BAKU, Azerbaijan, Oct. 29
By Nargiz Sadikhova - Trend:
Metals production of Kazakhstan’s KAZ Minerals company is on track to achieve or exceed full year production guidance, assuming no new material COVID-19 impact, Trend reports citing the company.
Thus, copper production of 76,200 tons (78,900 tons in 2Q2020), on track for top end of full year guidance of 280,000-300,000 tons. Gold production of 50,700 ounces (Q2 2020: 54.300 ounces), forecast to reach top end of 180,000-200,000 ounces guidance range.
Group silver production guidance increased to 3.5 million ounces and zinc in concentrate guidance to 45,000-50,000 tons.
Copper production at Aktogay field in 3Q2020 of 31,700 tons, below previous quarter (2Q2020: 34,300 tons), as throughput reduced by scheduled maintenance. Average copper grade in 3Q2020 of 0.56 percent (2Q2020: 0.55 percent) higher than expected.
Full year copper production on track to achieve upper end of guidance range of 120,000-130,000 tons.
Copper production at Bozshakol mine of 30,300 (2Q2020: 30,600), as higher ore throughput was offset by lower copper grades and recoveries.
Gold production at Bozshakol mine reduced to 37,000 ounces (2Q2020: 41,000 ounces) due to expected lower average gold grades and recoveries.
Operations at Bozshakol are on track to achieve full year copper production guidance of 110,000-120,000 and the upper end of gold production guidance of 140,000-150,000 ounces, with mill maintenance deferred from earlier in the year scheduled to take place in 4Q2020.
Copper production at company’s East Region and Bozymchak of 14,200 tons (2Q2020: 14,000 tons), on track to achieve full year guidance of 50,000 tons.
Gold production at East Region and Bozymchak of 13,700 ounces (2Q2020: 13,300 ounces), could exceed full year guidance of 40,000-50,000 ounces.
Silver production at East Region and Bozymchak mine full year guidance increased to 2 million ounces, following strong 3Q2020 output of 554,000 ounces.
Strong zinc in concentrate output, benefiting from higher grades, with 15,700 tons produced in 3Q2020 (Q2 2020: 14,800 tons). Full year zinc in concentrate guidance increased to 45,000-50,000 tons.
Achieving top end of gold guidance is dependent on the restart of the Bozymchak mine in 4Q2020, where production has been temporarily suspended since October 7, to ensure employee safety following recent political instability in Kyrgyzstan.
---
Follow the author on Twitter: @nargiz_sadikh