KAZ announces new delay, higher costs for Russian copper mine

Copper miner KAZ Minerals announced on Wednesday November 18 that the Baimskaya copper project in Russia will have a construction budget of $8 billion and a delayed production starting date of 2027.

The news came ahead of a planned vote on the takeover of the company by its largest shareholders: the company’s chairman, Oleg Novachuk, and Vladimir Kim, Kazakhstan’s richest man.
The takeover offer was made in late October by Kim and Novachuk through a newly set up company, Nova Resources, offering KAZ’s stakeholders 640p per share.

Some of its minority shareholders, represented by investment companies RWC Partners of London and...

Published

Ana de Liz

November 19, 2020

15:12 GMT

London