OREANDA-NEWS. March 23, 2009. KAZAKHMYS PLC, common shares of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the press release of March 20, 2009 on the following, reported the press-centre of KASE:

Kazakhmys PLC ("Kazakhmys" or the "Group") today announces that it has agreed the early completion of the contract with AES, so that management of the Ekibastuz GRES-1 power plant and Maikuben Coal Mine will transfer to Kazakhmys.

The management contract was due to run until December 2010 and included earn out fees of up to USD 375 million, based on profitability and the successful delivery of the capital development programme.  The early completion agreement includes an earn out of US80 million for the financial year 2008, payable in April 2009, and a single reduced payment of US 102 million to be paid in January 2010.

Nikolai Korobovsky, a former AES employee at Ekibastuz GRES-1, has been appointed Head of Kazakhmys Power Division, to manage all of the Kazakhmys power businesses, including Ekibastuz GRES-1, Maikuben coal mine and the three power stations and two coal mines that are owned and operated within the Kazakhmys Copper Division.

Kazakhmys' Chief Executive Oleg Novachuk said, ".I should like to thank AES for their work with us over the past year and in helping the transition to Kazakhmys management.  This agreement reduces our cash commitments, which is welcome in the current environment.  It should also allow us to create a more integrated approach to all of our power facilities, which together represent over 20% of Kazakhstan's power output".