Following a very detailed pre-close trading update earlier in the month, the main full-year figures from copper mining giant Kazakhmys were widely known.
Revenues in 2011 rose to $3,563m from $3,237m in 2010, while earnings before interest, tax, depreciation and amortisation (EBITDA) edged up to $1,959m from $1,932m the year before. When accounting for the group's stake in fellow miner ENRC (which contributed $966m), group EBITDA reached $2,925m, up from $2,835m.
The group said that output of copper in 2012 should be similar to the level produced in 2011.
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The full-year dividend was raised by 27% to 28 cents per share.
"We continued to generate strong cash flows in 2011, which is reflected in the 27% increase in our full year dividend and our ongoing share buy-back programme. The balance sheet finished 2011 in a net funds position and with $4.2bn of secured long term funding, we are in an excellent position to continue the delivery of our growth projects," said Chief Financial Officer Matthew Hird.
Cash costs increased significantly during the year, up to 114 cents/lb from 89 cents/lb in 2010. According to Credit Suisse, these are expected to rise by 32-58% in 2012 to 150-180 cents/lb, "significantly higher than we (and we think the market) expected," the broker said on March 2nd.
BC
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