Kazakhmys Corporation, (Kazakhstan's copper giant based in Central Kazakhstan) does not fear any consequences from the Tenge's liberalisation, the company's public relations manager Vladislav Nikolaev said at a news conference on Monday, 5 April. He said that Kazakhmys exports practically all of the copper it produces to the world market. Besides, the company's stability is guaranteed due to its considerable outputs. In 1Q99, the corporation produced commercial products in the amount of KZT 11.8bn (about USD 102m). It produced 84,000 tonnes of refined copper. In 1998, Kazakhmys produced 10 tonnes of gold and 77 tonnes of silver. (Interfax)

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Based in the north of Kazakhstan, Sokolovsko-Sarbaisky Mining and Concentrating Plant (SSMCP) will export iron ore at prices that are lower than the plant's production costs, the president of the plant, Mukhammedzhan Turdakhunov, said to Interfax. According to him, this will be because of the introduction of the floating rate for the Tenge and the ban on natural monopolies to raise tariffs. Turdakhunov believes that reducing production costs will allow the plant to improve its export position and, accordingly, will raise the output. Currently, the plant uses only 40% of its capacity shipping monthly 400,000 tonnes of iron ore to Russia, China, and Ispat Karmet (Kazakhstan's huge steel producer). The president believes that the situation with the Tenge rate and monopolies' prices may stabilise within the next two weeks. He added that the introduction of the compulsory sale of 50% of currency proceeds will not have a negative impact on the plant since currently it sells up to 70% of its currency revenues on the KASE. (Interfax)

The chairman of the bank TuranAlem, Erzhan Tatishev, and the akim (governor) of the Northern Kazakhstan region, Daniyal Akhmetov, have signed a memorandum whereby TuranAlem will become a leading bank in this region. The bank's chairman said that this move is in line with the bank's "robust and aggressive financial policy" which is aimed at making profits in Kazakhstan's regions. Mr. Tatishev said that the bank provided KZT 500m (about USD 6m) in loans to small and medium-sized businesses in the region in 1998 and it will continue its active co-operation there in 1999. (Interfax)

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Fitch IBCA, the international rating agency, has placed Kazkommertsbank's (KKB) long-term rating of B+ and short-term rating B on RatingAlert Negative. This reflects Fitch IBCA's downgrade of Kazakhstan's sovereign rating (given on 15 February 1999), the floatation, and the subsequent sharp devaluation of the national currency on 5 April. (Bloomberg)

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The Halyk Savings Bank of Kazakhstan (HSBK) has postponed raising its second syndicated loan, the bank's chairman, Karim Masimov, said to Interfax. He said that before the floating exchange rate for the Tenge was introduced, the USD 20m syndication for the HSBK led by American Express was at the signing stage. Now he believes that it would not be reasonable to enter the syndicate loans market for the next two weeks. The bank accounts for 67% of Kazakhstan's individual bank deposits which total KZT 20bn. (Interfax)

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On 7 April, the KASE Council downgraded the shares of Neftebank to Listing B from Listing A on the KASE. The decision was based on the fact that the bank's current capital does not meet the Listing A requirements. (The bank has an announced authorised capital of KZT 1,000m and a paid-in capital of KZT 469.6m). (IRBIS)