Kazakhstan Chamber of Commerce in the USA

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Polyus Gold extends first tranche deadline for the Assaubayevs 0

Posted on October 21, 2011 by Alex

Russia’s gold miner Polyus Gold International said on Friday it had agreed to extend for the second time  the payment deadline in a planned deal in which Kazakhstan’s AltynGroup would acquire some of Polyus’ production assets in Kazakhstan.

In April, Polyus and AltynGroup reached an agreement on the sale of production assets formerly held by KazakhGold, a Kazakh gold producer earlier acquired by Polyus,  in which the Russian gold miner agreed to sell the assets for $509 million.

Prior to the agreement, the two sides were engaged in a  long dispute following Polyus’ acquisition of KazakhGold  in 2009  which had been controlled by AltynGroup’s largest shareholders, the Assaubayev family.

Under the deal reached in April, the Assaubayevs agreed to buy controlling stakes in KazakhGold’s producing companies  for $260 million  payable by September 12 and then acquire the remaining stakes for $249 million by the end of 2012.

SOURCE: SRI, Kazakhstan Daily News Brief as of October 17, 2011

Kazakhstan Daily News Roundup – September 14, 2011 0

Posted on September 14, 2011 by Alex

BUSINESS AND ECONOMY:

Astana Finance to sell banking subsidiary
(SRI) – Astana Finance, a large Kazakh financial services company which had defaulted on its debt in 2009, said on Tuesday it plans to sell its commercial banking subsidiary, Bank Astana Finance.

Kazakhstan raises 2011 industrial growth forecast; cuts projected deficit
(SRI) – Kazakhstan raised its 2011 industrial output growth forecast to 6.0% from 4.8%, based on projected growth in mining and processing, and cut its projected 2011 deficit by 0.1% to KZT730.4 billion ($4.95 billion), or 2.8% of GDP.

Kazakhstan to spend KZT5 billion to subsidize grain exports (SRI)

Industrial production slows in Jan-Aug (SRI)

METALS AND MINING:

Kazzinc commissions new copper smelter in Kazakhstan
(SRI) – Kazzinc, a subsidiary of Swiss commodity trader Glencore International, said on Tuesday it has commissioned a new copper smelter in Kazakhstan and will complete the construction of a new lead smelter at the site in the first half of 2012.

Polyus Gold extends deadline for AltynGroup deal (SRI)

POLITICS AND SECURITY:

On the move: Ministry of Defense, Ministry of Agriculture (SRI)

Nazarbayev receives new Italian, Slovak, Estonian, Malaysian ambassadors (SRI)

REGIONAL:

EU kicks off talks on Caspian gas pipeline (AFP)

Russia calls on EU to halt talks on Caspian gas pipeline (Reuters)

Russian, Central Asian militaries to practice counterinsurgency, naval warfare (EurasiaNet)

SOURCE: http://silkroadintelligencer.com/2011/09/14/kazakhstan-daily-news-roundup-september-14-2011/

Kazakhstan Daily News Roundup – April 14, 2011 0

Posted on April 14, 2011 by KazCham

HEADLINES:

Kazakhstan’s central bank to retake regulatory powers
(bne) – After a seven-year flirtation with an independent regulator, the National Bank of Kazakhstan is to take back control of the regulation of the country’s financial services sector. A tougher line is envisaged.

ENERGY:

India to sign agreement on Satpayev block purchase
(SRI) – India’s state-owned Oil & Natural Gas Corp. (ONGC) will sign an agreement Saturday to purchase a 25% stake in the Satpayev exploration block in Kazakhstan, the company’s chairman said Wednesday.

CB&I unit wins engineering contract in Kazakhstan (Oil and Gas Journal)

Kazakhstan raises ceiling oil export quota (Interfax)

BUSINESS AND ECONOMY:

Temirbank raises full-year profit forecast by 16% (Bloomberg)

Kazakstan’s trade surplus rises to $7.7 billion in Jan-Feb (Reuters)

Almaty airport shares auction postponed until April 20 (Interfax)

Indicators – April 13, 2011 (Reuters)

METALS AND MINING:

AltynGroup readys for Hong Kong IPO – sources
(SRI) – AltynGroup, Kazakhstan’s gold producer owned by the Assaubayev family, is considereing conducting an Initial Public Offering (IPO) in Hong Kong, local newswire services reported.

SOURCE: http://silkroadintelligencer.com/2011/04/14/kazakhstan-daily-news-roundup-april-14-2011/



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