OREANDA-NEWS. Kazakhmys PLC (“Kazakhmys” or the “Group”) announces that it has sold Mansfelder Kupfer und Messing GmbH (“MKM”) for €42 million to a European family office.

MKM is a German based manufacturer of semi-finished copper products. It has been part of the Group since 2004, before Listing, but has been classified as a non-core asset held for sale, as announced in 2010.

Kazakhmys will receive €42 million in consideration, including €12 million on a deferred basis. MKM was sold with debt of €137 million. Kazakhmys also received a dividend of €10 million from MKM in 2013.

Oleg Novachuk, Chief Executive Officer said: "MKM is an excellent business, but did not fit with our geographic and strategic focus as a natural resources company in Central Asia. We are pleased to have found a buyer who is committed to the business, which should be in the best interests of customers and employees and we wish all at MKM continued success in the future.”