World Bulletin / News Desk

Copper miner Kazakhmys said on Tuesday that it sold its German semi-finished copper products business, MKM, for 42 million euros ($54.34 million).

The company, which is bidding for rival Eurasian Natural Resources Corp Plc, said it would receive 12 million euros of the deal value on a deferred basis.

Kazakhmys had taken over Mansfelder Kupfer und Messing GmbH (MKM) in 2004. The German company produces a range of products including copper strips, wire, tubes and bars.

The miner said it was selling the business to a European family office, but did not name the buyer.