OREANDA-NEWS. March 03, 2010. KAZAKHMYS PLC, common shares of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the following press release, reported the press-centre of KASE:

On 10 December Kazakhmys PLC ("Kazakhmys" or the "Group") announced that, it would be selling a 50% stake in its Ekibastuz GRES -1 ("Ekibastuz") power plant, to the National Welfare Fund Samruk-Kazyna JSC ("Samruk-Kazyna"), for USD681 million. This transaction has now completed.

As previously announced, Kazakhmys and Samruk-Kazyna will now create a joint supervisory board and management positions will alternate between Kazakhmys and Samruk-Kazyna every five years.  In the first five years following the transaction, Kazakhmys will appoint the management team whilst Samruk-Kazyna will appoint several key oversight positions.

Over the next seven years there will be investment of around USD 1 billion at Ekibastuz, to upgrade the plant and restore it from current capacity of 2500 MW to nameplate capacity of 4000 MW.