New board of directors elected

RNS Number:

26 December 2011

ShalkiyaZinc N.V. (LSE: SKZ) (“ShalkiyaZinc”) today announced the results of its shareholders’ meeting held on 19 December 2011 in Amsterdam, the Netherlands, (the “Shareholders’ Meeting”), at which each resolution proposed in ShalkiyaZinc’s convocation notice dated 4 November 2011, including the election of the new Board of Directors of ShalkiyaZinc was approved. The principal resolutions made at the Shareholders’ Meeting are set out below:

The Shareholders’ Meeting adopted ShalkiyaZinc’s audited annual accounts for the financial year ended 31 December 2010.

The Shareholders’ Meeting adopted the proposal to accept the resignation of the following non-executive members of the management boardAinur Bidaibekova, Daniyar Amanov, Murad Perzadayev, Oryngazy Jaboldinov and Marat Sarkytbayev, due to the fact that there are no activities in ShalkiyaZincperformed, there is no need for a large board of directors of ShalkiyaZinc. Furthermore, the Shareholders’ Meeting adopted the resolution to accept the resignation of Marat Sarkytbayev as executive member of the management board of ShalkiyaZinc as per the day of the Shareholders’ Meeting.

The Shareholders’ Meeting adopted the proposal to appoint Kenges Rakishev as a non-executive member of the management board with the personal title of the Chairman as per the day of the Shareholders’ Meeting.

The Shareholders’ Meeting adopted the proposal to appoint Alken Kuanbay as the executive member of the management board as per the day of the Shareholders’ Meeting

The Shareholders’ Meeting adopted the proposal to appoint PricewaterhouseCoopers Accountants N.V. as auditors to ShalkiyaZinc.

Mr. Mussinov, aged 32, is currently the First Deputy Chief Executive Officer of SAT & Company, a position he has held since January 2009. Mr. Mussinov also has acted as chairman of the board of JSC KazFerroStal since June 2009, as chairman of the board of SAT & Co Holding Anonim Sirketi JSC, SAT & Co Madencilik Isletme Ticaret Holding Anonim Sirketi JSC, Sivas Madecilik Isletme Ticaret Holding Anonim Sirketi JSC, Denizli Madencilik Isletme Ticaret Anonim Sirketi JSC since April 2009, and as chairman of the board of Jinchend SAT (Tianjin) Commercial & Trade Company Limited, Taonan City Jinshency Metallurgical Products company Limited, Ulanhot Jinyuanda Heavy Chemical Industry Company Limited and Baicheng Jinsheng Nickel Industry Company Limited, since October 2009. From 2007 to 2009 he served on the board of directors of JSC Nur Trust (Asset Management). Previously, from May to October 2007 he was a Vice-President of United Capital LLP, and between September 2006 and April 2007 he was a Vice-President of Investment Banking at Kaspi Bank JSC. Between October 2003 and July 2006 Mr. Mussinov was an executive director of the Kazakhstan Investment Fund. Mr. Mussinov holds a MA in International Relations with major in Finance from Johns Hopkins University, Baltimore, Maryland. Mr. Mussinov does not hold any share capital in ShalkiyaZinc, however is not independent as defined in the Dutch Code.

ShalkiyaZinc N.V. Tel: +7 727 2590 043

Alken Kuanbay, Acting Chief Executive Officer
FORWARD LOOKING STATEMENTS

Any statements in this announcement which are not historical facts are forward-looking statements which express the beliefs, opinions and expectations of ShalkiyaZinc or, as appropriate, of its management, at the time of this announcement and are subject to various risks and uncertainties that could cause actual results to differ materially from such expectations. Factors that are likely to influence such results include, but are not limited to: factors identified as risk factors in the Prospectus of ShalkiyaZinc dated 8 December 2007, changes in the prices of zinc and lead metal quoted on the London Metals Exchange and changes in the prices ShalkiyaZinc realises for its products, increases or decreases in demand for ShalkiyaZinc’s products, changes in ShalkiyaZinc’s rates of extraction of zinc-lead ore, the effects of competition, changes in the costs of energy, transportation, labour and other cost items, ShalkiyaZinc’s ability to comply with the conditions imposed by lenders under its financing arrangements, availability of funds, through borrowings or otherwise, for ShalkiyaZinc’s future operations and planned capital expenditures, ShalkiyaZinc’s ability to successfully implement any of its business or financing strategies, developments in, or changes to, the laws, regulations and governmental policies applicable to ShalkiyaZinc’s business, including changes affecting environmental liabilities, substantial inflation, interest rate and exchange rate fluctuations, changes in ShalkiyaZinc’s ability to obtain, maintain or renew the licences necessary to conduct its businesses, changes in political, social, legal or economic conditions in Kazakhstan or the neighbouring countries, the effects of international political events and ShalkiyaZinc’s success in identifying additional risks to its businesses and managing risks associated with the aforementioned factors. ShalkiyaZinc undertakes no obligation to update publicly or review any forward-looking statement whether as a result of new information, future developments or otherwise.