24th Oct 2013 07:49
LONDON (Alliance News) - Kazakhmys PLC Thursday said its nine-month ore extraction rates were up 6% on the previous nine months with its copper-cathode output especially strong during the period.
The copper-focused miner, operating in Kazakhstan, reported ore extraction of 29.6 million tonnes in the first nine months of 2013, driven by an increase in output from the Central Region, with its Konyrat mine contributing an additional 2.0 million tonnes of ore.
In the first nine months of 2013, copper cathode equivalent production from the company's own concentrate of 214,900 tonnes was in line with the prior period.
The company said its zinc metal in ore decreased by 15% during the period, reflecting lower zinc bearing ore output and grades. Zinc in concentrate output reduced by 11% to 99,600 tonnes, as the prior period was impacted by a build-up of inventory.
Silver output for the nine-month period was 10.4 million ounces, up from 9.0 million ounces last year. Silver output increased significantly in the first nine months of 2013, mainly due to a reduction of work in progress and higher recovery rates during the first nine months of the year. There was a 4% decrease in silver in ore mined, which resulted from lower grades.
Total gold output for the nine months of 2013 declined to 78,200 ounces from last year's 89,900 ounces. The output of gold in mined ore was impacted by stripping work at its Abyz mine, which restarted mining at the end of third-quarter 2013. In addition, gold in ore output from the Artemyevsky mine was affected by equipment maintenance and lower grades. A decrease in gold in ore mined partially offset a build-up of work in progress in the corresponding period in 2012.
The company said its by-product output is on track to meet full year targets across all its metals.
Kazakhmys shares were up 5.1% to 264.12 pence, making it the biggest gainer in the FTSE 250 during early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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