Kazakhstan May Buy Stakes in Independent Gold, Copper Producers
June 23. Bloomberg
By Nariman Gizitdinov
Kazakhstan’s sovereign wealth fund Samruk-Kazyna plans to buy stakes in independent domestic mining companies to help them weather the country’s worst financial crisis in more than a decade.
Samruk is seeking to acquire gold, copper and iron assets, said Murat Murtazaev, chief executive officer of Samruk Tau-Ken, the fund’s mining unit, at a conference in Almaty today. Murtazaev didn’t identify the companies in which Samruk may gain stakes.
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Kazakhstan may buy stakes in troubled miners
June 23. Reuters. ALMATY
Kazakhstan’s state welfare fund may buy stakes in some local mining companies hit by the global crisis, a fund official said on Tuesday without naming any of the companies.
Murat Murtazayev, the chief executive of Tau-Ken Samruk, the metals and mining arm of state fund Samruk-Kazyna, said it was in talks with several companies that could lose their licenses without Samruk’s support.
“We are considering buying stakes in mining companies that are experiencing financial difficulties at the moment due to the current economic crisis,” Murtazayev told a mining conference.
He did not name any of the potential targets.
“There is an iron ore project, a gold project,” Murtazayev said.
Kazakh metals and mining firms, including London-listed Kazakhmys and the local unit of ArcelorMittal, have announced output cuts this year due to shrinking demand.