KAZ Minerals reported total copper cathode sales of 23 kt in the period, and had net debt of $2.43bn (£1.67bn) on 31 March, as well as $1.21bn of funds and available facilities.
Kazakhstan-focused copper producer KAZ Minerals has made a solid start to the year, reporting the on-schedule ramping up of projects and production in line with guidance in its first quarter on Thursday.
The FTSE 250 firm produced copper cathode equivalent of 21.5 kilotons during the quarter.
Production at its Bozshakol project commenced in late February, with 1.1 kt of copper in concentrate output during the quarter.
There were “no major issues” encountered, and all main sections of the plant are now in operation. Throughput volume was still increasing as expected in April.
KAZ completed a trial sales shipment from Bozshakol in March, with two more shipments dispatched in April.
Production guidance at the project was maintained at 45-65 kt of copper cathode equivalent, and 50-70 kilo ounces of gold bar equivalent.
KAZ’s Aktogay oxide operation produced 1.5 kt of copper cathode as the SX/EW facility ramped up during the quarter.
It achieved 35 tonner per day on average in April, with further ramp up to achieve output of 15 kt in 2016.
At its East Region and Bozymchak operations, KAZ produced copper cathode equivalent of 19.7 kt during the quarter, on course to achieve full-year guidance of 70-75 kt.
Bozymchak managed to operate at design capacity, following optimisation works in the fourth quarter last year.
Zinc in concentrate production was 19.9 kt, silver granule equivalent totalled 749 koz, and gold bar equivalent quarterly output doubled to 12.7 koz.
KAZ Minerals reported total copper cathode sales of 23 kt in the period, and had net debt of $2.43bn (£1.67bn) on 31 March, as well as $1.21bn of funds and available facilities.
“In the first quarter of 2016 the Bozshakol sulphide concentrator commenced operation and the ramp up of the new facility is proceeding in line with expectations,” said KAZ chief executive Oleg Novachuk.
“To date, we have dispatched three shipments of copper concentrate from Bozshakol to our customers in China.”
Novachuk said the commissioning of oxide operations at Aktogay is also on schedule, and commented that the mines in the East Region and Bozymchak delivered a “strong start” to 2016.
“We expect to achieve our full year copper production target of 130-155 kt, delivering industry leading production growth at highly competitive cash costs.”
Source: Digitallook
