30th Jan 2014 09:39
LONDON (Alliance News) - Kazakhmys PLC Thursday said its production across most of its portfolio met or beat its previous guidance in its full year 2013.
The FTSE 250 copper-focused miner, operating in Kazakhstan, said its own copper cathode production slightly increased to 294,000 tonnes for 2013 from 292,200 tonnes in 2012, at the top end of company guidance, with an 11% increase in its fourth quarter to 79,100 from 70,600 in the previous quarter, supported by an increase in ore extraction and grades.
Kazakhmys achieved a higher average copper grade of 0.99% for 2013, from 0.95% the previous year, and increased its extraction rate by 4.3% to 39.2 million tonnes from 37.5 million tonnes.
The company said its silver output increased 12% to 14.3 million ounces for the full year from 12.6 million ounces in 2012, a rate above the company's full-year targets due to higher recovery rates.
Kazakhmys added that its total gold output for the full year was above estimates at 107,500 ounces, a 17% fall on 2012 due to lower grades, a build up of ore at its Karagaily concentrator and a slight increase in work in progress in the work in progress at its Balkhash smelter at the end of 2013.
Its output of gold in the fourth quarter rose by 10% to 28,300 ounces from the previous quarter due to an increase in gold in ore mined in its central region following the re-start of extraction at its Abyz site.
The company also noted a zinc-in-concentrate production of 134,000 tonnes for the year, a 12% fall on 151,600 tonnes the previous year due to lower zinc bearing output and grades. However this rate is also above company estimates for its full year.
Kazakhmys said net power generated by its captive power stations increased by 3% to 5,723 gigawatt hours during the year, with a 13% increase in external sales to 2,366 gigawatt hours.
It noted that shareholders approved the sale of its 50% interest in the Ekibastuz GRES-1 power station on January 7.
The company also said that the concentrator at its Bozymchak site is set to enter commissioning phase during the first quarter 2014.
Kazakhmys shares were up 2.6% to 183.70 pence, making it the fourth top FTSE 250 mover in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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