TORONTO, Sept. 10 /CNW/ - Kazakhmys PLC ("Kazakhmys") (LSE:KAZ) announced
today that Kazakhmys Gold Inc., an indirect wholly-owned subsidiary of
Kazakhmys, has acquired the ordinary shares (the "Eurasia Shares") of Eurasia
Gold Inc. ("Eurasia") not already owned by it by exercising its right under
the compulsory acquisition provisions of the Business Corporations Act
(British Columbia). The compulsory acquisition follows an offer dated 15 May
2007, as subsequently varied and extended, for all of the Eurasia Shares at a
price of $0.85 in cash per Eurasia Share, which had been accepted by
shareholders representing 96.34% of the outstanding Eurasia Shares.
As a result of the successful compulsory acquisition, Eurasia is now 100%
indirectly owned by Kazakhmys. Accordingly, the Eurasia Shares will be
delisted from the Toronto Stock Exchange effective at the end of business
today and Eurasia will make applications to cease to be a reporting issuer
under Canadian securities laws.
It is expected that the consideration for the Eurasia Shares certificates
deposited to date will be mailed to depositing shareholders this week.
Notes to Editors
Kazakhmys is a London-listed natural resources company with primary
operations in Kazakhstan and Germany. Kazakhmys' operations are vertically
integrated and its principal business is the mining, processing, smelting,
refining and sale of copper and copper products as well as various by-products
such as zinc, gold and silver. Kazakhmys operates 19 open pit and underground
mines and two smelting and refining complexes in Kazakhstan and a copper
products fabrication company in Germany.
Kazakhmys is listed on the London Stock Exchange under the symbol KAZ.
For further information, visit the website at www.kazakhmys.com.
About Eurasia Gold Inc.
Eurasia has estimated resources of approximately 1.9 Moz of gold and gold
equivalent (Measured & Indicated by JORC and C1 Former Soviet Union standard).
Approximately half of these resources are located in Kazakhstan, with the
remaining resources located in Kyrgyzstan. In addition, there is a high-grade
silver deposit in Tajikistan.
Eurasia offers a well-balanced portfolio of commercial mining, new
development and exploration opportunities, as well as a proven track record of
bringing development assets into production. Eurasia will put new development
assets into construction in 2007/2008, with first production expected in
2009/2010. According to its public disclosure record, Eurasia sold 44,989 oz
of gold in 2006.
Kazakhmys Gold Inc. is a company incorporated under the laws of British
Columbia, Canada. Its registered and records office is located at Suite 2600,
Three Bentall Centre, P.O. Box 49314, 595 Burrard Street, Vancouver, British
Columbia, V7X 1L3, Canada.
Forward looking information
This press release contains certain forward-looking information and
statements within the meaning of applicable securities laws relating, but not
limited, to operations, anticipated or prospective financial performance,
results of operations, business prospects and strategies of Kazakhmys.
Forward-looking information typically contains statements with words such as
"consider", "anticipate", "believe", "expect", "plan", "intend", "likely" or
similar words suggesting future outcomes or statements regarding an outlook on
future changes in volumes, freight rates, costs, achievable cost savings, the
estimated amounts and timing of capital expenditures, anticipated future debt
levels and incentive fees or revenue, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future events or
These statements are subject to known and unknown risks, uncertainties
and other factors that could cause actual results to differ materially from
those suggested by the forward-looking statements. Although Kazakhmys believes
it has a reasonable basis for making the forecasts or projections included
herein, you are cautioned not to place undue reliance on such forward-looking
information. By its nature, the forward-looking information involves numerous
assumptions, inherent risks and uncertainties, both general and specific that
contributes to the possibility that the predictions, forecasts and other
forward-looking statements will not occur. Kazakhmys undertakes no obligation,
except as required by law, to update publicly or otherwise revise any
forward-looking information, whether as a result of new information, future
events or otherwise, or the above list of factors affecting this information.
For further information:
For further information: John Smelt, Head of Corporate Communications,
Tel:+44 20 7901 78882; Sergei Stephantsov, Deputy Head of Investor Relations,
Kazakhmys PLC, Tel:+44 20 7901 7800; Robin Walker, Finsbury, Tel:+44 20 7251