Kazakhmys hikes wages after currency plunge
Miner Kazakhmys has announced that it's hiking staff salaries after Kazakhstan's tenge dropped by 20 per cent last week.
The rise is a "managed increase in order to protect workers from some of the imapct of the devaluation."
Salaries for operational staff will increase by 10 per cent, with effect from 1 April. That follows discussions with the government of Kazakhstan.
Roughly three quarters of Kazakhmys' cost base are in the local currency, and the devaluation saw shares in the natural resources company jump by some 26 per cent.
Kazakhmys expects to provide further details on the result of the devaluation in its preliminary results on 27 February.
