KAZ Minerals reduces copper production
Baku, Azerbaijan, Oct. 29
By Elena Kosolapova - Trend:
Kazakhstan's KAZ Minerals company produced 58,000 tons of copper cathode for the first nine months of 2015 compared to 59,100 tons in the same period of 2014, the company said Oct.29.
"The pace of production will allow reaching 80,000-85,000 tons planned by the company by the end of the year," a statement said.
Production of copper concentrate by the company for the period amounted to 67,000 tons.
During the reporting period the group KAZ Minerals produced 5.47 million tons of ore, which is 56 percent more than the same period last year, because in addition to the mines of East Kazakhstan and Bozymchak pit in Kyrgyzstan, ore from the Aktogay deposit on east of Kazakhstan is mentioned in the report for the first time. The average copper grade was 1.51 percent.
The group also produced 73,000 tons of zinc in concentrate and expects to reach the upper limit of the annual target of 90-95 million tons.
Some 2.45 million ounces of silver granules were produced in the reporting period. The planned annual production of silver was increased by approximately 10 percent (compared to the previously forecasted 2.2-2.5 million ounces).
Gold bar output in January-September was 28,000 ounces. By late 2015, the company intends to achieve the planned production volume (34-38,000 ounces).
KAZ Minerals PLC ("KAZ Minerals" or "the Group") is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan. It is a leading copper producer in Kazakhstan with five operating mines and four concentrators. In 2014, total copper cathode output from continuing operations was 84,000 tons.
The Group's continuing operations also produced 121,000 tons of zinc in concentrate, 3.4 million ounces of silver and 35,000 ounces of gold in 2014.
The Group has two major copper projects under construction, Bozshakol and Aktogay, and a third, Koksay, at scoping stage.
edited by CN
Follow the author on Twitter: @E_Kosolapova