24th Jan 2019 08:09
LONDON (Alliance News) - Kazakhstan-focused KAZ Minerals PLC said copper production in 2018 was at the upper end of its guidance, mainly due to the strong performance from the Aktogay mine.
The FTSE 250-listed miner's copper production increased 14% to 294,700 tonnes in 2018 from 258,500 in 2017. KAZ had guided for 2018 production to be between 270,000 and 300,000 tonnes.
Full-year production at Aktogay increased 46% to 131,400 tonnes from 90,200 with production at KAZ's other projects - Bozshakol and East Region & Bozymchak - broadly flat. Production at Aktogay exceed the company's guidance of 110,000 to 130,000 tonnes.
Gold production increased 2.6% in 2018 to 183,400 ounces from 178,700 ounces the year before with silver production flat at 3.5 million ounces.
KAZ's zinc concentrate production decreased 14% to 49,700 tonnes from 57,600 tonnes.
"KAZ Minerals' operating assets have delivered another strong year in 2018, with a 14% increase in copper production to 295,000 tonnes. Approximately 45% of the group's copper production came from the Aktogay mine, commissioned in 2017, which ramped up to produce 131,400 tonnes of copper, an increase of 46% compared to the prior year," said Chief Executive Officer Andrew Southam.
He added "I am particularly proud that 2018 marks the tenth consecutive year in which the group has achieved its annual copper production guidance, a period which includes the successful ramp up of our two major growth projects in Kazakhstan, Bozshakol and Aktogay."
Shares in KAZ Minerals were up 0.5% early Thursday at 518.40 pence each.
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