Kazakhmys's growth projects proceeding well

The benefits of improved copper prices were offset by lower copper sales in 2011, mining giant Kazakhmys revealed, adding that improving the efficiency of its current operations is a key focus of the group.

Revenues in 2011 rose to $3,563m from $3,237m in 2010, while earnings before interest, tax, depreciation and amortisation edged up to $1,959m from $1,932m the year before.

The group said that output of copper in 2012 should be similar to the level produced in 2011.

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"Our key challenges will remain to manage costs in an inflationary environment and to further improve health and safety towards our target of zero fatalities. Our growth projects are proceeding well, and as we move closer to delivery, I look forward to reporting on their progress through the year. The long-term outlook for copper is positive and with our growth projects underway and funding in place, we are well placed for the future," said Oleg Novachuk, Chief Executive of Kazakhmys.

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