OREANDA-NEWS. June 18, 2012. Kazakhmys PLC (“Kazakhmys”) announces that it has signed an agreement with JSC RusHydro (“RusHydro”), one of Russia’s largest power generating companies, to consider establishing a joint venture which will review the development of small hydro-electric plants in Kazakhstan with a total capacity of up to 300 MW.

It is anticipated that up to 30% of the possible project costs will come from Kazakhmys and RusHydro, with the balance coming from external project finance.

Oleg Novachuk, Chief Executive of Kazakhmys PLC, said: "Kazakhstan needs further investment in its power sector in order to maintain adequate and reliable supplies and assist economic growth. Currently just 10% of Kazakhstan's power is generated from hydro plants with nearly 90% coming from coal fired stations. As the largest producer of power in Kazakhstan, Kazakhmys is ideally placed to promote the development of renewable energy and we believe that small hydro-electric plants may have a key role in the growth of the sector. The combination of RusHydro and Kazakhmys brings a balance of knowledge and skills which should deliver a successful and profitable outcome."