Kazakhmys copper sales unaffected by global jitters
October 28. Universal Newswires
International financial market jitters and eurozone troubles have not affected the copper contracts of Kazakhmys, the Kazakh-focused mining giant said Thursday.
Copper sales are “going through fine,” the company’s chief of corporate communications John Smelt told Dow Jones Newswires.
He said customers had not called to amend contracts and that Kazakhmys is on track to meet its 2011 production target of 331,000 tons of copper cathode.
Oleg Novachuk, CEO of the UK-listed natural resources group, concurred.
“In spite of the considerable volatility in financial markets, we have seen consistent demand for our copper,” Novachuk said in a company statement Thursday.
The upbeat assessments came as Kazakhmys announced an expected decline in copper in concentrate production in the third quarter.
Ongoing high demand for copper in countries such as China is countering the downward pressures by volatile markets on the price of copper and other natural resources by the volatility.
“Continuing demand for copper is reflected in the current negotiations for our 2012 off-take agreements, which as in previous years should be completed in the next few months,” said Novachuk.