KAZ eyes up to 16% production growth in 2018
JOHANNESBURG (miningweekly.com) – London-, Kazakhstan- and Hong Kong-listed KAZ Minerals is expecting copper production growth of up to 16% in 2018, as the new Aktogay mine, in Kazakhstan, ramped up production.
The company, which on Thursday reported a big jump in full-year profit, has set a production guidance of 270 000 t to 300 000 t of copper. This compares with output of 259 000 t in 2017, which in itself was an 80% jump on 2016.
The new Bozshakol mine, in the Pavlodar region, and the Aktogay mine, in the East region, contributed 192 000 t to the group’s copper production last year.
The Bozshakol mine is expected to produce between 95 000 t and 105 000 t, Aktogay sulphide will ramp up to between 90 000 t and 105 000 t and the oxide operation will produce between 20 000 t and 25 000 t.
Production from East Region, in Kazakhstan, and Bozymchak, in Kyrgyzstan, will remain stable at about 65 000 t.
The production and sales growth resulted in KAZ doubling its gross revenue to $1.94-billion, from $969-million in 2016, and operating profit increasing by more than three times to $715-million.
Underlying profit for the year increased by 164% to $476-million.
“The group has delivered high production growth and low operating costs in 2017. Following the successful ramp-up to date of Bozshakol and Aktogay, our asset base is now dominated by large-scale, low-cost, modern copper mines which are set to generate significant cash flows in the future,” said CEO Andrew Southam.
He added that the $1.2-billion expansion of Aktogay, which was approved in December, would position KAZ well to benefit from the expected tightness in the copper market.
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