Kazakhmys to invest up to $50 mln in Boschekul, Aktogay copper projects

LONDON, Jun 17, 2008 (Thomson Financial via COMTEX) -- KZMYF | Quote | Chart | News | PowerRating -- Kazakhmys Plc., the largest copper producer in Kazakhstan, said it approved an investment of up to $50 million to purchase equipment for the Boschekul and Aktogay copper projects.

The purchase will include some of the required major grinding mills, which will be able to process over 20 million tonnes of ore per annum.

Both projects are at the pre-feasibility stage and are expected to move to the feasibility level in the first half of 2009.

The company noted that the lead times for delivery of large mining items has increased in recent years and so it has ordered the equipment now in order to receive it in mid 2011.

"Our confidence in the progress being made at our major growth projects at Boschekul and Aktogay is such that we are making this commitment now, in order to ensure that the projects remain on schedule and our future growth is delivered," said chief executive Oleg Novachuk.

julie.crust@thomsonreuters.com jc

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