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Kazakhmys Gets $1.5 Billion Loan from China to Develop Aktogay Copper Project

By Joel ScanlonJun 14 2011

Kazakhstan based metals producer Kazakhmys has been approved for a $1.5 billion loan by the China Development Bank. This will allow it to develop its huge Aktogay copper project situated in eastern Kazakhstan.

The UK-registered copper mining company is amongst the largest firms in the world and has interests in copper, gold, zinc and silver with its main assets located in Kazakhstan. Its headquarters are in London, United Kingdom.

The company had already obtained a $2.7 billion credit from the Chinese bank to develop its Bozshakol mine in 2009. The Chief Executive Officer of Kazakhmys, Oleg Novachuk said that they were delighted to be developing our relationship further with China Development Bank. He added that the funding would allow the company to develop Aktogay and yet retain full ownership of the asset.

The China Development Bank and Kazakhmys signed the memorandum on Monday in Astana at a ceremony which the Chinese President Hu Jintao attended. With the finances for both the Aktogay and Bozshakol mine tied up the company will now be able to boost its copper concentrate production to 200,000 tonnes a year. This will account for 60% of the total production of copper of the company based on current production figures.

Kazakhmys also has a 26% ownership stake in ENRC. The other London listed company in the nation has been going through a rough patch. With ousters of two independent directors from the board and charges of corporate mis -governance to deal with ENRC is severely weakened and seen as a possible takeover target. With its funding in place Kazakhmys can now wait and watch how the drama at ENRC plays out before deciding to sell their stake in the company.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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APA
Scanlon, Joel. (2019, February 18). Kazakhmys Gets $1.5 Billion Loan from China to Develop Aktogay Copper Project. AZoMining. Retrieved on February 01, 2026 from https://www.azomining.com/News.aspx?newsID=4261.
MLA
Scanlon, Joel. "Kazakhmys Gets $1.5 Billion Loan from China to Develop Aktogay Copper Project". AZoMining. 01 February 2026. <https://www.azomining.com/News.aspx?newsID=4261>.
Chicago
Scanlon, Joel. "Kazakhmys Gets $1.5 Billion Loan from China to Develop Aktogay Copper Project". AZoMining. https://www.azomining.com/News.aspx?newsID=4261. (accessed February 01, 2026).
Harvard
Scanlon, Joel. 2019. Kazakhmys Gets $1.5 Billion Loan from China to Develop Aktogay Copper Project. AZoMining, viewed 01 February 2026, https://www.azomining.com/News.aspx?newsID=4261.

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