Kazakhmys confirms Koksay deposit buy at US$260m
18:20, 15 April 2014
ASTANA. KAZINFORM - Kazakhmys said it has concluded the agreement for the purchase of Koksay from CCC Mining Construction B.V. at a net acquisition cost of USD 260 million in cash.
The Koksay deposit is in south eastern Kazakhstan around 234 kilometres from Almaty and is well located for existing infrastructure. The mine has a total resource of about 3.4 MT of copper, with an average grade of 0.48%. There are by-products of gold, silver and molybdenum, 4-traders.com reports. The project is at scoping stage and has an estimated mine life of over 20 years with average annual production of around 80 kt of copper cathode equivalent, 60 koz of gold, 400 koz of silver and 1 kt of molybdenum in concentrate.