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 looking to divest its German subsidiary (MKM) in order to focus on natural resource opportunities in Central Asia. KAZ holds 26% of Eurasian Natural Resources contributing 32% (2010) to EBITDA. Moving forward KAZ has two major growth projects and several extension projects set to increase production from 300k to 500k tonnes of copper per annum by 2017. 89% of revenues come from Europe and China, with China representing 38% of global copper consumption. 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.