Kazakhmys, the UK-listed Kazakh copper producer, yesterday sought to keep its options open by stating it was "not currently contemplating" agreeing to a reverse takeover by Metalloinvest, the Russian iron ore and steel group.

Kazakhmys admitted on Monday that it had held "very preliminary discussions" about a combination with a third party, which several people close to the company said was Metalloinvest. The private Russian group is controlled by Alisher Usmanov, the billionaire who owns 24 per cent of Arsenal football club.