Silk Road Intelligencer » mineral resources

Kazakhstan Mineral Resources Roundup - November 21, 2008

SRI — Fri, 21 Nov 2008 01:45:55 +0000

Kazakhmys appoints Yergozhin non-executive director
(Dow Jones - Morningstar) - Kazakhmys Thursday announces the appointment of Daulet Yergozhin, the Chairman of the Tax Committee of the Ministry of Finance, to the Board as a non-executive director with effect from November 19.

Kazakhstan Mineral Resources Roundup - November 13, 2008

SRI — Thu, 13 Nov 2008 06:16:45 +0000

ENRC cuts its expansion plans
(Financial Times) - London-listed Eurasian Natural Resources yesterday joined the growing number of mining companies cutting output and slashing expansion plans in response to the slowing world economy.

Kazakhstan Mineral Resources Roundup - November 3, 2008

SRI — Mon, 03 Nov 2008 01:15:49 +0000

ArcelorMittal recalls Kazakh workers stood down
(Reuters) - Thousands of workers at the Kazakh unit of steel giant ArcelorMittal will return to work after being stood down on half pay for a month.

Kazakhstan Mineral Resources Roundup - October 31, 2008

SRI — Fri, 31 Oct 2008 05:30:28 +0000

Kazakhmys says may cut 2009 copper output slightly
(Reuters) - Kazakh copper producer Kazakhmys may cut copper output next year due to lower projected spending arising from global financial instability.

Kazakhmys boosts stake in ENRC to 26 percent (Dow Jones - Trading Markets)

Kazakhstan Mineral Resources Roundup - october 30, 2008

SRI — Thu, 30 Oct 2008 05:30:17 +0000

ShalkiyaZinc’s first half results disappoint
(SRI) - ShalkiyaZinc NV, a London-listed mining company reported a net loss of USD 8.439 million in the first six months of 2008, compared to a net profit of $2.762 million in the same period last year.

ShalkiyaZinc’s first half results disappoint

SRI — Wed, 29 Oct 2008 16:23:44 +0000

(SRI) - ShalkiyaZinc NV, a London-listed mining company reported a net loss of USD 8.439 million in the first six months of 2008, compared to a net profit of $2.762 million in the same period last year.

The company’s revenues also decreased by about a half to USD 8.135 million from the first half of 2007, as production fell.

“The financial performance of the company in the first half of the year reflects the challenging market conditions and the dramatic fall in the price of zinc,” Marat Sarkytbayev, ShalkiyaZinc CEO, was quoted as saying.

Kazakhstan Mineral Resources Roundup - October 29, 2008

SRI — Wed, 29 Oct 2008 05:46:34 +0000

Kazakh miners cut output as crisis hits demand
(Reuters - Guardian) - Kazakhstan’s leading miners, ENRC and Kazakhmys, are scaling back production as the global financial crisis hits demand for their metals.

Industry and Trade Minister suggests steps to prop up metal and mining sector (Interfax)

Kazakhstan Industry Ministry suggests lifting export customs duties on aluminium (Kazakhstan Today)

Kazakhstan Mineral Resources Roundup - October 20, 2008

SRI — Mon, 20 Oct 2008 06:15:43 +0000

Kazakhmys calls off merger talks
(SRI) - Kazakhmys, the Kazakh LSE-listed copper miner, has called off merger talks with Metalloinvest, an unlisted Russian mining group, after it has seen its share price slump 85 percent since May.

Kazakhmys calls off merger talks

SRI — Sun, 19 Oct 2008 23:58:55 +0000

(SRI) - Kazakhmys, the Kazakh LSE-listed copper miner, has called off merger talks with Metalloinvest, an unlisted Russian mining group, after it has seen its share price slump 85 percent since May.

Kazakhmys is also understood to have been wary of any combination given the rumours in the markets of Metalloinvest’s financial position and possible margin calls.

In July, the two companies were reported to discuss the possibility of combining their assets into a new holding company which would retain Kazakhmys’ London stock market listing. However, many observers speculated that the Kazakh government may have opposed a takeover by Metalloinvest, founded by Alisher Usmanov, a Russian billionaire of Uzbek origin.

Kazakh iron ore producer ENRC, which floated on the London stock exchange in December, said on March 12 it was considering a takeover of Kazakhmys but two months later said it would not make a formal bid.

Kazakhmys owns a 22.2 percent stake in ENRC but valuations have fallen so fast that Kazakhmys’ markete capitalisation is barely larger than the value of that stake, suggesting the market considers the company’s copper assets - the tenth largest in the world - are worthless.

Kazakhstan Mineral Resources Roundup - October 16, 2008

SRI — Thu, 16 Oct 2008 04:43:14 +0000

ArcelorMittal extends Kazakh workers’ leave
(Reuters) - The Kazakh unit of steel giant ArcelorMittal has extended a half-pay leave for a third of its workers for another two weeks as part of a planned output cut.