Copper Miner Kazakhmys Sells Power Station Stake for $1.3B; Japanese Copper Rises
Copper miner Kazakhmys has made the choice “to sell its stake in Kazakhstan’s largest power station to Kazakhstan sovereign wealth fund Samruk-Kazyna in a deal worth $1.3 billion,” reports Reuters.
“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.”
In metal price news…
The cash price of Japanese copper rose 1.7 percent on Friday, December 6, making it the day’s biggest mover. After two days of falling prices, it closed. The price of US copper producer grade 110 declined 0.3 percent. The price of US copper producer grade 122 fell 0.3 percent. The price of US copper producer grade 102 declined 0.2 percent.
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Chinese copper prices were mixed for the day. Chinese copper bar closed 0.2 percent lower. The cash price of Chinese copper saw a 0.2 percent decline. The price of Chinese copper wire held steady. Chinese bright copper scrap held its value last Friday.
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At $7,085, the 3-month price of copper finished the market day on the LME up 1.6 percent per metric ton. After a 1.5 percent increase, the cash price of primary copper finished the day on the LME at $7,081 per metric ton.