According to Mr Oleg Novachuck CEO of Kazakhmys PLC his company would be able to build a constructive dialogue with compatriot Eurasian Natural Resources Corp after raising its stake in the company to more than 25%.

Mr Novachuck didn't offer any updates on a potential merger with either company. He said that "We are continuously monitoring opportunities in the region but currently we are not in a position to announce anything."

Mr Novachuck said the copper miner's more than 25% stake in Eurasian Natural Resources wasn't fully reflected in his company's share price and that there are potential synergies between the miners.

He said that "I believe we have good ground to build a constructive dialogue. I don't think the statements ENRC has made cannot be changed. We can achieve some agreements and come compromise."

ENRC has said it wouldn't grant Kazakhmys a board seat and that it viewed the copper miner as a competitor for resources in the region.