AKIPRESS.COM - Kazakhmys PLC announces that, further to its announcement on December 9, 2013, the disposal of the Group’s remaining 50% holding in Ekibastuz GRES-1 to Samruk-Energo has completed, and net funds have been received of $1.25 billion, the press service of the Kazakhmys reported Wednesday.

Oleg Novachuk, Chief Executive of Kazakhmys PLC said: “We are delighted to have completed this transaction. The holding in Ekibastuz GRES-1 has provided a sound return for investors, but the disposal will strengthen our balance sheet and allow us to focus on our core copper business and proposed restructuring."

Ekibastuz GRES-1 is a 4,000 MW coal-fired thermal power station in Pavlodar region. It has two 330-m tall chimneys. As of June 2010, the Ekibastuz GRES-1 power station was the largest power station in Kazakhstan, and generated 13% of the nation's electricity.