Kazakhyms plc is the tenth largest copper cathode producer and the tenth largest mined copper producer in the world. Its principal business is the mining, processing, smelting, refining and sale of copper and copper products, including copper cathode and copper rod. As by-products of it copper operations, the group also processes, refines and sells zinc, gold and silver.

            Red = 25 day moving average.           Green = 200 day moving average.

SALES PER ACTIVITY (Data as of 31/12/2005)

Copper operations & others: 100%

the pain piles on .....

* Shares of copper miner Kaz Minerals -10.6 pct after brokerages cite further problems with Kaz's Aug. 2 acquisition of under-developed copper mine Baimskaya; bottom of FTSE midcap
* Credit Suisse downgrades stock to "neutral" from "outperform", cuts TP to 630p from 1050p, citing that outlook for Kaz "completely changed" after the acquisition of Baimskaya
* Barclays further cut TP by 5 pct to 760p on Friday; It cut it by 21 pct from 1,015p to 800p on Aug. 6 after saying Baimskaya deal is a "fundamental de-rating event" for Kaz
* Broker cuts come a day after Kaz announced its first interim dividend in six years, and said it expects to make a similar payment for H2 as it boosted output and kept costs low in H1, sending shares up 7 pct on Thursday
* "What we had liked in KAZ was low cost operations driving strong FCF, a rapid balance sheet delevering and resultant debt to equity shift. This has now been turned on its head" - CS
* CS: "Including the Baimskaya project means capex will remain very elevated for the next 8 years and on our free cash flow estimates will remain negative over the period"
* Barclays said on Friday it remained unconvinced after Kaz tried to reassure on progress of Russian government at Baimskaya
* On Aug. 2, Kaz shares plunged 30 pct after it said it was expanding into Russia with a deal to buy a copper project in Baimskaya for $900 million from a group of investors including Chelsea soccer club owner Roman Abramovich...

Thought it had bottomed out at 620p... .. doh.

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