Kazakhmys to proceed with $2 bln Atkogay project

Dec 6. Reuters. LONDON

Kazakhmys to proceed with $2 bln Atkogay projectCopper miner Kazakhmys said it would proceed with the development of its Aktogay project, forecast to cost $2 billion, early next year with production at the mine in Kazakhstan scheduled to start in 2015.

The company said on Thursday that its board had approved the project and development operations will start in the new year, funded by a $1.5 billion facility provided by China Development Bank last year.

Aktogay, Kazakhmys’s second major copper project, was given the go ahead after the completion of a year-long feasiblity study.

The company said it will start producing copper from the oxide part of the ore body in 2015, with output from the sulphide part starting the following year.