Kazakhmys in talks over Kazakh power station

Mining giant Kazakhmys has confirmed media speculation that it is in talks regarding its stake in the Ekibastuz GRES-1 plant.

Mining giant Kazakhmys has confirmed media speculation that it is in talks regarding its stake in the Ekibastuz GRES-1 plant.

The coal-fired plant, in which Kazakhmys Power has a 50% interest, is the largest of power station in Kazakhstan.

The company said on Thursday afternoon: "Kazakhmys has entered into discussions regarding the holding, but these are at an early stage and may or may not lead to a transaction.

"A further announcement will be made, if appropriate, in due course."

The company announced last week that net power generated at the power plant increased by 13% in 2012, driven by strong demand in the domestic market. In the fourth quarter alone, net power generated rose by 18% year-on-year.

Unit 8 at the Ekibastuz GRES-1 plant has recently been commissioned which increased the capacity of the power station from 2,500MW to 3,000MW.

Kazakhmys's share price reacted to the news with moderate gains, trading up 0.47% at 748.5p by 14:21 on Thursday.

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