Kazakhstan Government Diversifies Portfolio

Kazakhmys PLC, Kazakhstan's largest copper producer, has said that it will acquire a further 7.66% stake in rival Eurasian Natural Resources Corp Plc (ENRC) from the government of Kazakhstan, fuelling speculation over a full merger. In exchange for the stake, Kazakhmys will issue 80.3mn shares, a 15% stake, to the Kazakhstan Government. This will leave the government a major stake-holder in the country's two biggest mining operations, retaining an 11.7% stake in Kazakhmys. Kazakhmys will acquire its stake in ENRC, one of the world's largest ferrochrome producers, for GBP623 a share.

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