Miner to repay $2bn to lenders

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The Independent Online

Kazakhmys, the FTSE 100 listed mining giant, will this month start paying back $2.1bn (£1.5bn) to its lenders over four years.

The Eurasian group had planned to refinance the $44m-a-month debt repayment package last year, but the weak financial markets ruled out the move. However, Kazakhmys has more than $500m in cash on the balance sheet as well as other undrawn debt facilities, so will not struggle to cover the cost.

Based in Kazakhstan, the company will release a shortened version of its annual results this week. Kazakhmys cannot unveil a full set of results, as it would include contributions from a 26 per cent stake in Eurasian Natural Resources (ENRC), its geographic and Ftse 100 peer. Kazakhmys will wait until ENRC announces its first full set of results, expected later this month, as it joined the Ftse in late 2007, before it completes its own figures.

Kazakhmys is due to appoint a non-executive director following the death of Jim Rutland in December.