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Kazakhstan's KAZ Minerals reports increase in revenues

Business Materials 25 February 2021 13:08
Kazakhstan's KAZ Minerals reports increase in revenues

BAKU, Azerbaijan, Feb. 25

By Nargiz Sadikhova - Trend:

Revenues of Kazakhstan’s KAZ Minerals company increased by 4 percent to $2.3 billion in 2020 ($2.2 billion in 2019) as higher commodity prices offset lower production and sales volumes, Trend reports citing the company

Copper sales of 300,000 tons (317,000 tons in 2019) are below production of 306,000 tons (311,000 tons in 2019) due to year end shipment delays at Kazakhstan-China border.

The company’s gold sales of 205,000 ounces (225,000 ounces in 2019) were above production of 196,000 ounces (201,000 ounces in 2019) following inventory release.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) equaled $1.4 billion representing a margin of 61 percent ($1.3 billion, 60 percent margin in 2019).

Operating profit increased by 9 percent to $1.005 billion which is compared to $923 million in 2019. Strong cash generation was due to higher net cash flows from operating activities of $807 million ($512 million in 2019).

First quartile net cash cost of 64 USc/lb (77 USc/lb in 2019) was as the benefit of a weaker tenge and strong by‑product revenues offset the impact of lower sales volumes and additional costs for COVID-19.

Gross liquid funds of the company were $1.2 billion ($541 million in 2019) and borrowings were $3.9 billion ($3.3 billion in 2019). Some $62 million ($306 million in 2019) accounted for undrawn facilities.

The company’s net debt reduced by $158 million to $2.6 billion as compared to $2.7 billion in 2019.

KAZ Minerals is a high growth copper company focused on large scale, low cost open pit mining in the CIS region, with a proven track record for the successful delivery of greenfield mining projects. The Group is listed in London and Kazakhstan.

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Follow the author on Twitter: @nargiz_sadikh

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