RIA Novosti reported that Kazakhmys Plc, the largest copper producer in Kazakhstan will sell Kazakhmys Petroleum oil division to focus on the company core activity of copper mining.

Kazakhmys Petroleum which develops oil fields in western Kazakhstan is valued at USD 100 million but the buyer could pay a potential royalty rate of up to USD 476 million depending on future revenues from oil sales.

Kazakhmys said the deal is to be approved by regulatory agencies.

Kazakhmys Petroleum license for oil field exploration expired in May 2011 and was extended for two years under the same terms.

Kazakhmys Plc one of the top 10 copper producers in the world is listed in London's FTSE-100.

(Sourced from RIA Novosti)