconditional in all respects, all KAZ Minerals Shareholders that have validly accepted the Original Increased Offer will receive the Final Increased Offer Price in respect of their KAZ Minerals Shares.
Subject to the Final Increased Offer becoming or being declared unconditional in all respects, KAZ Minerals Shareholders who have previously made a valid currency election to receive their dividends in pounds sterling will automatically receive their Special Dividend in pounds sterling, and do not need to submit a further currency election form or CREST message.
KAZ Minerals Shareholders with any questions relating to the completion and return of any Form of Acceptance or the making of an Electronic Acceptance (as the case may be) should contact the Receiving Agent, Computershare, between 8.30 a.m. and 5.30 p.m. Monday to Friday (except UK public holidays) on (0) 370 707 1100 (if calling from within the UK) or +44 (0) 370 707 1100 (if calling from outside the UK). Calls to the helpline from outside the UK will be charged at applicable international rates. Different charges may apply to calls from mobile telephones. Calls may be recorded and randomly monitored for security and training purposes. The helpline cannot provide advice on the merits of the Final Increased Offer nor give any financial, legal or tax advice.
7. Conditions to the Acquisition
As announced on 24 March 2021, all of the Regulatory Conditions have now been satisfied. The Final Increased Offer remains conditional on, among other things, receipt of sufficient acceptances of the Final Increased Offer to fulfil the acceptance condition set out in paragraph 1(a) of Part A of Appendix I of the Original Offer Document (as amended by Appendix I to the Final Offer Document). The terms and Conditions of the Final Increased Offer are set out in full in Appendix I to the Original Offer Document (as amended by Appendix I to the Final Offer Document).
8. Interests in relevant securities of KAZ Minerals
The interests, rights to subscribe and short positions in respect of relevant securities of KAZ Minerals held by members of the Consortium, Bidco, each of their close relatives and related trusts and companies, and persons acting in concert with Bidco, as at the close of business on the Latest Practicable Date, are set out below.
Neither Bidco, nor any person acting in concert with Bidco, has borrowed or lent any KAZ Minerals relevant securities (including any financial collateral arrangements), save for any borrowed shares which have been either on-lent or sold.
Members of the Consortium
|
Name |
Number of |
% of KAZ Minerals existing share capital (excluding treasury shares) |
Nature of interest |
|
Oleg Novachuk |
1,848,991 |
0.39 |
Legal and beneficial interest |
|
Harper Finance Limited(1) |
29,706,901 |
6.28 |
Registered holder |
|
Kinton Trade Ltd(1) |
5,216,522 |
1.10 |
Registered holder |
|
Cuprum Holding Limited(2) |
135,944,325 |
28.76 |
Registered holder |
|
Perry Partners S.A. (2) |
13,362,470 |
2.83 |
Registered holder |
|
(1) Company wholly owned directly by Oleg Novachuk |
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(2) Company indirectly wholly owned by Vladimir Kim via Folin Universal Trust reg, a company (registered trust company) incorporated under the laws of the Principality of Liechtenstein, registered with the Commercial Register Division of Liechtenstein under number: FL-0001.524.688-8 |
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As announced previously, Oleg Novachuk has waived his vested options to acquire 186,884 KAZ Minerals Shares through his participation in the Long Term Incentive Plan 2007, and unvested options to acquire 629,927 KAZ Minerals Shares through his participation in the 2017 Long Term Incentive Plan, subject to the Final Increased Offer becoming, or being declared, unconditional in all respects.
Persons acting in concert with Bidco
|
Name |
Number of |
% of KAZ Minerals existing share capital (excluding treasury shares) |
Nature of interest |
|
Lynchwood Nominees Limited* |
669,129 |
0.14 |
Registered holder |
* Beneficially owned by Stansbury International Ltd., a company limited by shares and incorporated under the laws of the British Virgin Islands, registered with company number 689940 ("Stansbury"). As set out in the Original Offer Document, Stansbury is owned by a family member of Eduard Ogay, who is considered to be acting in concert with Vladimir Kim for the purposes of the Takeover Code. Bidco has received valid acceptances in respect of all of these shares, as noted in paragraph 0 above.
9. Financing
The Final Increased Offer Price payable to KAZ Minerals Shareholders by Bidco pursuant to the terms of the Acquisition will be financed with the proceeds of the VTB Facility Agreement, as further amended and restated pursuant to an amendment and restatement agreement dated 25 March 2021 between, amongst others, Bidco, Holdco and VTB Bank (the "VTB Second Amendment and Restatement Agreement"), to reflect the Final Increased Offer Price. Further details in respect of the VTB Second Amendment and Restatement Agreement are set out in the Final Offer Document.
VTB Capital is satisfied that sufficient resources are available to Bidco to satisfy in full the consideration payable to KAZ Minerals Shareholders under the terms of the Acquisition. This cash confirmation does not apply to the Special Dividend, which is payable by KAZ Minerals.
10. General
This announcement should be read in conjunction with the Original Offer Document and the Final Offer Document.
Each of VTB Capital, Citigroup and UBS has given and not withdrawn its consent to the publication of this announcement with the inclusion herein of the references to its name in the form and context in which they appear. VTB Capital is acting as financial adviser to Bidco for the purposes of the Acquisition.
The Appendix to this announcement contains the sources and bases of certain information contained in this announcement.
11. Documents available on website
Copies of the following additional documents are available, or will be made available promptly and by no later than 12 noon (London time) on the Business Day following this announcement, on both Bidco's website at http://www.novaresourcesbv.com/Announcements.html and on KAZ Minerals' website at https://www.kazminerals.com/investors/announcement/details/, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, until the end of the Acquisition:
(a) this announcement;
(b) the Final Offer Document;
(c) the Second Form of Acceptance;
(d) the VTB Second Amendment and Restatement Agreement;
(e) the 2020 KAZ Minerals Annual Report;
(f) a copy of the written consent letters from each of Citigroup, UBS and VTB Capital referred to in paragraph 5 of Appendix V to the Final Offer Document; and
(g) the Letters of Intent.
For the avoidance of doubt, the contents of the websites referred to in this announcement are not incorporated into and do not form part of this announcement.
Enquiries
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Bidco / VTB Capital (Financial adviser to Bidco) |
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Alexander Metherell |
+44 (0) 20 3334 8000 |
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Giles Coffey |
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Elena Loseva |
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Hudson Sandler (Financial PR adviser to Bidco) |
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Charlie Jack |
+44 (0) 20 7796 4133 |
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Katerina Parker |
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Elfie Kent |
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KAZ Minerals |
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Ed Jack, Senior Investor Relations Advisor |
+44 (0) 20 7901 7882 |
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Susanna Freeman, Company Secretary |
+44 (0) 20 7901 7826 |
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Brunswick Group (Financial PR adviser to KAZ Minerals) |
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Carole Cable |
+44 (0) 20 7404 5959 |
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Charles Pretzlik |
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Citigroup Global Markets Limited (Financial adviser and corporate broker to KAZ Minerals) |
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Robert Way |
+44 (0) 20 7986 4000 |
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Tom Reid |
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David Fudge |
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UBS AG London Branch (Financial adviser and corporate broker to KAZ Minerals) |
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Ian Hart |
+44 (0) 20 7567 8000 |
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Jason Hutchings |
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David Roberts |
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Clifford Chance LLP is acting as legal adviser to Holdco and Bidco.
Linklaters LLP is acting as legal adviser to KAZ Minerals.
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