Kazakhmys PLC (KAZ) is a resource company whose principal activity is the production and sale of copper and its bi-products. Being vertically integrated makes it one of the lowest cost copper producers globally. Its operations include copper, gold & coal mines, smelters and refining complexes. Additionally, it owns and operates power plants supplying energy to its wider operations and markets excess capacity commercially. KAZ is sensitive to commodity prices and is exposed to the political, economic and FX risks of Kazakhstan, partially mitigated by the Kazakhstani government being on the Board and a major shareholder.