ENRC plans to outstrip Kazakhmys in copper production
PAVLODAR. March 2 (Interfax) - A subdivision of Eurasian Natural Resources Corporation PLC (ENRC) in Africa aims to produce 330,000 - 350,000 tonnes of copper per year, said the company's shareholder Alexander Mashkevich.
"We have eagerly entered into a copper and cobalt project and purchased some very good assets in the Democratic Republic of Congo and Zambia. We hope, in about three years we will be producing 330,000 - 350,000 tons of copper. It means we will outgrow Kazakhmys," Mashkevich noted at the meeting with the management and staff of the JSC "Aluminum of Kazakhstan" and JSC "Kazakhstan Electrolysis Plant" in Pavlodar.
ENRC is an integrated group in the sphere of mining and processing. It includes the assets of Kazchrome, Aluminum of Kazakhstan, Kazakhstan Electrolysis Plant, Zhairem Mining and Processing Integrated Works, Sokolov-Sarbai Mining and Processing Integrated Works, Eurasian Energy Corporation, Serov Ferroalloy Plant and stakes in projects in Brazil and China.
The assets of the subdivision of other non-ferrous metals are mainly located in Africa. The subdivision includes copper and cobalt assets of Central African Mining and Exploration Company, Chambishi Metals as well as a 50.5% stake in Camrose Resources Limited and a 14.35% stake in Northam Platinum.
ENRC is a UK company with its registered office in London. ENRC's shares are quoted on the London Stock Exchange ('LSE') and the Kazakhstan Stock Exchange ('KASE'). Patokh Chodiev, Alijan Ibragimov and Alexander Mashkevich are the main beneficiaries in ENRC, each holding 14.59%, Kazakhmys Plc (26%) and the committee of state property and privatization of the Ministry of Finance (11.65%).