Nova Resources, an investment company, completed the acquisition of the remaining 61% stake in Kaz Minerals, a copper company focused on a large scale, low-cost open-pit mining in Kazakhstan, for $5.5bn. "Mr. Kim and I believe that KAZ Minerals has made notable progress as a public company since listing on the London Stock Exchange in 2005. However, driven by the current market uncertainty and the corporate circumstances of sequential development projects, we believe that KAZ Minerals' long term interests would be best served as a private company. We remain confident that the execution of a higher risk, capital intensive strategy remains the optimal long term path for KAZ Minerals, but we recognise that our risk appetite may be misaligned with the preference of many investors in the mining sector. In taking this important step, we wanted to ensure that KAZ Minerals Shareholders were provided with the opportunity to crystallise the value of their investment at a premium valuation. We are confident that this recommended Acquisition delivers an attractive return to KAZ Minerals Shareholders," Oleg Novachuk, Nova Resources Chairman. On December 7, 2020, Nova Resources announced that the acquisition is to be implemented by way of a recommended takeover offer in order to increase certainty of execution in the interests of KAZ Minerals Shareholders. On January 11, 2021, Nova Resources received clearance from the State Administration for Market Regulation of the PRC, Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan and Government of the Kyrgyz Republic. On January 13, 2021, RWC, KAZ Minerals' top investor, urged the board to scrap the deal, stating that the bid will fail as it materially undervalues the company. On February 4, 2021, Nova's offer was increased from $3.9bn to $5.1bn. The offer has been unanimously approved by Kaz’s independent committee. On March 26, 2021, Nova increased its bid to $5.5bn.