July 23, 2014 / 9:32 AM / 3 years ago

Copper miner Kazakhmys transfers some assets to main shareholder

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)

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