Kazakhmys approves development of Aktogay copper project

FTSE 100 miner Kazakhmys has approved the development of Aktogay, its second major copper project, following the successful completion of a feasibility study.

FTSE 100 miner Kazakhmys has approved the development of Aktogay, its second major copper project, following the successful completion of a feasibility study.

The total measured an indicated mineral resource is 1,719m tonnes, at an average copper grade of 0.33%.

The company said it plans to start development early next year, and expects first production from the oxide ore body in 2015 and sulphide ore body the following year.

Oleg Novachuk, Chief Executive Officer of Kazakhmys said: "I am delighted to announce the approval of Aktogay, which allows us to move forward with our second major copper project.

"The combination of our Bozshakol and Aktogay projects will add around 200kt of low cost production from new generation open pit mines, which will be transformational for Kazakhmys and also for the mining industry in Kazakhstan. The combined projects represent an investment of around $4bn, creating significant employment and ensuring the continued growth of the copper industry in the country."

The project has a capital cost of around $2bn, and is primarily being funded from a $1.5bn project specific financing facility signed with the China Development Bank in December 2011.

The share price rose 0.14% to 741.50p by mid-afternoon.

NR

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023