TABJ - May 27 - London-listed copper major Kazakhmys will list on the Hong Kong Stock Exchange, but only as introduction having elected not to raise up to $200 million through the issuance of new shares.

The world’s tenth largest copper player has stated that this decision is owing to volatile prices on the commodities markets of late, leading to a weaker-than-normal share price.

“At current share-price levels and with the strength of our balance sheet, it would not create value for existing shareholders to issue new shares at this time,” Chief Executive Oleg Novachuk said in a statement to press.

“We will continue to assess our position, as our growth projects develop and market conditions change.”

Since February 15, the company’s shares have dipped by 18 per cent, along with copper on the LSE (London Stock Exchange) which has fallen by 12 per cent.