Metalloinvest declines comment on Kazakhmys talks

Russian mining giant Metalloinvest has failed to confirm or deny reports it is in discussion to buy a controlling stake of Kazakhstan’s largest copper producer, Kazakhmys.

While Kazakhmys has confirmed its is in preliminary discussions with a third party over a possible "combination" of its business, a Metalloinvest spokesman refused to comment.

“The discussions are at a very early stage and, consequently, there is no certainty as to the terms and structure of such a transaction nor that an agreement will be reached between the parties,” the Kazakhmys statement said. “Any transaction would be subject to shareholder approval.”

The Kazakhmys statement came after press reports that Metalloinvest may be seeking a tie-up with the Kazakh company as an alternative to an IPO.