Deal on Ekibastuz GRES-1 sealed

Almaty, March 2 2010

Interfax-Kazakhstan - Kazakhmys has completed the sale of 50% stake in Ekibastuz GRES-1 to the National Welfare Fund Samruk-Kazyna, says the company's message.

The deal totaled $681 million.

The sides have also agreed on the creation of a joint monitoring department and rotation of operational management responsibilities. Kazakhmys will be running the power plant in the first five years. Ekibastuz GRES-1 will receive investments worth $1 billion for its modernization in the next 7 years.

 Kazakhmys is Kazakhstan's leading producer of copper. The company specializes in copper refinement and the production of raw copper, as well as other metals and coal. The company consists of four production enterprises: Zhezkazganstvetmet, Balkhashtsvetmet, Vostoktsvetmet, Karagandatsvetmet.