Kazakhstan Chamber of Commerce in the USA

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Kazakhstan: Altyngroup announced Kazakhaltyn takeover. 0

Posted on August 10, 2012 by KazCham

Colibri Law Firm

BNews.kz reports that former owners of Kazakhgold and a family business, Asaubaevs, secured project financing for acquisition of Kazakhaltyn and Djeruyaltyn, gold assets based in Kazakhstan and Kyrgyzstan respectively. The report quotes Russian daily KommersantЪ as stating that the parties are scheduled to close the transaction by early October.
According to other sources the first installment of US$41m has already been wired to Polyus Gold with the second US$59m tranche to follow upon closing of the announced deal. The company intends to secure further US$285m from banking sector to finance the shortfall. The reports have not specified whether the proposed financing would be sourced from local or foreign banks.
Following a reverse acquisition of the Russian assets by Kazakhgold the latter shed its name to become Polyus Gold. As former controlling shareholder the Asaubaev family acquired the exclusive right to take over all of the Kazakhgold’s assets: the Kazakhaltyn, Djeruyaltyn and Romaltyn (Romaltyn Mining и Romaltyn Exploration). In June the Polyus Gold signed a new deal with Altyngroup to sell the remaining assets in Kazakhstan and Kyrgyzstan for USD385m.

http://us4.campaign-archive2.com/?u=d1e6f0d745e7feb80889ed4b2&id=8db08725e7

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 – July 28, 2011 0

Posted on July 27, 2011 by KazCham

HEADLINES:

Under-mined in Central Asia
(bne) – Central Asia’s mineral resources remain under-developed given the region’s potential. And outside of Kazakhstan and Mongolia, international investment into exploration is minimal.

Karachaganak conflict to be resolved by end-2011 – BG Group executive
(SRI) – UK-based BG Group, a partner in the Western-led consortium developing the Karachaganak gas condensate field, is confident the venture will achieve resolution in a long-running dispute with the Kazakh government before the end of the year.

KMG EP cuts production forecast by 6% due to strikes
(SRI) – KazMunaiGas Exploration Production (KMG EP), the upstream subsidiary of the national oil and gas company, said the prolonged strike at the Uzenmunaigas production facility will cause the company’s total 2011 output to decrease by at least 6% compared to last year.

ENERGY:

Korean consortium begins construction of Zhambyl drilling rig (SRI)

Oil and Gas Ministry raises retail prices for gasoline (SRI)

BUSINESS AND ECONOMY:

Alliance appeals “excessively mild” sentencing of former owner, executives (SRI)

Eurasian Bank to list KZT3-billion bonds on KASE on July 28 (SRI)

Kazakhstan worried about competition from Russian and Ukrainian grain markets – Ministry of Agriculture (AgriMarket.Info)

Indicators – July 27, 2011 (Reuters)

METALS AND MINING:

KazakhGold completes reverse takeover of Polyus, changes name (SRI)

REGIONAL:

PetroChina further delays Dushanzi refinery maintenance -source (Reuters)

SOURCE: http://silkroadintelligencer.com/2011/07/28/kazakhstan-daily-news-roundup-july-28-2011/

 

Kazakhstan Daily News Roundup – July 18, 2011 0

Posted on July 17, 2011 by KazCham

ENERGY:

Joint commission to try resolve strike at Karazhanbasmunai
(SRI) – Local authorities, and representatives of KazMunaiGas Exploration and Production (KMG EP), trade unions and striking workers have agreed to form a working commission to resolve the strike at the Karazhanbasmunai oil facility, the Kazakhstan-Novosti news agency last week.

KMG EP to fold NBK subsidiary into own operations
(SRI) – KazMunaiGas Exploration Production (KMG EP) plans to formally fold its NBK subsidiary into its operations, pending approval by KMG EP’s shareholders on August 15, the Kazakh oil producer said in a statement last week.

Kazakh authorities initiate admin proceedings against gasoline retailer (SRI)

First phase of Ekibastuz GRES-2 upgrade to cost $58 million (SRI)

Oil exports and revenues up in Jan-May (SRI)

Jupiter Energy extends Kazakhstan permit area (Proactive Investors)

BUSINESS AND ECONOMY:

Second wave of privatization via “people’s IPO” necessary – PM (SRI)

Kazakhstan will not stop using tenge – PM (Interfax)

Indicators – July 15, 2011 (Reuters)

METALS AND MINING:

KazakhGold shareholders approve Polyus Gold reverse takeover (SRI)

Kazakh H1 copper output declines, zinc up (Reuters)

POLITICS AND SECURITY:

Kazakhstan has no plans to cede land to China – PM (SRI)

SOCIETY:

After Borat, Kazakhstan’s cinema dreams (BusinessWeek)

Kazakhstan will not impose hijab restrictions – PM (Interfax)

SOURCE: http://kazcham.com/wp-admin/post-new.php

 

Kazakhstan Daily News Roundup – June 21, 2011 0

Posted on June 20, 2011 by KazCham

ENERGY:

Reports of Shell’s office closure mistaken – executive
(SRI) – Kenzhebek Ibrashev, head of KazMunaiTeniz, a state-owned oil company responsible for offshore projects, denied reports that Royal Dutch Shell plans to shut its Kazakhstan office.

CPC June export program at 2.63 million tonnes (SRI)

BUSINESS AND ECONOMY:

Kazkommertsbank to acquire Russian subsidiary of Barclays – newspaper
(SRI) – Kazkommertsbank, Kazakhstan’s largest bank by assets, is close to acquiring the Russian unit of UK-based Barclays, the Kommersant business daily reported on Monday.

VTB Kazakhstan issues shares; increases capital
(SRI) – VTB Kazakhstan, the subsidiary of Russia’s state-owned VTB Bank, has placed 1.1 million shares worth KZT11 billion ($75.5 million), more than doubling its capital to KZT20 billion ($137.5 million).

Kazakh wealth fund’s BTA bond plunges on coupon worry (Reuters)

Fitch affirms ratings of Development Bank of Kazakhstan and KazAgroFinance (Fitch)

Indicators – June 20, 2011 (Reuters)

METALS AND MINING:

Polyus, KazakhGold combined company close to London listing
(SRI) – Polyus Gold, Russia’s largest gold miner, has finalized the terms of the proposed reverse takeover of its subsidiary KazakhGold to gain a listing in London, concluding months of tough negotiations leading up to the deal.

SOURCE: http://silkroadintelligencer.com/2011/06/21/kazakhstan-daily-news-roundup-june-21-2011/

 

Kazakhstan Daily News Roundup – April 27, 2011 0

Posted on April 27, 2011 by KazCham

ENERGY:

Former Deputy Minister named head of MangistauMunaiGas
(SRI) – Asset Magauov, former Deputy Minister of Oil and Gas, has been appointed the new head of MangistauMunaiGas, a subsidiary of Kazakhstan’s national oil and gas company KazMunaiGas.

BUSINESS AND ECONOMY:

BTA wrote off $3.3 billion in last 12 months
(SRI) – BTA Bank, Kazakhstan’s third-largest by assets, wrote off KZT481 billion ($3.3 billion) of loans in the 12 months to April 1, Bloomberg reported on Tuesday.

Sberbank aims to triple investment in Kazakhstan
(Reuters) – Sberbank’s Kazakh unit aims to grow net income this year by carving a larger niche in the local market and together with its Russian parent plans to boost investment in the country to almost $1 billion.

Kazakhstan said to seek sale of Alliance Bank stake to EBRD after bailout
(Bloomberg) – Kazakhstan wants to sell a stake in Alliance Bank to the European Bank for Reconstruction and Development (EBRD), potentially making it the first of the Kazakh banks that defaulted during the financial crisis to attract an international investor, said three people familiar with talks.

Kazakhstan’s ATF Bank plans $276-million stock issue
(Reuters) – Kazakhstan’s ATF Bank , majority owned by Italian bank UniCredit SpA , plans to raise $276 million by issuing 7.66% of its ordinary shares.

EBRD extends trade finance guarantee facility to VTB Kazakhstan
(SRI) – The European Bank for Reconstruction and Development (EBRD) has extended a $20-million trade finance guarantee facility to VTB Kazakhstan.

Halyk Bank allocates $37.8 million for 2010 dividend
(SRI) – Halyk Bank, Kazakhstan’s second largest lender by assets, said on Tuesday it would allocate KZT5.5 billion ($37.8 million) from its 2010 net profit to pay dividends on its preferred shares.

Kazakh 2011 GDP growth may accelerate to 7% – Kelimbetov (Reuters)

National Bank of Kazakhstan: Exchange rates April 27, 2011 (Kazakhstan Today)

Indicators – April 26, 2011 (Reuters)

METALS AND MINING:

KazakhGold reduces net loss by 60% in 2010
(SRI) – KazakhGold, the Kazakhstan-focused subsidiary of Russian miner Polyus Gold, reported a net loss of $57.3 million in 2010, compared with a loss of $143.7 million in 2009.

SOCIETY:

High rollers hit Kaz Vegas, a far cry from Las Vegas (EurasiaNet)

REGIONAL:

Energy-rich Central Asia, Gulf states plan new rail route (Reuters)

Disappointed by West, Uzbekistan turns to China (AFP)

Turkmen president hosts horse beauty contest (AFP)

SOURCE: http://silkroadintelligencer.com/2011/04/27/kazakhstan-daily-news-roundup-april-27-2011/

Kazakhstan Daily News Roundup – March 15, 2011 0

Posted on March 15, 2011 by KazCham

Source: http://silkroadintelligencer.com/2011/03/15/kazakhstan-daily-news-roundup-march-15-2011/

HEADLINES:

KazakhGold deal hits a snag
(SRI) – Last year’s agreement between Polyus Gold and the Assaubayev family to resolve an impasse over the earlier acquisition of KazakhGold, a large Kazakh miner, has hit an obstacle as the miner’s original owners have been unable to raise funds to buy back its main production assets.

Kazakhstan may issue $500-million Islamic bond this year
(Reuters) – Kazakhstan will revive plans this year for a $500 million debut sukuk issue that could create a benchmark for corporate lenders aiming to develop an Islamic finance sector in Central Asia’s top economy.

Central Asia struggles to profit from high cotton prices
(bne) – Record prices should be good news for Central Asia’s cotton producers, especially Uzbekistan, but raising production in response to high demand is proving difficult.

ENERGY:

Kazakhstan’s oil, gas and coal production up in Jan-Feb (SRI)

BUSINESS AND ECONOMY:

Kazakh economy expanded 6.3% in January – Statistics Agency (Bloomberg)

National Bank has purchased $6 billion this year to stabilize tenge exchange rate (Interfax)

Kazakh trade surplus shrinks to $2.4 billion in January (Reuters)

Belarus, Kazakh, Russia delegations to discuss Customs Union (Itar-Tass)

National Bank of Kazakhstan: Exchange rates March 15, 2011 (Kazakhstan Today)

METALS AND MINING:

Kazakhstan issues January to February 2011 production results (Steel Guru)

Hambledon’s Daffern says placing will improve Sekisovskoye and save costs ‘sooner rather than later’ (Proactive Investors)

POLITICS:

Kazakh opposition calls for election boycott (Reuters)

U.S. helping build Caspian navies (EurasiaNet)

Kazakh Senate Speaker to head UN office in Geneva (Interfax)

Kazakhstan Daily News Roundup – November 18, 2010 0

Posted on November 18, 2010 by KazCham

HEADLINES:

Air Astana to spend $500 to expand fleet by 2015
(SRI) – Air Astana, Kazakhstan’s flag carrier, plans to spend $500 million by 2015 to expand its fleet of aircraft, the airline’s president Peter Foster said on Wednesday.

Former KazakhGold owners start new bank
(SRI) – Credit Altyn Bank, a new lender affiliated with the Assaubayev family, has begun its activities on Monday, Kazakhstan-Novosti reported.

World Bank to lend $78 million to improve electricity supply in southern Kazakhstan
(SRI) – The World Bank plans to lend $78 million to the Kazakhstan Alma Electricity Transmission Project to expand the capacity of the Almaty region transmission network, the lender said in a statement.

ENERGY:

Shymkent refinery resumes operation after scheduled repairs (SRI)

Zhaikmunai: successful test of new well #115 (Marketwire)

BUSINESS AND ECONOMY:

National Bank of Kazakhstan: Exchange rates Novembver 18, 2010 (Kazakhstan Today)

Indicators – November 17, 2010 (Reuters)

POLITICS:

Kazakhstan completes move, storage of nuclear stash (NPR)

Kazakhstan’s golden cradle to authoritarian rule (RFE/RL)

Former chairman of Civil Aviation Committee arrested for stealing public funds (Interfax)

U.S. air transit to Afghanistan through Kazakhstan to be commercial – MFA (Interfax)

SOCIETY:

Livejournal in Kazakhstan unblocked after two years of filtering (Global Voices)

REGIONAL:

Turkmenistan spends big and harbors Olympic dreams (AP)

Ousted Kyrgyz leader tried for protest deaths (AP)

SOURCE: http://silkroadintelligencer.com/2010/11/18/kazakhstan-daily-news-roundup-november-18-2010/

Kazakhstan Daily News Roundup – November 16, 2010 0

Posted on November 16, 2010 by KazCham

HEADLINES:

KazakhGold may sell production assets to former shareholders
(SRI) – KazakhGold Group, a Kazakhstan-focused mining company controlled by Russian gold producer Polyus Gold, said Friday it may sell its operating arm to the company’s former shareholders, the Assaubayev family.

US, Kazakhstan sign deal to ease flights to Afghanistan
(AFP) – “The agreement enhances a United States-Kazakhstan arrangement, under which the United States began transit flights to Afghanistan across Kazakhstan’s airspace in 2001,” it said in a statement.

Kazakhstan Kagazy restructures Alliance Bank loan
(SRI) – Kazakhstan Kagazy, a Central Asia-focused paper producer listed on the London Stock Exchange (LSE), has reached an agreement with Alliance Bank to restructure a $29.3-million loan, the company said on Monday.

ENERGY:

Trans-Caspian KCTS project depends on Kashagan development – Azerbaijan (New Europe)

BMB Munai rallies 10% on production increase at Karimen-1 well in Kazakhstan (Proactive Investors)

Uranium One posts narrower Q3 loss (Reuters)

Kazakhstan and China to build hydropower dam on the Horos river before 2014 (Interfax)

BUSINESS AND ECONOMY:

Kazakh central bank seeks fixed-income manager for $100 million of assets (Bloomberg)

Kazakhstan Jan-Sept trade surplus surges to $24.9 billion (Reuters)

National Bank of Kazakhstan: Exchange rates Novembver 16-17, 2010 (Kazakhstan Today)

Indicators – November 15, 2010 (Reuters)

POLITICS:

Over 60 countries to take part in OSCE summit in Astana (Interfax)

How to vote in Kazakhstan 101 (EurasiaNet)

SOCIETY:

Jailed Kazakh activist files complaint with UN (AP)

Eyes on Kazakhstan’s art (TheNational)

OPINION:

How can the EU respond to Kazakhstan’s starry ambition? (EurActiv)

REGIONAL:

Azerbaijan wrestles with Islam in rough region (Reuters)

Newly empowered Kyrgyz parliament in first session (AP)

SOURCE: http://silkroadintelligencer.com/2010/11/16/kazakhstan-daily-news-roundup-november-16-2010/

Kazakhstan Daily News Roundup – October 28, 2010 0

Posted on October 28, 2010 by KazCham

HEADLINES:

Kazakhstan to levy new $1.2 billion tax claims against Karachaganak venture
(SRI) – Kazakhstan is considering new tax tax claims totaling $1.2 billion against Karachaganak Petroleum Operating (KPO), the Western-led joint venture developing the Karachaganak gas condensate field in western Kazakhstan, Reuters reported on Wednesday, citing a Kazakh official.

Kazakh, Georgian banks more attractive than Russian peers
(bne) – Banks from the former Soviet republics are out performing their Russian rivals, according to a report from VTB Capital. VTB’s top pick from the region is Bank of Georgia, but Kazakhstan’s Halyk Bank and Kazkommertsbank (KKB) are also interesting and trading at a discount to their Global Emerging Markets (GEM) peers.

KazakhGold abandons reverse takeover deal
(SRI) – KazakhGold said on Tuesday it had temporarily abandoned the deal to take over its Russian parent Polyus Gold amid opposition from the Kazakh government.

ENERGY:

Kazakhstan can use pipelines bypassing the Bosporus and Dardanelles – Nazarbayev (Interfax)

Areva presents to Kazakh president a project for construction of a fuel assembly plant (Interfax)

BUSINESS AND ECONOMY:

Central bank to keep refinancing rate at 6-8% until 2015 (SRI)

Kazkommertsbank seeks re-entry into post-crisis Eurobond fold (Financial Times – Mergermarket)

Kazakhs approve 2011 budget with 2.8% deficit (Bloomberg)

France Kazakhstan trade deal (euronews)

Eurocopter signs two strategic agreements with Kazakhstan (defpro)

National Bank of Kazakhstan: Exchange rates October 28, 2010 (Kazakhstan Today)

Indicators – October 27, 2010 (Reuters)

METALS AND MINING:

Frontier Mining close to production (Investors Chronicle)

Central Asia Resources hits shallow gold including 15m at 8.1g/t in Kazakhstan (Proactive Investors)

POLITICS:

Kazakh President and NATO Secretary General discuss cooperation (Interfax)

Kazakh President and European Commission President sign several bilateral agreements (Interfax)

Kazakh politician gets egg on his face for irking nationalists (EurasiaNet)

Kazakhstan to invest $50 million into Afghanistan’s education program (Itar-Tass)

SOURCE: http://silkroadintelligencer.com/2010/10/28/kazakhstan-daily-news-roundup-october-28-2010/



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