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(Wallace Refiners) – The Kaz Minerals share price jumped over 10% this morning after it has been reported that Nova Resources is set to buy Kaz Minerals in £3 billion deal. Under the agreement, Kaz Minerals shareholders will receive 640 pence per share.
KAZ Minerals is a copper company focused on large scale, low cost open pit mining in Kazakhstan. The Group is listed in London and Kazakhstan stock exchanges. The market cap of the firm us just under £3 billion and the share price was hoping around £5.70 just before the deal was announced. Nova Resources are an investment company. The Company invests in public and private companies that provide support, assistance and services to the natural resources industries.
Kaz commented on the deal saying, “In reaching its decision to recommend the terms of the acquisition, the Independent Committee of Kaz Minerals has taken account of both the long term potential value of Kaz Minerals and the risks inherent in achieving this value,”
They added, “The Independent Committee believes that the acquisition provides Kaz Minerals shareholders with a fair value for Kaz Minerals’ operating assets and development portfolio in Kazakhstan and Kyrgyzstan, and crystallises a value for Baimskaya that reflects the Independent Committee’s view of the increasing risks in this project.”
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