Kazakhmys chairman Vladimir Kim has sold about 11% of the FTSE 100-listed copper mining company's stock, pocketing a whopping £833m.
He sold about 58.9m shares at 1,423p a time, leaving him with just under 150m shares in the company, or 28%.
'The transaction enables Mr Kim to diversify his investment portfolio whilst retaining a significant long-term shareholding in Kazakhmys,' the company said as it announced the share sale.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
He sold the shares to the government, which now owns 26% of the company. Kazakhmys owns copper mines across Kazakhstan and also operates coal and gold mines, a power plant and an oil project.
Kim is selling at a time when Kazakhmys shares have climbed more than 40% in the past year.
In August, it said it remains positive on the copper market after an improvement in prices for the red metal helped it post a sharp rise in revenues and earnings in the six months to June 30.
Revenues climbed to $1.52bn from $1.12bn over the same period a year ago, while underlying profits were up to $696m from $269m. Average copper prices climbed by 73% to $6,981.
-
Football fans issued warning over ticket scams ahead of 2026 World CupSantander customers lost more to football scams in the first six months of 2025 compared to the same period in 2024, when total losses surged due to the Euros
-
Nationwide fined £44 million over “inadequate” anti-money laundering systemsFailings in Nationwide’s financial crime processes between October 2016 to July 2021 meant one criminal was able to deposit £26 million from fraudulent Covid furlough payments in just eight days.
