Kazakhamys 'on track' to meet production targets

Kazakhstan-focussed copper producer Kazakhamys is on track to meet its annual production targets, an interim management statement for the quarter ended March 31st has shown.

Kazakhstan-focussed copper producer Kazakhamys is on track to meet its annual production targets, an interim management statement for the quarter ended March 31st has shown.

The natural resources group, which has significant interests in copper, gold, zinc, silver and power generation, reported copper cathode output of 73 thousand tonnes (kt) and said that it is on track to meet its annual production target of between 285kt and 295kt.

Production had been assisted by uninterrupted ore output and processing and extraction of ore increased by 3.0% and 17% compared to in the fourth quarter of 2012 and the first quarter of 2012 respectively, the group said.

By-product output was on track to meet annual production targets and the group said that silver output of 3,361 thousand ounces (koz), benefited from higher-than-anticipated grade and a release of work in progress, the group added.

Oleg Novachuk, Chief Executive Officer of Kazakhamys, said: "We have enjoyed a positive start to the year benefitting from relatively mild weather and good demand for our major products. We are on track to meet our annual production targets and we continue to invest in our growth projects."

He added: "Work has started on site at Aktogay, our second major project which was approved in December 2012."

Kazakhamys' share price was up 6.55% to 382.50p at 08:26 on Thursday.

MF

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