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Kazakhmys agrees to buy Koksay copper deposit in Kazakhstan

Reuters - UK Focus

LONDON, April 15 (Reuters) - Kazakh copper miner Kazakhmys (Frankfurt: A0HFWR - news) said on Tuesday it had agreed to buy the Koksay copper deposit in southeast Kazakhstan from CCC Mining Construction B.V., for $260 million in cash.

The deposit has an estimated mine life of 20 years with average annual production of 80,000 tonnes of copper cathode equivalent, 60,000 ounces of gold, 400,000 ounces of silver and 1,000 tonnes of molybdenum in concentrate, the company said. This will be Kazakhmys (LSE: KAZ.L - news) 's third major growth project after Bozshakol and Aktogay.

The company's announced the board had approved the Koksay acquisition in February when it also unveiled its plan to sell off less-profitable mines to its biggest shareholder Vladimir Kim, to focus on lower-cost, open-pit mines and growth projects. (Reporting by Silvia Antonioli; editing by David Evans)