Kazakhmys on track to hit full-year output targets
Diversified mining group Kazakhmys remains on track to meet its full-year production targets this year, as it ramps up production after Kazakhstan's severe weather felt at the start of the year.
Diversified mining group Kazakhmys remains on track to meet its full-year production targets this year, as it ramps up production after Kazakhstan's severe weather felt at the start of the year.
Copper ore extraction improved 6% to 17,487kt in the first six months of the year, driven mainly by an increase in output from the Central Region. Ore extraction rose 6% from the previous quarter. "All regions benefited from improved weather conditions and equipment availability after the harsh weather experienced in Q1 2012."
Copper cathode production fell by 12% year-on-year to 134.7kt, reflecting the lower volume of copper in concentrate produced and the planned repairs to the Balkhash smelter during March and April. Nevertheless, full-year production targets for copper cathode still stand between 285 and 295kt.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Elsewhere, zinc, silver, gold and dor production all declined over the year half year.
Chief Executive Officer Oleg Novachuk said: "It is a challenging global environment, but I look forward to reporting our half yearly results in August."
BC
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published