Kazakhmys Plc froze the salary of Chairman Mr Vladimir Kim after profit fell last year and the stock sank more than 40%. Mr Kim’s base salary will be USD 1.68 million as of July, unchanged from a year earlier. The chairman received KZT 1.77 million pounds including benefits and bonus last year.

The London based company reported 36% decline in full year net income on March 27 after booking losses from the disposal of its petroleum division. Kazakhmys took an impairment on the unit before selling it in December leading to USD 472 million loss from discontinued operations.

Kazakhmys also froze the pay of other senior management, citing economic and market conditions and the emphasis on salary restraint from shareholders.

CEO Mr Oleg Novachuk’s base salary will remain unchanged at KZT 856,000. He received KZT 1.65 million including benefits and bonus last year.

Kazakhmys, seeking to boost copper output about two thirds to 500,000 tonnes a year by opening two mines plans to start production at its Bozshakol project in 2015 and bring the Aktogay development on stream in 2016.

Source - Bloomberg.net

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