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Kazakhmys Freezes Chairman’s Pay After Posting Lower 2011 Profit

Kazakhmys Plc, Kazakhstan’s biggest copper producer, froze the salary of Chairman Vladimir Kim after profit fell last year and the stock sank more than 40 percent.

Kim’s base salary will be 1.06 million pounds ($1.68 million) as of July, unchanged from a year earlier, Kazakhmys said in its annual report. The chairman received 1.77 million pounds including benefits and bonus last year, it said.

The London-based company reported a 36 percent decline in full-year net income on March 27 after booking losses from the disposal of its petroleum division. Kazakhmys took an impairment on the unit before selling it in December, leading to a $472 million loss from discontinued operations.

Kazakhmys also froze the pay of other senior management, citing “economic and market conditions, and the emphasis on salary restraint from shareholders.” Chief Executive Officer Oleg Novachuk’s base salary will remain unchanged at 856,000 pounds, it said. He received 1.65 million pounds including benefits and bonus last year.

Kazakhmys, seeking to boost copper output about two-thirds to 500,000 metric tons a year by opening two mines, plans to start production at its Bozshakol project in 2015 and bring the Aktogay development on stream in 2016.

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