Samruk-Kazyna may take over government stakes in ENRC and Kazakhmys by yearend

June 21. Interfax-Kazakhstan. Almaty

Samruk-Kazyna may take over government stakes in ENRC and Kazakhmys by yearendThe state shares in Kazakhmys and ENRC will be handed over to Samruk-Kazyna before the yearend, said SK managing director of mining assets Zhandos Abishev.

“I think by the end of the year, we will do our best to finalize this process with Kazakhmys,” Abishev told reporters on the sidelines of the fourth Annual Congress of Central Asia Mining 2011 on Tuesday in Almaty.

“The takeover of state shares in ENRC and Kazakhmys may occur simultaneously,” he said.

He noted that the government made the resolution to hand over the governments’ shares in two Kazakhstan’s miners to Samruk-Kazyna more than a couple years ago.

Abishev also said that it’s most likely that those stakes later may come under control of Tau-Ken Samruk.

“First, we will consolidate the shares and then will see,” he added.

Kazakhmys PLC is an international natural resources group, listed in the UK and Kazakhstan, with significant interests in copper, gold, zinc, silver, power generation and petroleum.

ENRC is a diversified natural resources group, focused on integrated mining, processing, energy, logistics and marketing.

Tau-Ken Samruk was set up in 2009 and unites the Kazakh government’s mining assets. It is part of the state fund Samruk-Kazyna.

The State Property & Privatization Committee of the Ministry of Finance of Kazakhstan holds 11.65% in ENRC and 15% in Kazakhmys. Samruk-Kazyna has an 11% stake in Kazakhmys as well.