25th Apr 2019 09:06
LONDON (Alliance News) - KAZ Minerals PLC said Thursday it is confident of achieving its 2019 copper guidance, despite a slight dip in its production rate in the first quarter.
KAZ produced 70,000 tonnes of copper in the first three months of 2019, down 10% on the prior quarter but 4% higher year-on-year.
KAZ expects copper production to rise over the remainder of the year, and it is on track to achieve its 300,000 tonne guidance for 2019. KAZ also expects to meet guidance of 130,000 ounces to 140,000 ounces of gold.
Turning to gold, output fell 10% on the prior quarter to 43,400 ounces, and declined 13% year-on-year. Silver production slipped 32% on the previous three months and 27% on the year prior.
KAZ produces from the Bozshakol, Aktogay, and East Region assets in Kazakhstan, and the Bozymchak mine in Kyrgyzstan.
Chief Executive Andrew Southam said: "The Aktogay and Bozshakol sulphide plants performed well during the winter period, with both achieving design ore throughput in the first quarter. Record processing volumes and increased recovery rates at Aktogay resulted in copper production of 37,000, offsetting lower average grades and seasonal variation in oxide production.
"Higher output from Bozshakol and the East Region is expected over the remaining nine months of the year with the group to deliver full year copper production of circa 300,000 tonnes."
KAZ shares were 1.5% lower on Thursday morning at 680.00 pence each.
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