Kazakhmys Copper sells Kazakhmys stake to Qazaq Acquisition for $1.2 billion

September 17, 2026 at 04:41 PM2 min

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Kazakhmys Copper sold its 99.9% stake in Kazakhmys Corporation to Qazaq Acquisition Corp. Ltd. for $1.2 billion, with the deal closing on December 29, 2025. The sale generated a gain of 416.9 billion tenge for Kazakhmys Copper, which reported a profit of 811.8 billion tenge for 2025. Qazaq Acquisition fully settled the purchase price during 2026.

Key Facts

Kazakhmys Copper sold its 99.9% stake in Kazakhmys Corporation to Qazaq Acquisition Corp. Ltd. for $1.2 billion, with the deal closing on December 29, 2025.
The sale generated a gain of 416.9 billion tenge for Kazakhmys Copper, which reported a profit of 811.8 billion tenge for 2025.
Qazaq Acquisition fully settled the purchase price during 2026, including two advance payments totaling 61.7 billion tenge in November and December 2025.
Kazakhmys Corporation was to pay dividends of 399.4 billion tenge to Kazakhmys Copper, but most of this amount was offset against intercompany debt, leaving only 773 million tenge actually received.

Sale Terms

Kazakhmys Copper sold its 99.9% stake in Kazakhmys Corporation to Qazaq Acquisition Corp. Ltd., a company registered in the Astana International Financial Centre, for $1.2 billion. The deal closed on December 29, 2025, when Kazakhmys Copper lost control of Kazakhmys Corporation. At that date, the outstanding receivable from Qazaq Acquisition was 533.6 billion tenge, classified as a financial asset with a fair value of 531.5 billion tenge as of December 31, 2025. The difference of 2.1 billion tenge resulted from exchange rate movements between December 29 and December 31, 2025. Qazaq Acquisition made two advance payments: 10.6 billion tenge in November 2025 and 51.1 billion tenge in December 2025.

Financial Impact

Kazakhmys Copper reported a profit of 811.8 billion tenge for 2025, compared with a loss in the previous year. The gain on sale of the investment in Kazakhmys Corporation amounted to 416.9 billion tenge, calculated as the difference between the carrying value of 178.4 billion tenge and the consideration received of 595.3 billion tenge. Kazakhmys Corporation was to pay dividends of 399.4 billion tenge to Kazakhmys Copper, but under an agreement dated December 26, 2025, most of this amount was offset against intercompany debt. The offset arose from a debt of 393.4 billion tenge owed by KCC B.V., Kazakhmys Resources B.V., and RXS T Holding to Kazakhmys Corporation, which was transferred to Kazakhmys Copper through successive debtor substitutions. As a result, Kazakhmys Copper actually received only 773 million tenge in dividends.