OREANDA-NEWS. May 20, 2009. KAZAKHMYS PLC, common shares of which are listed on the Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:

Kazakhmys PLC ("Kazakhmys" or the "Group") announces that it has signed two non-binding agreements regarding future projects in power generation and copper.  These were signed during a visit to Kazakhstan of the President of Korea accompanied by a commercial delegation.

The first project is for the building of a combined heat and power plant at Balkhash, in Kazakhstan.  This agreement was between Samruk-Energy JSC and the Korean companies Korea Electric Power Corporation and Samsung C&T Corporation ("Samsung").  The memorandum would allow Kazakhmys the option to take up to 10% in the project and would be able to provide power to the Group's major copper facilities nearby.

A second memorandum, signed by Kazakhmys with Korea Resources Corporation and Samsung, sets out their interest in becoming involved in the Group's copper development project at Boschekul in Kazakhstan.  This project is currently in pre-feasibility study, which should be completed by Q3 2009.

Oleg Novachuk, Chief Executive of Kazakhmys, said: "These two agreements create options for Kazakhmys going forward.  Providing locally generated power at Balkhash would reduce costs and improve reliability of supply for the operations, as well as assisting the local community.  The agreement at Boschekul shows the growing level of interest in our copper projects.  As a leading Kazakh company we are delighted to be part of this drive to encourage investment in Kazakhstan, creating new jobs and developing the economy."