13th Feb 2017 14:51
LONDON (Alliance News) - FTSE 250-listed KAZ Minerals PLC on Monday said it has produced its first saleable copper concentrate from sulphide ore at its Aktogay project in eastern Kazakhstan.
KAZ said the commencement of production is consistent with its most recent guidance for output, and shipment of the concentrate from Aktogay are expected to begin "imminently".
The sulphide concentrator at the site will now ramp up, with the target of achieving commercial levels of output in the second half of the year, KAZ said, noting production guidance for 2017 will be issued on February 23 in the group's annual results.
"Both of the group's major growth projects are now fully operational. Our production continues to grow strongly and is on track to reach 300,000 tonnes of copper per annum by 2018, with around 80% coming from our new low cost, open pit mines," said KAZ Chief Executive Oleg Novachuk.
Shares in KAZ were trading up 2.0% at 582.00 pence on Monday afternoon.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2017 Alliance News Limited. All Rights Reserved.
Related Shares:
KAZ.L