Kazakhmys plans $2 bln production investment

mineral resources

Kazakhmys plans $2 bln production investment

By SRI ⋅ July 28, 2008 ⋅

(SRI) - Kazakhmys, LSE-listed copper producer, plans to invest $2 billion in expanding production over the next two years, according to Kazakh presidential press service.

Kazakh President Nursultan Nazarbayev met Vladimir Kim, the head of the world’s 10th biggest copper producer, to discuss the company’s development, the official Kazakh presidential Web site said.

“The head of the Kazakhmys corporation, Vladimir Kim, briefed Nursultan Nazarbayev on the investment plans of the company,” it said. “Before 2010 Kazakhmys plans to invest $2 billion in developing production.”

Nazarbayev, for his part, urged Kim to put a special focus on matters of social responsibility and environmental protection.

“The president stressed that, in addition to production problems, the issues of social business responsibility and environmental protection are in the focus of the company’s attention,” the statement said.

The London listed copper producer is one of Kazakhstan’s biggest companies. It operates a network of sites across Kazakhstan with 20 open pit and underground mines, 10 concentrators, a zinc plant and two smelting and refining facilities. It also owns coal mines and power plants.