July 23 (Reuters) - Copper miner Kazakhmys Plc, which is in the midst of a restructuring, said it would transfer “certain mature assets” to a company owned by its largest shareholder, Vladimir Kim.
Kazakhmys, struggling with rising production costs, falling grades and weak prices, said in in February it would to sell less-profitable mines to the Kazakh billionaire, who owned 33.43 percent of the company as of February.
The London-listed company said on Wednesday it had entered into a definitive agreement to transfer to Cuprum Holding some assets in the Zhezkazgan and central regions of Kazakhstan, together with a working capital payment.
Cuprum is a private company owned by Kim and Eduard Ogay, a member of Kazakhmys’ board. (Reporting by Karen Rebelo; Editing by Ted Kerr)