UK-based copper company KAZ Minerals has completed the purchase of the Baimskaya copper project in the Chukotka region of Russia.

The company said that the consideration due on initial completion is $436 million in cash and the issuance of initial equity consideration consist 22.3 million new KAZ shares.

The shares consisting the initial equity consideration have been allotted and issued to the seller and are identical in all respects to KAZ existing issued shares.

The initial equity consideration is subject to a three-year lock-up period ending on the third anniversary of initial completion.