OREANDA-NEWS. On 30 July 2008 Kazakhmys PLC announced the completion of its acquisition of a further 7.66% stake in ENRC PLC (“ENRC”) from the Government of Kazakhstan.

Kazakhmys has acquired 98,607,884 shares in ENRC from the Government taking Kazakhmys’ total holding in ENRC from 14.59% to 22.24%. The acquisition was satisfied by the issue of 80,286,050 new shares in Kazakhmys to the Government of Kazakhstan.  As a consequence, the Government has become a 15.0% shareholder of the enlarged capital of Kazakhmys.

Following this transaction, Kazakhmys has acquired its total stake in ENRC at an average of 623 pence per ENRC share.

Commenting on the completion, Oleg Novachuk, Chief Executive of Kazakhmys, said: “We are pleased to have completed this increase of our stake in ENRC and welcome the Government of Kazakhstan as a shareholder in Kazakhmys. The stake in ENRC is consistent with our strategy of diversifying our earnings stream and we will continue to seek attractive opportunities in the region.”