Testing starts at Aktogay, says KAZ Minerals

KAZ Minerals says testing and commissioning of the main Aktogay sulphide concentrator began today.

Production of saleable copper concentrate from sulphide ore is expected by the end of the first quarter of 2017.

Production guidance for Aktogay in 2017 will be announced with the group’s full year results on 23 February.

The Aktogay project budget has been reviewed and reduced by $100 million to $2,100 million. The saving has been achieved through faster than anticipated progress in construction of the concentrator, a partial release of contingency and from the continued benefit of a local supplier strategy and sustained weak tenge.

The timing of the remaining capital payments has been updated, with certain payments previously expected in late 2016 now anticipated in early 2017 and $70 million relating to the expansion of oxide ore heap leach cells deferred to 2018.

At 8:32am: (LON:KAZ) Kaz Minerals PLC share price was +4.95p at 396.15p

Story provided by StockMarketWire.com

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