Our opinion:
The strategic priority for the Company is the implementation of the construction project for the 2nd sulphide factory at Aktogay, the investment in which will total to 1 200 mn USD in 2018-2021. The Koksay copper deposit, located in the southeast of the Republic of Kazakhstan, is a possible direction of development of KAZ Minerals in a more remote time perspective. We do not include the Koksay project in our valuation of the Company and the announced completion of NFC investments in the Koksay project does not entail changes in the Company's fair value measurement. We maintain our recommendation to Buy KAZ Minerals’ shares with 12M TP 760 GBp/share.
