Kaz Minerals On Track After Second Quarter Ramp-up In Production

KAZ Minerals Approves USD1.2 Billion Kazakh Copper Expansion

LONDON (Alliance News) – KAZ Minerals said Thursday it is on track to meet its full-year copper production guidance for 2017, as it continued to ramp up production in the second quarter.

The Kazakhstan-focused miner said its first half production more than doubled to 118,000 tonnes of copper from 56,000 tonnes in the same period in 2016. This included a step-up in the second quarter to 66,000 tonnes from 52,000 tonnes in the first quarter.

This leaves KAZ on track for its full-year production guidance of between 225,000 and 260,000 tonnes of copper.

Meanwhile, first half gold production amounted to 93,000 tonnes, up from 45,000 tonnes the prior year.

“I am pleased to report good progress in the ramp up of the new sulphide concentrator at Aktogay and a strong operational performance from our other assets,” said Chief Executive Oleg Novachuk.

“At Bozshakol, we expect to achieve 100% of design capacity in the second half of this year as planned. The operational performance has had a positive impact on unit costs supported by limited domestic inflation, with Aktogay and the East Region currently tracking below the guided full year cost range,” added Novachuk.

Shares in KAZ Minerals were up 1.1% at 710.50 pence Thursday morning.