24 September 2010
KAZAKHMYS ANNOUNCES 40% INCREASE IN POWER CAPACITY AT EKIBASTUZ BY 2014 AND ACCELERATION OF INVESTMENT PROGRAMME
Kazakhmys PLC (�Kazakhmys�) announces the approval of a further $400 million of capital expenditure at the Ekibastuz GRES-1 power station. This significant expenditure accelerates the investment programme by 12 months from the schedule planned in May 2008, when the business was acquired.
Ekibastuz GRES-1 currently has 5 active turbines with a capacity of 2,500 MW, from an original nameplate capacity of 8 turbines and 4,000 MW. Rehabilitation work began on one of the three non-operational turbines at the end of 2009. This additional capital expenditure will allow the rehabilitation of a second turbine, taking capacity to 3,500 MW by the end of 2014.
Funding for the increase in capacity will be supported entirely from the internally generated cashflows of Ekibastuz GRES-1
Oleg Novachuk, Chief Executive of Kazakhmys PLC, stated: �Demand for power in Kazakhstan has been strong over the past 12 months, creating good cashflows within Ekibastuz GRES-1 and enabling the capital expenditure programme to be significantly accelerated ahead of the original schedule. This is positive for Kazakhmys and, as Ekibastuz GRES-1 is the largest power station in Kazakhstan, for the continued development of the national economy.�
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