28th Apr 2016 06:59
LONDON (Alliance News) - KAZ Minerals PLC Thursday said production has fallen in the first quarter of 2016 compared to the final quarter of last year but said it remains on track to deliver its full year guidance.
The copper miner operating in Kazakhstan said production of copper in concentrate in the first quarter of 2016 totalled 22,400 tonnes whilst copper cathode production amounted to 20,300 tonnes.
Both of those results were lower than the fourth quarter of 2015 when KAZ produced 23,000 tonnes of copper in concentrate and 22,700 tonnes of copper cathode.
However, they were also both higher than what was produced in the first quarter of 2015 when it produced 21,500 tonnes of copper in concentrate and 19,100 tonnes of copper cathode.
Zinc in concentrate production in the first quarter of 2016 amounted to 19,900 tonnes, which was down from the 21,000 tonnes produced in the final three months of 2015 and lower than the 25,100 tonnes produced in the corresponding period a year earlier.
Gold bar equivalent production in the quarter amounted to 13,000 ounces, considerably higher than the 6,400 ounces produced in the fourth quarter of 2015 and higher year-on-year. Silver granule equivalent production totalled 751,000 ounces, higher than the previous quarter but lower compared to a year earlier.
Copper cathode sales were higher year-on-year in the first quarter of 2016, as were gold bar sales. However, sales of zinc in concentrate and silver granules were both lower than a year ago.
Net debt at the end of March stood at USD2.42 billion, rising from USD2.25 billion at the end of 2015 as the company continues to invest in the development of the Bozshakol and Aktogay projects and because of interest payments totalling USD79.0 million in the quarter.
Total cash and cash equivalents at the end of the first quarter stood at USD1.10 billion, falling from USD1.25 billion at the end of 2015.
By Joshua Warner; [email protected]; @JoshAlliance
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