KAZ announces new delay, higher costs for Russian copper mine

Copper miner KAZ Minerals announced on Wednesday November 18 that the Baimskaya copper project in Russia will have a construction budget of $8 billion and a delayed production starting date of 2027.

The news came ahead of a planned vote on the takeover of the company by its largest shareholders: the company's chairman, Oleg Novachuk, and Vladimir Kim, Kazakhstan's richest man.
The takeover offer was made in late October by Kim and Novachuk through a newly set up company, Nova Resources, offering KAZ's stakeholders 640p per share.

Some of its minority shareholders, represented by investment companies RWC Partners of London and...

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