06/12/2005 The London Stock Exchange is delighted to welcome KazakhGold to the Main Market
The London Stock Exchange is delighted to welcome KazakhGold to the Main Market
1 December 2005
KazakhGold is one of the leading gold mining companies in Kazakhstan. The company is in the first wave of Kazakh companies to seek a primary listing in London. The listing of the Company on the London Stock Exchange will enable it to access international capital and to continue its investment programme to upgrade and expand its mining and processing facilities.
KazakhGold has raised $196.5 million through a global offer comprising approximately 13,100,000 Global Depositary Receipts (“GDR”). Based on the offer price of $15 per GDR, the company’s market capitalisation at admission is approximately $706 million. KazakhGold will utilise the proceeds of the global offer to continue to upgrade its mining facilities and to expand its facilities to access the company’s significant resource base.
Dr. Kanat Shaikhanovich Assaubayev, Chief Executive of KazakhGold, said:
“Over the past few years we have been implementing a significant programme of investment in technology modernisation and production capacity expansion across our principal gold assets. The funds raised in conjunction with our London listing will enable us to complete this programme and move into a period of significant growth in gold production.”
“I am delighted that our Offer has been such a success and I welcome all our new shareholders and thank them for their support. The KazakhGold team are excited by the exceptional growth opportunities that await us in Kazakhstan and are keen to press ahead and convert those opportunities into growth for shareholders.”
The company is one of the leading gold mining companies in Kazakhstan with an estimated total reserves and resources of 46.6 million ounces. The company’s principal operations are in northern Kazakhstan and it also has some newly acquired assets in eastern Kazakhstan. The company’s business dates back to 1929, when gold ore was discovered at the Aksu deposit in northern Kazakhstan. Exploration began at the company’s Bestobe and Zholymbet deposits in 1932. Over the past few years the company has been undergoing a modernisation programme with a view to maximising the company’s existing reserves.