Kaz Minerals posts increase in quarterly copper output in line with full-year outlook
Kaz Minerals, a major mining operator in Kazakhstan and Kyrgyzstan, said on Thursday its first-quarter copper production rose 4%, boosted by robust volumes at its Aktogay mine in Kazakhstan, while the miner maintained its output forecast for the year.
The company, which in February posted annual copper production of 295 000 t, kept its 2019 output unchanged at around 300 000 t, as it expects higher output from its Bozshakol mine and operations in the eastern part of the country.
"Over the remaining nine months of 2019, two scheduled mill relining is due to take place (at Aktogay) and processing grades will continue to decline from current levels," the company said.
Kaz Minerals, which is about 32%-owned by Kazakh billionaire Vladimir Kim, and Glencore's Kazzinc account for a large part of Kazakhstan's metals production.
Kazakhstan's refined copper output rose 10.1% year-on-year in the first quarter of 2019, Statistics Committee data showed last week.
The copper miner said production in the quarter ended March rose to 70 000 tenge from 67 300 tenge a year earlier.
However, output fell 10.1% from 77 900 t in the preceding quarter.
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