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Kazakhmys to Raise Pay to Compensate for Tenge Devaluation

Feb. 17 (Bloomberg) -- Kazakhmys Plc, the largest Kazakh copper miner, will raise pay in the country by as much as 10 percent to compensate for the devaluation of the currency.

The decision, effective April, followed talks between the government and large companies, Kazakhmys said in a statement.

Kazakhstan, Central Asia’s biggest energy producer, last week devalued the tenge about 19 percent as it sought to stay competitive following a slump in the Russian ruble to a record.

Kazakhmys “still locks in a significant benefit from the devaluation,” Patrick Jones, an analyst at Nomura International Plc, said in a note, raising the stock to a neutral rating.

The shares climbed 1.6 percent to 237.60 pence at the close in London, extending their gain since the start of last week to more than 30 percent.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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