28th Jan 2016 08:54
LONDON (Alliance News) - KAZ Minerals PLC Thursday said production in 2015 either met or exceeded the company's full year guidance as the miner focuses on the development of its Bozshakol and Aktogay mines which will lead to substantial production growth moving forward.
KAZ shares were trading up 7.2% to 115.25 pence per share on Thursday morning.
The miner said full year copper cathode production in 2015 was at the lower end of its guidance range of 80,000 to 85,000 tonnes, coming in at 81,100 tonnes whilst the production of by-products also met or exceeded its targets during the year.
Zinc in concentrate production totalled 94,300 tonnes in 2015 whilst gold bar production came in at 34,600 ounces - both in line with the company's guidance. Silver output in the year beat the company's guidance by 25% after coming in at over 3.1 million ounces, supported by high grades.
"I am pleased to report that in 2015 the East Region and Bozymchak mines met or exceeded production guidance across all metals. We also achieved the first output of copper cathode from Aktogay oxide in December and copper concentrate from Bozshakol is expected shortly," said Oleg Novachuk, chief executive of KAZ.
"We are now focused on the ramp up of Bozshakol which, together with Aktogay, will deliver the highest growth rate in the sector over the next three years," he added.
All of the miner's operations are located in Kazkahstan.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
KAZ.L