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.

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.

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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