Kazakhmys to buy back shares

KAZAKH miner Kazakhmys posted a 20 per cent rise in first-half underlying profit, boosted by stronger copper prices, and announced a surprise share buyback in London worth up to $250m (£150m).

Its board has also approved a $1.8bn development of a major copper growth project, equivalent to a third of the miner’s current output, at Bozshakol in northern Kazakhstan.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $1.61bn, from $1.34bn, with its 26 per cent stake in fellow FTSE 100 miner ENRC contributing $543m.