Kazakhmys full-year copper output falls

Jan 31. Reuters

Kazakhmys full-year copper output fallsKazakhmys Plc , the world’s 10th largest copper miner, said full-year copper cathode output fell 2 percent on lower grades.

The Kazakhstan-based company said it produced 292,200 tonnes of copper cathode from its own concentrate, down from 298,500 tonnes a year earlier.

The average copper grade during the year was 0.95 percent, compared with 1.01 percent last year.

Production of gold, which Kazakhmys mines alongside copper, declined 2 percent to 115.9 kilo ounces.

Silver output, also a by-product of the company’s copper mining operation, fell 4 percent to 12,629 kilo ounces.

Shares in Kazakhmys, a FTSE 100 constituent, have lost about a third of their value in the past year. They closed at 736 pence on Wednesday on the London Stock Exchange.