Kazakhmys sells power station stake for $1.3 bln

LONDON Mon Dec 9, 2013 2:23am EST

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LONDON Dec 9 (Reuters) - Copper miner Kazakhmys has agreed to sell its stake in Kazakhstan's largest power station to Kazakhstan sovereign wealth fund Samruk-Kazyna in a deal worth $1.3 billion.

The London-listed company said on Monday it had agreed to sell its remaining 50 percent interest in Ekibastuz GRES-1, the largest power station in Kazakhstan, and 100 percent of the issued share capital of Kazhydro to a Samruk-Kazyna subsidiary.

It said the deal's net proceeds of about $1.25 billion would substantially strengthen the company's financial position during the development phase of its major copper growth projects Bozshakol and Aktogay.

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