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BRIEF-Kazakhmys says Kazakh government reduces MET rates applicable to two mines
June 17, 2014 / 9:02 AM / 3 years ago

BRIEF-Kazakhmys says Kazakh government reduces MET rates applicable to two mines

June 17 (Reuters) - Kazakhmys Plc :

* Announces that government of Kazakhstan has agreed to reduce mineral extraction tax ('MET') rates at some of group's mature assets.

* Lower MET rates have been applied to deposits in Zhezkazgan region, excluding Zhomart mine, and at Konyrat mine in central region

* New MET rates are effective retrospectively from 1 January 2014 and are applicable for one year after which a further application can be made

* Assets benefiting from lower MET rates are all within two regions which have been identified for potential disposal, as part of proposed restructuring announced on 27 February 2014

* Value of reduction for a 12 month period, at current metals prices, is approximately $40 million

* These assets have been particularly affected by declining grade and low profitability Source text for Eikon: Further company coverage:

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