Kazakh Metallurgical Corporation increases revenues by 10 percent in 2011
Azerbaijan, Baku, March. 1 / Trend E. Kosolapova/
Kazakh Metallurgical Corporation Kazakhmys increased sales revenues by 10 percent in 2011, the company reported on Thursday. Kazakhmys' sales revenues increased from $3.228 billion in 2010 to $3.548 billion in 2011.
This statement excludes the contribution from ENRC PLC, in which Kazakhmys has a 26 percent shareholding.
The company's segmental EBITDA excluding special items, increased by 4 percent in this period to $1.959 billion supported by the growth in revenues.
"We made excellent progress on our growth projects during 2011. Bozshakol (field) started its development phase in August 2011, and the $1.8 billion project remains on track for first production of concentrate in 2015. At the same time, the feasibility study for Aktogay was commenced with a completion date expected by the end of 2012, with anticipated first production in 2016," the company said.
Earlier, the company signed a loan agreement with China Development Bank for 1.5 billion for development of Aktogay.
Kazakhmys decreased copper production by 10 percent in 2011 to 304,900 tons, the company reported earlier. The company's copper cathode production hit 307,600 tons, zinc in concentrate production 139,600 tons, silver production - 13.137 million oz and 117,900 oz of gold in 2011.
The company forecasts copper production in 2012 at the level of 2011. Silver production is anticipated at 12,000 koz, gold output at 120 koz. Moreover, the company forecasts a slight increase in zinc output.
Kazakhmys is a leading international natural recourses group with significant interests in copper, gold, zinc, silver and power generation. It is the largest copper producer in Kazakhstan and one of the top worldwide with seventeen operating mines, ten concentrators and two copper smelters.