Kazakhmys Benefits From Currency Devaluation


News: AIM-listed Kazakhmys which has major mining operations in Kazakhstan, registered a 25% increase in its shares on February 11. This follows Kazakhstan central bank's decision to permit the devaluation of Kazakhstan's currency. The bank is planning to allow a 19% devaluation of the currency to around 185 per dollar to prevent speculation on the forex market. The depreciation would lead to a cut in the local costs of the miner, which trades in dollars or dollar equivalents within Kazakhstan.

This article is tagged to:
Sector: Mining
Geography: Kazakhstan