TIDMKAZ
RNS Number : 6429U
KAZ Minerals PLC
26 October 2017
KAZ MINERALS
PLC
6(TH) FLOOR
CARDINAL PLACE
100 VICTORIA
STREET
LONDON SW1E 5JL
Tel: +44 (0)
20 7901 7800
==================
26 October 2017
KAZ MINERALS GROUP PRODUCTION REPORT FOR NINE MONTHS AND THE
THIRD QUARTERED 30 SEPTEMBER 2017 AND INTERIM MANAGEMENT
STATEMENT
l Operational highlights
-- Copper production(1) increased by 14% to 75 kt in Q3 (Q2
2017: 66 kt) as Aktogay ramps up
-- Full year copper production(1) guidance increased to 250-270
kt
-- Gold production guidance raised to 160-180 koz
l Bozshakol approaching design capacity
-- Copper production(2) of 27 kt in Q3 (Q2 2017: 29 kt)
-- Sulphide plant operated at 100% of design throughput in
August (Q3 2017: 93%)
-- Q3 copper output impacted by expected reduction in copper
grade
-- Clay plant achieved 81% of design throughput in Q3 (Q2 2017:
69%)
-- Gold guidance for 2017 raised to 110-120 koz, following
strong year to date output
l Aktogay copper guidance increased to 85-95 kt
-- Copper production(1) of 31 kt in Q3 (Q2 2017: 21 kt)
-- Sulphide copper production(2) was 23 kt in Q3 (Q2: 15 kt) and
operations declared commercial from October
-- Oxide copper cathode production of 8 kt in Q3 (Q2 2017: 6
kt)
l East Region and Bozymchak
-- Q3 2017 copper production(2) of 17 kt (Q2 2017: 16 kt), on
track for full year guidance of around 65 kt
-- High zinc grade areas in East Region not yet accessed, full
year zinc guidance revised to 60-65 kt
-- On track for top end of gold guidance range of 50-60 koz and
silver guidance increased to 2,600-2,850 koz
l Financial update
-- Net debt of $2,220 million at 30 September 2017 (30 June
2017: $2,442 million)
-- $1,684 million of available liquidity including cash and cash
equivalents of $1,352 million and $332 million of undrawn
facilities
-- $74 million of VAT refunds in relation to project capital
expenditure received in Q3
(1) Payable metal in concentrate and copper cathode from Aktogay
oxide ore.
(2) Payable metal in concentrate.
Oleg Novachuk, Chief Executive, said: "Following another strong
quarter from our new sulphide operations at Aktogay we have raised
the Group's copper production guidance for 2017 to 250-270 kt.
Aktogay's sulphide concentrator reached commercial levels of
production at the end of Q3 and we expect to reach full capacity
during 2018. At Bozshakol, the main concentrator operated at 100%
of design throughput in August. KAZ Minerals is rapidly improving
its gearing metrics as we deliver against our operational targets
in an improving market for copper."
For further information please contact:
KAZ Minerals
PLC
==================== ========================== =================
Chris Bucknall Investor Relations, Tel: +44 20 7901
London 7882
Investor Relations, Tel: +44 20 7901
Anna Mallere London 7814
Maksut Zhapabayev Corporate Communications, Tel: +7 727 244
Almaty 03 53
==================== ========================== =================
Instinctif Partners
==================== ========================== =================
Tel: +44 20 7457
David Simonson 2020
==================== ========================== =================
REGISTERED OFFICE
6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL,
United Kingdom.
NOTES TO EDITORS
KAZ Minerals PLC ("KAZ Minerals" or "the Group") is a high
growth copper company focused on large scale, low cost, open pit
mining in Kazakhstan. It operates the Bozshakol and Aktogay open
pit copper mines in the Pavlodar and East regions of Kazakhstan,
three underground mines and associated concentrators in the East
Region of Kazakhstan and the Bozymchak copper-gold mine in
Kyrgyzstan. In 2016, total copper cathode equivalent output was 140
kt with by-products of 75 kt of zinc in concentrate, 120 koz of
gold bar equivalent and 3,103 koz of silver bar equivalent.
The Group's new operations at Bozshakol and Aktogay are
delivering one of the highest growth rates in the industry and
transforming KAZ Minerals into a company dominated by world class,
open pit copper mines.
Bozshakol is a first quartile asset on the global cost curve and
will have an annual ore processing capacity of 30 million tonnes
when fully ramped up and a mine life of 40 years at a copper grade
of 0.36%. The mine and processing facilities will produce an
average of 100 kt of copper cathode equivalent and 120 koz of gold
in concentrate per year over the first 10 years of operations.
Aktogay is a large scale, open pit mine similar to Bozshakol,
with a mine life of more than 50 years and average copper grades of
0.37% (oxide) and 0.33% (sulphide). Aktogay commenced production of
copper cathode from oxide ore in December 2015 and copper in
concentrate production from sulphide ore commenced in February
2017. The sulphide concentrator will have an annual ore processing
capacity of 25 million tonnes when fully ramped up. Aktogay is
competitively positioned on the global cost curve and will produce
an average of 90 kt of copper cathode equivalent from sulphide ore
and around 20 kt of copper cathode from oxide ore per year over the
first 10 years of operations.
KAZ Minerals is listed on the London Stock Exchange, the
Kazakhstan Stock Exchange and the Hong Kong Stock Exchange and
employs around 13,000 people, principally in Kazakhstan.
This announcement contains inside information.
GROUP PRODUCTION SUMMARY
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
================================== ======== ======= ======== ======= =======
Ore extraction kt 51,380 35,764 16,959 17,537 13,665
============================ ===== ======== ======= ======== ======= =======
Ore processed kt 30,254 9,717 12,025 10,529 4,969
============================ ===== ======== ======= ======== ======= =======
Average copper
grade processed % 0.73 1.07 0.68 0.73 0.88
============================ ===== ======== ======= ======== ======= =======
Ore to leach pads kt 10,867 12,742 2,570 4,084 4,063
============================ ===== ======== ======= ======== ======= =======
Copper production(1) kt 193.3 98.6 75.3 65.9 42.3
============================ ===== ======== ======= ======== ======= =======
Bozshakol kt 78.8 26.8 26.8 29.1 16.7
============================ ===== ======== ======= ======== ======= =======
Aktogay sulphide kt 45.8 - 23.2 15.4 -
============================ ===== ======== ======= ======== ======= =======
Aktogay oxide kt 18.4 12.0 8.0 5.7 6.6
============================ ===== ======== ======= ======== ======= =======
East Region & Bozymchak kt 50.3 59.8 17.3 15.7 19.0
============================ ===== ======== ======= ======== ======= =======
Zinc in concentrate kt 45.8 56.2 13.5 16.8 16.6
============================ ===== ======== ======= ======== ======= =======
Gold production(2) koz 137.8 85.7 44.8 50.4 40.6
============================ ===== ======== ======= ======== ======= =======
Silver production(2) koz 2,708 2,299 952 961 739
============================ ===== ======== ======= ======== ======= =======
(1) Payable metal in concentrate and copper cathode from Aktogay
oxide ore.
(2) Payable metal in concentrate.
Copper production increased by 14% to 75.3 kt in Q3 from 65.9 kt
in Q2 2017, as the Aktogay sulphide concentrator continued its
successful ramp up, supported by seasonally higher output from the
oxide operations. Copper production also increased in the East
Region and Bozymchak by 1.6 kt compared to the previous quarter as
ore stockpiled in Q2 was processed. In the nine months to 30
September 2017, copper production almost doubled to 193.3 kt from
98.6 kt in the prior year period due to the contribution from
sulphide operations at Bozshakol and Aktogay. Following a strong
performance from the Aktogay sulphide concentrator in the year to
date, supported by a higher than anticipated copper grade, Group
copper production guidance has been raised to 250-270 kt.
Ore extraction in Q3 reduced by 3% to 17.0 million tonnes from
17.5 million tonnes in the previous quarter mainly due to reduced
mining of oxide ore at Aktogay, partially offset by the increased
extraction of sulphide ore. Ore extraction in the nine months to 30
September 2017 was 44% higher than the prior year period,
reflecting the increased mining activity at Bozshakol and
Aktogay.
Ore processed increased to 12.0 million tonnes in Q3 from 10.5
million tonnes in the previous quarter, as the Aktogay concentrator
raised throughput volumes. In the nine months to 30 September 2017
processing volumes rose by over three times compared to the prior
year period, due to the higher volumes processed at Bozshakol and
the start-up of the Aktogay sulphide concentrator.
The average grade of copper ore processed in Q3 reduced to 0.68%
from 0.73% in the prior quarter as grades at Bozshakol and Aktogay
were slightly lower, in particular as a reduced proportion of high
grade supergene enriched ore was processed at Aktogay, as expected.
Processing feed grades of 0.73% in the nine months to 30 September
2017 compare to 1.07% in the prior year period, when a greater
proportion of ore processed by the Group was accounted for by the
higher grade underground mines in the East Region.
Lower zinc grades in the East Region resulted in a 20% reduction
in output compared to the previous quarter, to 13.5 kt. Zinc output
in the nine months to 30 September was 19% lower than in the prior
year period due to the closure of the Yubileyno-Snegirikhinsky mine
and the temporary adoption of a six day week at the Orlovsky mine
for maintenance works. At the Artemyevsky mine, extraction has not
moved to higher grade zinc areas as planned in the second half of
2017 and accordingly guidance for zinc output in 2017 is revised to
60-65 kt.
As anticipated, gold output in Q3 was 11% lower compared to the
previous quarter, with gold grades at Bozshakol reducing from the
temporarily elevated levels in the first half of the year. Silver
production was in line with the previous quarter.
Gold production for the first nine months of 2017 was 61% higher
than the prior year period, and silver production was 18% higher,
due to increased production at Bozshakol. Strong gold and silver
output in the year to date results in increased Group guidance for
2017, to 160-180 koz of gold production and 3,450-3,700 koz of
silver production.
BOZSHAKOL
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
=============================== ======= ======= ====== ====== ======
Ore extraction kt 28,660 19,482 9,234 9,522 8,466
========================= ===== ======= ======= ====== ====== ======
Sulphide kt 14,462 8,894 5,429 4,778 4,325
========================= ===== ======= ======= ====== ====== ======
Clay kt 14,198 10,588 3,805 4,744 4,141
========================= ===== ======= ======= ====== ====== ======
Ore processed kt 18,498 6,152 6,808 6,630 3,862
========================= ===== ======= ======= ====== ====== ======
Copper
================================ ======= ======= ====== ====== ======
Average copper
grade processed % 0.54 0.56 0.51 0.56 0.56
========================= ===== ======= ======= ====== ====== ======
Copper in ore processed kt 100.1 34.4 34.5 37.0 21.6
========================= ===== ======= ======= ====== ====== ======
Copper recovery
rate % 82.4 81.5 81.3 82.4 80.9
========================= ===== ======= ======= ====== ====== ======
Copper in concentrate kt 82.5 28.1 28.1 30.4 17.5
========================= ===== ======= ======= ====== ====== ======
Copper production(1) kt 78.8 26.8 26.8 29.1 16.7
========================= ===== ======= ======= ====== ====== ======
Gold
================================ ======= ======= ====== ====== ======
Average gold grade
processed g/t 0.28 0.34 0.25 0.29 0.37
========================= ===== ======= ======= ====== ====== ======
Gold recovery rate % 57.6 59.0 55.5 59.3 58.3
========================= ===== ======= ======= ====== ====== ======
Gold in concentrate koz 97.4 39.6 30.2 36.7 26.6
========================= ===== ======= ======= ====== ====== ======
Gold production(1) koz 91.1 37.7 28.2 34.4 25.4
========================= ===== ======= ======= ====== ====== ======
Silver production(1) koz 517 158 156 200 100
========================= ===== ======= ======= ====== ====== ======
(1) Payable metal in concentrate.
Ore extraction at Bozshakol reduced slightly compared to the
previous quarter but continued to be ahead of the rate required to
feed the sulphide and clay ore concentrators, with 9.2 million
tonnes of ore extracted and 6.8 million tonnes processed in the
period. Ore extraction of 28.7 million tonnes in the first nine
months of 2017 was 47% higher than the 19.5 million tonnes mined in
the prior year period, when the sulphide plant first commenced
production.
The quantity of ore processed increased at both concentrators
quarter on quarter. The sulphide plant operated at 93% of ore
throughput capacity over the quarter and achieved 100% of design
capacity in the month of August. The clay plant continued its
successful ramp up, reaching 81% of design throughput in Q3 (Q2
2017: 69%). In the first nine months of 2017, ore processed was
three times higher than the prior year period, when the ramp up of
the sulphide plant commenced.
Copper production reduced slightly in Q3 to 26.8 kt, from 29.1
kt in the previous quarter, as a lower copper grade was only
partially offset by the increase in volume processed. The average
grade processed in Q3 was 9% lower at 0.51% (Q2 2017: 0.56%) and
was 0.49% in the main sulphide plant (Q2 2017: 0.54%). Average
recovery rates reduced slightly to 81.3%, partly reflecting the
higher proportion of volumes attributable to clay operations, which
recorded a recovery rate of 71.3%. Copper production in the nine
months to 30 September 2017 was 78.8 kt, almost three times higher
than the prior year period, in line with the increase in ore
processed.
Gold and silver production in Q3 2017 reduced by 18% and 22%
respectively versus Q2, mainly due to a reduction in grades,
following temporarily elevated levels in the first half of the
year. The gold recovery rate reduced to 55.5%, partly reflecting
the lower recoveries from the clay plant during ramp up. Gold
production in the nine months to 30 September 2017 was 2.4 times
higher than the prior year period when the sulphide concentrator
was in the first year of its ramp up.
Bozshakol's Q4 production will be impacted by a maintenance shut
down scheduled to take place in November, however it remains on
track for 2017 copper production within the guidance range of
100-110 kt. Despite lower gold grades anticipated in Q4 2017, gold
production is expected to be 10 koz higher than previously guided,
at 110-120 koz.
AKTOGAY
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
============================== ======= ======= ====== ====== ======
Ore extraction kt 19,778 12,742 6,756 7,003 4,063
========================= ==== ======= ======= ====== ====== ======
Oxide kt 10,867 12,742 2,570 4,084 4,063
========================= ==== ======= ======= ====== ====== ======
Sulphide kt 8,911 - 4,186 2,919 -
========================= ==== ======= ======= ====== ====== ======
Oxide
=============================== ======= ======= ====== ====== ======
Oxide ore to leach
pads kt 10,867 12,742 2,570 4,084 4,063
========================= ==== ======= ======= ====== ====== ======
Grade % 0.38 0.40 0.27 0.39 0.38
========================= ==== ======= ======= ====== ====== ======
Copper cathode kt 18.4 12.0 8.0 5.7 6.6
========================= ==== ======= ======= ====== ====== ======
Sulphide
=============================== ======= ======= ====== ====== ======
Sulphide ore processed kt 8,676 - 4,102 2,937 -
========================= ==== ======= ======= ====== ====== ======
Average grade processed % 0.70 - 0.65 0.72 -
========================= ==== ======= ======= ====== ====== ======
Recovery rate % 78.7 - 90.7 76.5 -
========================= ==== ======= ======= ====== ====== ======
Copper in concentrate kt 48.0 - 24.3 16.2 -
========================= ==== ======= ======= ====== ====== ======
Copper production(1) kt 45.8 - 23.2 15.4 -
========================= ==== ======= ======= ====== ====== ======
Total copper production kt 64.2 12.0 31.2 21.1 6.6
========================= ==== ======= ======= ====== ====== ======
(1) Payable metal in concentrate.
Sulphide ore extraction at Aktogay rose by 43% in Q3 to 4.2
million tonnes, compared to 2.9 million tonnes in the previous
quarter, to feed the ramp up of the sulphide concentrator. Oxide
ore extraction reduced to 2.6 million tonnes (Q2 2017: 4.1 million
tonnes), in line with requirements, as the oxide leach pads were
adequately supplied in prior periods. The copper grade of oxide ore
placed on leach pads in the quarter reduced to 0.27% (Q2 2017:
0.39%) due to the planned mining of lower grade sections. Total ore
extraction in the nine months to 30 September 2017 was 55% higher
than the prior year period, reflecting the commencement of sulphide
ore mining in 2017.
Copper cathode production at the SX/EW plant increased to 8.0 kt
(Q2 2017: 5.7 kt) due to higher ambient temperatures in the summer
period and efficiencies in the SX/EW process, with improved
equipment availability rates and high levels of copper in solution.
Cathode production in the nine months to 30 September 2017 was 18.4
kt (nine months to 30 September 2016: 12.0 kt). Q4 oxide production
will be impacted by colder conditions, with full year production
expected to be up to 25 kt.
The sulphide concentrator commenced production in February 2017
and following a successful ramp up during the quarter, was declared
commercial at the start of October 2017. Ore processed was 66% of
design capacity over Q3 2017, 40% above the previous quarter. A
scheduled shut down for maintenance including the replacement of
mill linings was successfully completed in September 2017.
Copper production from sulphide ore increased by 51% to 23.2 kt
in Q3 2017 as the increase in ore throughput was partially offset
by an expected reduction in the copper grade. The grade of copper
in sulphide ore processed reduced to 0.65% in Q3 from 0.72% in the
previous quarter, when copper volumes benefited from a higher
proportion of material from a layer of supergene enriched material
at the top of the ore body.
With higher oxide production of up to 25 kt expected for the
full year, and following good progress in the ramp up of the
sulphide plant, overall copper production guidance for Aktogay in
2017 is increased to 85-95 kt.
EAST REGION & BOZYMCHAK
Copper
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
====================================== ====== ====== ====== ====== ======
Ore extraction kt 2,942 3,540 969 1,012 1,136
============================== ======= ====== ====== ====== ====== ======
Ore processed kt 3,080 3,565 1,115 962 1,107
============================== ======= ====== ====== ====== ====== ======
Orlovsky concentrator kt 795 972 249 270 290
============================== ======= ====== ====== ====== ====== ======
grade
(%) 3.69 3.59 3.63 3.57 3.81
====================================== ====== ====== ====== ====== ======
Nikolayevsky concentrator kt 1,045 1,311 451 275 403
============================== ======= ====== ====== ====== ====== ======
grade
(%) 1.50 1.56 1.50 1.47 1.54
====================================== ====== ====== ====== ====== ======
Belousovsky concentrator kt 476 491 159 162 155
============================== ======= ====== ====== ====== ====== ======
grade
(%) 1.55 1.55 1.51 1.62 1.59
====================================== ====== ====== ====== ====== ======
Bozymchak concentrator kt 764 791 256 255 259
============================== ======= ====== ====== ====== ====== ======
grade
(%) 0.89 0.88 0.89 0.89 0.92
====================================== ====== ====== ====== ====== ======
Average grade processed % 1.92 1.96 1.84 1.93 1.99
============================== ======= ====== ====== ====== ====== ======
Average recovery
rate % 89.9 89.3 89.4 89.2 89.4
============================== ======= ====== ====== ====== ====== ======
Copper in concentrate kt 53.2 62.4 18.3 16.6 19.7
============================== ======= ====== ====== ====== ====== ======
Orlovsky concentrator kt 26.7 31.3 8.2 8.7 9.9
============================== ======= ====== ====== ====== ====== ======
Nikolayevsky concentrator kt 14.1 18.3 6.1 3.6 5.6
============================== ======= ====== ====== ====== ====== ======
Belousovsky concentrator kt 6.4 6.5 2.0 2.3 2.1
============================== ======= ====== ====== ====== ====== ======
Bozymchak concentrator kt 6.0 6.3 2.0 2.0 2.1
============================== ======= ====== ====== ====== ====== ======
Copper production(1) kt 50.3 59.8 17.3 15.7 19.0
============================== ======= ====== ====== ====== ====== ======
(1) Payable metal in concentrate.
Ore extraction in the East Region and Bozymchak was 4% lower in
Q3 compared to the previous quarter, although the quantity of ore
processed increased by 16% due to the processing of stockpiled
material at the Nikolayevsky concentrator from the Artemyevsky
mine. In the nine months to 30 September 2017, ore extraction was
17% lower and ore processed was 14% lower than in the prior year
period due to the closure of the Yubileyno-Snegirikhinsky mine at
the end of 2016 and the adoption of a six day week at the Orlovsky
mine for ventilation works from the second half of 2016.
Due to the processing of stockpiled ore from the Artemyevsky
mine, volumes at the Nikolayevsky concentrator increased by 64% to
451 kt in Q3 compared to Q2 2017 whilst volumes at the other three
concentrators were similar to the previous quarter. The average
copper grade processed reduced slightly from 1.93% in Q2 2017 to
1.84% in Q3, mainly due to the increased volumes of lower grade ore
processed at the Nikolayevsky concentrator.
The average grade of copper in ore processed in the nine months
to 30 September 2017 reduced slightly to 1.92% due to lower volumes
from the copper rich Orlovsky mine, where a six day week was
adopted from the second half of 2016, leading to an 18% reduction
in processing volumes.
Copper production increased by 10% to 17.3 kt in Q3 compared to
the previous quarter, reflecting the additional volumes processed
at Nikolayevsky. Copper production for the first nine months of
2017 of 50.3 kt was 16% lower than the prior year period due to the
closure of the Yubileyno-Snegirikhinsky mine and lower output at
Orlovsky.
Copper production in the East Region and Bozymchak is on track
to meet the 2017 full year guidance of around 65 kt.
By-products
9m 9m Q3 Q2 Q3
Zinc 2017 2016 2017 2017 2016
================================ ====== ====== ====== ====== ======
Zinc bearing ore
processed kt 2,316 2,774 859 707 848
========================= ===== ====== ====== ====== ====== ======
Average grade processed % 2.82 2.87 2.40 3.27 2.82
========================= ===== ====== ====== ====== ====== ======
Average recovery
rate % 70.0 70.6 65.3 72.7 69.5
========================= ===== ====== ====== ====== ====== ======
Zinc in concentrate kt 45.8 56.2 13.5 16.8 16.6
========================= ===== ====== ====== ====== ====== ======
Gold
================================ ====== ====== ====== ====== ======
Gold bearing ore
processed kt 3,080 3,565 1,115 962 1,107
========================= ===== ====== ====== ====== ====== ======
Average grade processed g/t 0.80 0.81 0.77 0.87 0.80
========================= ===== ====== ====== ====== ====== ======
Average recovery
rate % 61.4 55.4 62.6 62.3 57.2
========================= ===== ====== ====== ====== ====== ======
Gold in concentrate koz 48.8 51.1 17.2 16.7 16.3
========================= ===== ====== ====== ====== ====== ======
Gold production(1) koz 45.9 48.0 16.2 15.7 15.2
========================= ===== ====== ====== ====== ====== ======
Silver
================================ ====== ====== ====== ====== ======
Silver bearing
ore processed kt 3,080 3,565 1,115 962 1,107
========================= ===== ====== ====== ====== ====== ======
Average grade processed g/t 35.5 36.3 34.9 40.3 34.2
========================= ===== ====== ====== ====== ====== ======
Average recovery
rate % 62.5 55.3 63.1 60.5 55.9
========================= ===== ====== ====== ====== ====== ======
Silver in concentrate koz 2,198 2,302 789 754 680
========================= ===== ====== ====== ====== ====== ======
Silver production(1) koz 2,000 2,141 718 686 639
========================= ===== ====== ====== ====== ====== ======
Payable metal in concentrate.
While zinc bearing ore processing volumes increased in Q3 2017
compared to the previous quarter, zinc in concentrate production of
13.5 kt was 20% lower due to delayed access to higher zinc grade
areas at Artemyevsky. The zinc grade processed at Orlovsky also
reduced to 3.01% in Q3 from 3.76% in Q2 2017. In the nine months to
30 September 2017 zinc in concentrate production reduced by 19%
compared to the prior year period, mainly due to lower output from
the Orlovsky mine. Following the delayed access to higher zinc
grade areas at Artemyevsky in Q3, guidance for zinc output in 2017
has been revised to 60-65 kt.
Gold production in Q3 increased by 3% from the previous quarter
as higher processing volumes offset a lower average gold grade of
0.77 g/t (Q2 2017: 0.87 g/t). Gold production in the first nine
months of 2017 was 4% below the prior year period as a result of
lower output from Orlovsky and the closure of the
Yubileyno-Snegirikhinsky mine, offset by an increased average
recovery rate of 61% (nine months to 30 September 2016: 55%).
Silver production increased by 5% in Q3 compared to Q2 2017 due
to higher recovery rates, but decreased by 7% in the nine months to
30 September 2017 compared to the prior year period due to the
closure of the Yubileyno-Snegirikhinsky mine and reduced output
from Orlovsky.
Strong production in the year to date is expected to result in
gold output from the East Region and Bozymchak being towards the
upper end of the 50-60 koz range for 2017 and silver guidance is
increased to 2,600-2,850 koz.
INTERIM MANAGEMENT STATEMENT
Financial performance
Sales Volumes
The following table sets out the sales volumes of the Group's
major products and includes pre-commercial sales volumes.
9m 9m
2017 2016
================================ ====== ======
Copper cathode kt 85.4 68.2
========================== ===== ====== ======
Copper in concentrate(1) kt 107.8 27.1
========================== ===== ====== ======
Zinc in concentrate kt 45.4 56.3
========================== ===== ====== ======
Gold bar koz 43.1 41.0
========================== ===== ====== ======
Gold in concentrate(1) koz 84.1 39.0
========================== ===== ====== ======
Silver bar koz 2,158 2,118
========================== ===== ====== ======
Silver in concentrate(1) koz 578 204
========================== ===== ====== ======
(1) Shown as payable metal in concentrate.
Copper sales totalled 193.2 kt in the nine months to 30
September 2017, an increase of 97.9 kt over the prior year period
as the Bozshakol sulphide plant approached its design capacity and
the Aktogay sulphide plant achieved commercial production. Copper
cathode sales increased by 25% compared to the prior year period
due to higher output from the Aktogay oxide plant and from toll
processing of copper in concentrate from Bozshakol (9.1 kt) and
Aktogay sulphide (7.7 kt) at the Balkhash smelter. These increases
were partly offset by lower cathode sales from the East Region and
Bozymchak operations in line with lower production. Copper in
concentrate sales increased to 107.8 kt, comprised of 70.2 kt from
Bozshakol, 35.9 kt from the Aktogay sulphide plant, and 1.8 kt from
the East Region and Bozymchak.
Zinc in concentrate sales in the nine months to 30 September
2017 were 19% below the prior year period reflecting lower
production.
Gold sales of 127.1 koz in the nine months to 30 September 2017
represent an increase of 47.1 koz from the prior year period when
the sulphide concentrator was in the first year of its ramp up. The
increased sales reflect higher output from Bozshakol sulphide as it
approached design capacity in the current year and higher volumes
from East Region and Bozymchak following a release of
work-in-progress in 2017 from the Balkhash smelter. Gold bar sales
were lower than production in the current year period due to the
timing of sales to the National Bank of Kazakhstan.
Silver sales of 2,736 koz in the first nine months of the year
were 414 koz higher compared to the prior year period due to
increased production from Bozshakol. Silver bar sales were 14%
higher than production in the period due to a reduction in finished
goods inventory.
The Aktogay sulphide plant has been declared commercial from 1
October 2017, from which date all revenues and operating costs are
recorded in the income statement.
Commodity Prices
The following table sets out the average realised prices for the
Group's major products including pre-commercial sales from the
Aktogay sulphide project for the current period and for the Aktogay
oxide and Bozshakol sulphide projects in the comparative prior
period:
9m 9m
2017 2016
==================================== ====== ======
Copper cathode $/tonne 6,020 4,743
========================== ========= ====== ======
Copper in concentrate(1) $/tonne 5,525 4,095
========================== ========= ====== ======
Zinc in concentrate(1) $/tonne 1,923 1,131
========================== ========= ====== ======
Gold bar $/tr.oz 1,260 1,271
========================== ========= ====== ======
Gold in concentrate(1) $/tr.oz 1,278 1,313
========================== ========= ====== ======
Silver bar $/tr.oz 17 17
========================== ========= ====== ======
Silver in concentrate(1) $/tr.oz 16 19
========================== ========= ====== ======
(1) The realised price for metal in concentrate is shown after
the deduction of any applicable treatment and refining costs.
The following table sets out the average LME/LBMA prices:
9m 9m
2017 2016
================== ====== ======
Copper $/tonne 5,953 4,725
======== ========= ====== ======
Zinc $/tonne 2,783 1,955
======== ========= ====== ======
Gold $/tr.oz 1,261 1,260
======== ========= ====== ======
Silver $/tr.oz 17 17
======== ========= ====== ======
The realised prices for the products sold will differ from the
average LME/LBMA prices during the period due to sales not being
made evenly over the period. Premiums or discounts to metal
exchange prices negotiated with customers also impact average
realised prices.
Most of the Group's sales agreements are based on provisional
pricing with the final pricing usually determined by the average
market price of the respective metal in the month (for silver), the
month following (for copper cathode and zinc concentrate) or the
second month following (for copper concentrate including
by-products) dispatch to the customer. The volume of goods sold
under quotational pricing has significantly increased due to higher
concentrate sales volumes while the increase in copper and zinc
prices has resulted in positive provisional pricing adjustments
being recognised in the period in respect of copper and zinc
concentrate sales made in late 2016, raising the reported realised
prices. At 30 September 2017, the Group's provisionally priced
volumes and their respective average provisional prices were:
Q3 2017
======================= =================================
Volumes Provisional
price
======================= ===== ======== ================
Copper cathode kt 2.8 $/tonne 6,508
======================= ===== ======== ======== ======
Copper in concentrate kt 31.0 $/tonne 5,788
======================= ===== ======== ======== ======
Zinc in concentrate kt 5.2 $/tonne 1,867
======================= ===== ======== ======== ======
Gold koz 23.7 $/tr.oz 1,287
======================= ===== ======== ======== ======
Silver koz 90 $/tr.oz 17
======================= ===== ======== ======== ======
Commodity Hedging
At 30 September 2017, there were no commodity hedges in
place.
Exchange Rates
The KZT/$ exchange rate at 30 September 2017 was KZT/$ 341.19
compared to KZT/$ 321.46 at 30 June 2017. The average exchange rate
for the first nine months of 2017 was KZT/$ 323.20, compared to an
average rate of KZT/$ 344.57 for the same period last year.
Net debt and cash position
Net debt decreased to $2,220 million at 30 September 2017 from
$2,442 million at 30 June 2017 due to strong operating cash flows
and the receipt of $74 million project VAT related to Bozshakol and
Aktogay, partly offset by interest paid of $92 million under the
Group debt facilities. Mineral extraction tax and royalty payments
of $35 million and income tax payments of $22 million were made
during the quarter. Expansionary capex at Bozshakol and Aktogay was
limited as final retention payments have been postponed and may be
deferred further into 2018. In addition, there have been no
payments at Aktogay to purchase rather than lease rail wagons, as
it has now been determined that these are not required. Total cash
and cash equivalents at 30 September 2017 amounted to $1,352
million, an increase from $1,223 million at 30 June 2017.
At 30 September 2017, gross debt (before amortised fees) was
$3,606 million compared to $3,700 million at 30 June 2017,
following the scheduled repayments on the CDB Bozshakol/Bozymchak
facilities of $91 million and the CDB Aktogay CNY facility of $6
million. Of the gross debt (before amortised fees) at 30 September
2017, $1,540 million related to the CDB Bozshakol/Bozymchak
facilities, $1,466 million to the CDB Aktogay facilities, $300
million to the Development Bank of Kazakhstan (DBK) facility and
$300 million to the PXF facility.
APPIX - GROUP PRODUCTION SUMMARY
Copper mining & processing
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
============================== ======== ======= ======== ======= =======
Ore extraction kt 51,380 35,764 16,959 17,537 13,665
========================= ==== ======== ======= ======== ======= =======
Bozshakol kt 28,660 19,482 9,234 9,522 8,466
========================= ==== ======== ======= ======== ======= =======
Aktogay kt 19,778 12,742 6,756 7,003 4,063
========================= ==== ======== ======= ======== ======= =======
East Region kt 2,246 2,824 743 777 920
========================= ==== ======== ======= ======== ======= =======
Bozymchak kt 696 716 226 235 216
========================= ==== ======== ======= ======== ======= =======
Average grade mined % 0.62 0.66 0.59 0.61 0.67
========================= ==== ======== ======= ======== ======= =======
Copper in ore mined kt 318.3 235.6 99.6 107.7 91.0
========================= ==== ======== ======= ======== ======= =======
Ore processed kt 30,254 9,717 12,025 10,529 4,969
========================= ==== ======== ======= ======== ======= =======
Bozshakol kt 18,498 6,152 6,808 6,630 3,862
========================= ==== ======== ======= ======== ======= =======
Aktogay (sulphide) kt 8,676 - 4,102 2,937 -
========================= ==== ======== ======= ======== ======= =======
East Region kt 2,316 2,774 859 707 848
========================= ==== ======== ======= ======== ======= =======
Bozymchak kt 764 791 256 255 259
========================= ==== ======== ======= ======== ======= =======
Average grade processed % 0.73 1.07 0.68 0.73 0.88
========================= ==== ======== ======= ======== ======= =======
Bozshakol % 0.54 0.56 0.51 0.56 0.56
========================= ==== ======== ======= ======== ======= =======
Aktogay (sulphide) % 0.70 - 0.65 0.72 -
========================= ==== ======== ======= ======== ======= =======
East Region % 2.26 2.27 2.12 2.31 2.32
========================= ==== ======== ======= ======== ======= =======
Bozymchak % 0.89 0.88 0.89 0.89 0.92
========================= ==== ======== ======= ======== ======= =======
Copper in ore processed kt 220.3 104.3 81.8 76.7 43.6
========================= ==== ======== ======= ======== ======= =======
Bozshakol kt 100.1 34.4 34.5 37.0 21.6
========================= ==== ======== ======= ======== ======= =======
Aktogay (sulphide) kt 61.0 - 26.8 21.2 -
========================= ==== ======== ======= ======== ======= =======
East Region kt 52.4 62.9 18.2 16.3 19.6
========================= ==== ======== ======= ======== ======= =======
Bozymchak kt 6.8 7.0 2.3 2.2 2.4
========================= ==== ======== ======= ======== ======= =======
Average recovery
rate % 83.4 86.7 86.4 82.4 85.2
========================= ==== ======== ======= ======== ======= =======
Bozshakol % 82.4 81.5 81.3 82.4 80.9
========================= ==== ======== ======= ======== ======= =======
Aktogay (sulphide) % 78.7 - 90.7 76.5 -
========================= ==== ======== ======= ======== ======= =======
East Region % 90.0 89.2 89.4 89.3 89.3
========================= ==== ======== ======= ======== ======= =======
Bozymchak % 89.3 90.9 89.6 88.6 90.6
========================= ==== ======== ======= ======== ======= =======
Aktogay oxide ore
to leach pads kt 10,867 12,742 2,570 4,084 4,063
========================= ==== ======== ======= ======== ======= =======
Grade % 0.38 0.40 0.27 0.39 0.38
========================= ==== ======== ======= ======== ======= =======
Copper production
9m 9m Q3 Q2 Q3
Bozshakol 2017 2016 2017 2017 2016
================================= ======= ====== ====== ====== ======
Copper concentrate kt 370.8 117.3 127.1 136.5 72.1
========================== ===== ======= ====== ====== ====== ======
Copper in concentrate kt 82.5 28.1 28.1 30.4 17.5
========================== ===== ======= ====== ====== ====== ======
Aktogay Sulphide
================================= ======= ====== ====== ====== ======
Copper concentrate kt 202.7 - 108.2 67.0 -
========================== ===== ======= ====== ====== ====== ======
Copper in concentrate kt 48.0 - 24.3 16.2 -
========================== ===== ======= ====== ====== ====== ======
East Region
================================= ======= ====== ====== ====== ======
Copper concentrate kt 225.4 280.1 76.0 69.0 84.5
========================== ===== ======= ====== ====== ====== ======
Copper in concentrate kt 47.2 56.1 16.3 14.6 17.6
========================== ===== ======= ====== ====== ====== ======
Bozymchak
================================= ======= ====== ====== ====== ======
Copper concentrate kt 25.6 25.7 8.6 8.4 9.0
========================== ===== ======= ====== ====== ====== ======
Copper in concentrate kt 6.0 6.3 2.0 2.0 2.1
========================== ===== ======= ====== ====== ====== ======
Total copper concentrate kt 824.5 423.1 319.9 280.9 165.6
========================== ===== ======= ====== ====== ====== ======
Total copper in
concentrate kt 183.7 90.5 70.7 63.2 37.2
========================== ===== ======= ====== ====== ====== ======
Copper production(1) kt 193.3 98.6 75.3 65.9 42.3
========================== ===== ======= ====== ====== ====== ======
Bozshakol kt 78.8 26.8 26.8 29.1 16.7
========================== ===== ======= ====== ====== ====== ======
Aktogay sulphide kt 45.8 - 23.2 15.4 -
========================== ===== ======= ====== ====== ====== ======
Aktogay oxide kt 18.4 12.0 8.0 5.7 6.6
========================== ===== ======= ====== ====== ====== ======
East Region kt 44.6 53.7 15.4 13.8 16.9
========================== ===== ======= ====== ====== ====== ======
Bozymchak kt 5.7 6.1 1.9 1.9 2.1
========================== ===== ======= ====== ====== ====== ======
Copper cathodes kt 85.8 70.0 31.4 28.8 26.1
========================== ===== ======= ====== ====== ====== ======
Bozshakol (toll
processed) kt 9.3 - 4.7 3.7 -
========================== ===== ======= ====== ====== ====== ======
Aktogay sulphide
(toll processed) kt 8.9 - 4.8 3.6 -
=========================== ==== ======= ====== ====== ====== ======
Aktogay oxide kt 18.4 12.0 8.0 5.7 6.6
========================== ===== ======= ====== ====== ====== ======
East Region (toll
processed) kt 42.6 53.0 11.4 14.0 17.4
========================== ===== ======= ====== ====== ====== ======
Bozymchak (toll
processed) kt 6.6 5.0 2.5 1.8 2.1
========================== ===== ======= ====== ====== ====== ======
(1) Payable metal in concentrate and copper cathode from Aktogay
oxide ore.
Zinc
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
====================================== ======= ====== ====== ====== ======
Zinc bearing ore
mined kt 2,246 2,824 743 777 920
============================== ======= ======= ====== ====== ====== ======
Orlovsky kt 799 973 254 270 294
============================== ======= ======= ====== ====== ====== ======
Artemyevsky kt 977 986 332 351 340
============================== ======= ======= ====== ====== ====== ======
Irtyshsky kt 470 473 157 156 157
============================== ======= ======= ====== ====== ====== ======
Yubileyno-Snegirikhinsky kt - 392 - - 129
============================== ======= ======= ====== ====== ====== ======
Zinc bearing ore
processed kt 2,316 2,774 859 707 848
============================== ======= ======= ====== ====== ====== ======
Orlovsky concentrator kt 795 972 249 270 290
============================== ======= ======= ====== ====== ====== ======
grade
(%) 3.60 4.38 3.01 3.76 4.19
====================================== ======= ====== ====== ====== ======
Nikolayevsky concentrator kt 1,045 1,311 451 275 403
============================== ======= ======= ====== ====== ====== ======
grade
(%) 1.94 1.69 1.71 2.48 1.64
====================================== ======= ====== ====== ====== ======
Belousovsky concentrator kt 476 491 159 162 155
============================== ======= ======= ====== ====== ====== ======
grade
(%) 3.47 3.03 3.40 3.80 3.33
====================================== ======= ====== ====== ====== ======
Average grade
processed % 2.82 2.87 2.40 3.27 2.82
============================== ======= ======= ====== ====== ====== ======
Zinc metal in
ore processed kt 65.4 79.7 20.6 23.1 23.9
============================== ======= ======= ====== ====== ====== ======
Orlovsky concentrator kt 28.6 42.6 7.5 10.1 12.1
============================== ======= ======= ====== ====== ====== ======
Nikolayevsky concentrator kt 20.2 22.2 7.7 6.8 6.6
============================== ======= ======= ====== ====== ====== ======
Belousovsky concentrator kt 16.5 14.9 5.3 6.2 5.2
============================== ======= ======= ====== ====== ====== ======
Average recovery
rate % 70.0 70.6 65.3 72.7 69.5
============================== ======= ======= ====== ====== ====== ======
Orlovsky concentrator % 66.1 71.6 52.8 69.0 69.0
============================== ======= ======= ====== ====== ====== ======
Nikolayevsky concentrator % 75.2 70.5 73.6 80.6 72.4
============================== ======= ======= ====== ====== ====== ======
Belousovsky concentrator % 70.4 67.7 70.9 69.9 67.1
============================== ======= ======= ====== ====== ====== ======
Zinc in concentrate kt 45.8 56.2 13.5 16.8 16.6
============================== ======= ======= ====== ====== ====== ======
Orlovsky concentrator kt 19.0 30.5 4.0 7.0 8.4
============================== ======= ======= ====== ====== ====== ======
Nikolayevsky concentrator kt 15.2 15.7 5.7 5.5 4.8
============================== ======= ======= ====== ====== ====== ======
Belousovsky concentrator kt 11.6 10.0 3.8 4.3 3.4
============================== ======= ======= ====== ====== ====== ======
Gold
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
=========================== ========= ======== ======= ======= ======== ======
Gold bearing ore
mined kt 31,602 23,022 10,203 10,534 9,602
=========================== ========= ======== ======= ======= ======== ======
Bozshakol kt 28,660 19,482 9,234 9,522 8,466
=========================== ========= ======== ======= ======= ======== ======
East Region kt 2,246 2,824 743 777 920
=========================== ========= ======== ======= ======= ======== ======
Bozymchak kt 696 716 226 235 216
=========================== ========= ======== ======= ======= ======== ======
Gold bearing ore
processed kt 21,578 9,717 7,923 7,592 4,969
=========================== ========= ======== ======= ======= ======== ======
Bozshakol kt 18,498 6,152 6,808 6,630 3,862
=========================== ========= ======== ======= ======= ======== ======
grade
(g/t) 0.28 0.34 0.25 0.29 0.37
===================================== ======== ======= ======= ======== ======
East Region kt 2,316 2,774 859 707 848
=========================== ========= ======== ======= ======= ======== ======
grade
(g/t) 0.52 0.56 0.49 0.57 0.53
=========================== ========= ======== ======= ======= ======== ======
Bozymchak kt 764 791 256 255 259
=========================== ========= ======== ======= ======= ======== ======
grade
(g/t) 1.67 1.68 1.68 1.69 1.68
=========================== ========= ======== ======= ======= ======== ======
Average grade processed g/t 0.35 0.51 0.32 0.36 0.46
=========================== ========= ======== ======= ======= ======== ======
Gold in ore processed koz 248.8 159.5 81.9 88.8 74.1
=========================== ========= ======== ======= ======= ======== ======
Bozshakol koz 169.3 67.3 54.4 62.0 45.7
=========================== ========= ======== ======= ======= ======== ======
East Region koz 38.5 49.4 13.6 12.9 14.4
=========================== ========= ======== ======= ======= ======== ======
Bozymchak koz 41.0 42.8 13.9 13.9 14.0
=========================== ========= ======== ======= ======= ======== ======
Average recovery
rate % 58.8 56.9 57.9 60.2 57.9
=========================== ========= ======== ======= ======= ======== ======
Bozshakol % 57.6 59.0 55.5 59.3 58.3
=========================== ========= ======== ======= ======= ======== ======
East Region % 38.7 32.1 41.0 40.1 30.7
=========================== ========= ======== ======= ======= ======== ======
Bozymchak % 82.8 82.2 83.8 83.1 84.5
=========================== ========= ======== ======= ======= ======== ======
Gold in concentrate koz 146.2 90.7 47.4 53.4 42.9
=========================== ========= ======== ======= ======= ======== ========
Bozshakol koz 97.4 39.6 30.2 36.7 26.6
=========================== ========= ======== ======= ======= ======== ========
East Region koz 14.9 15.9 5.6 5.2 4.4
=========================== ========= ======== ======= ======= ======== ========
Bozymchak koz 33.9 35.2 11.6 11.5 11.9
=========================== ========= ======== ======= ======= ======== ========
Gold production(1) koz 137.8 85.7 44.8 50.4 40.6
=========================== ========= ======== ======= ======= ======== ========
Bozshakol koz 91.1 37.7 28.2 34.4 25.4
=========================== ========= ======== ======= ======= ======== ========
Aktogay (sulphide)
(2) koz 0.8 - 0.4 0.3 -
=========================== ========= ======== ======= ======= ======== ========
East Region koz 14.0 14.9 5.2 4.9 4.1
=========================== ========= ======== ======= ======= ======== ========
Bozymchak koz 31.9 33.1 11.0 10.8 11.1
=========================== ========= ======== ======= ======= ======== ========
Gold bar produced
(toll processed) koz 52.3 41.0 23.7 13.6 15.7
============================ ======== ======== ======= ======= ======== ========
Bozshakol koz 8.8 - 5.2 3.6 -
============================ ======== ======== ======= ======= ======== ========
Aktogay (sulphide)(2) koz 0.4 - 0.4 - -
=========================== ========= ======== ======= ======= ======== ========
East Region koz 12.7 16.8 5.7 2.4 4.7
=========================== ========= ======== ======= ======= ======== ========
Bozymchak koz 30.4 24.2 12.4 7.6 11.0
=========================== ========= ======== ======= ======= ======== ========
(1) Payable metal in concentrate.
(2) Minimal volume recovered from Aktogay material.
Silver
9m 9m Q3 Q2 Q3
2017 2016 2017 2017 2016
============ ======== ======== ======= ======== ======
Silver bearing
ore mined kt 31,602 23,022 10,203 10,534 9,602
========================== ============ ======== ======== ======= ======== ======
Bozshakol kt 28,660 19,482 9,234 9,522 8,466
========================== ============ ======== ======== ======= ======== ======
East Region kt 2,246 2,824 743 777 920
========================== ============ ======== ======== ======= ======== ======
Bozymchak kt 696 716 226 235 216
========================== ============ ======== ======== ======= ======== ======
Silver bearing
ore processed kt 21,578 9,717 7,923 7,592 4,969
========================== ============ ======== ======== ======= ======== ======
Bozshakol kt 18,498 6,152 6,808 6,630 3,862
========================== ============ ======== ======== ======= ======== ======
grade
(g/t) 1.45 1.63 1.22 1.51 1.56
============ ======== ======== ======= ======== ======
East Region kt 2,316 2,774 859 707 848
========================== ============ ======== ======== ======= ======== ======
grade
(g/t) 43.5 43.2 41.9 50.6 41.2
============ ======== ======== ======= ======== ======
Bozymchak kt 764 791 256 255 259
========================== ============ ======== ======== ======= ======== ======
grade
(g/t) 11.4 12.1 11.3 11.8 11.2
============ ======== ======== ======= ======== ======
Average grade
processed g/t 6.3 14.4 6.0 6.4 8.8
========================== ============ ======== ======== ======= ======== ======
Silver in ore
processed koz 4,380 4,486 1,518 1,569 1,410
========================== ============ ======== ======== ======= ======== ======
Bozshakol koz 863 323 268 322 194
========================== ============ ======== ======== ======= ======== ======
East Region koz 3,236 3,856 1,156 1,151 1,123
========================== ============ ======== ======== ======= ======== ======
Bozymchak koz 281 307 94 96 93
========================== ============ ======== ======== ======= ======== ======
Average recovery
rate % 63.3 55.2 63.4 62.3 56.1
========================== ============ ======== ======== ======= ======== ======
Bozshakol % 66.6 54.4 64.8 69.0 57.1
========================== ============ ======== ======== ======= ======== ======
East Region % 61.4 53.6 62.1 59.3 54.0
========================== ============ ======== ======== ======= ======== ======
Bozymchak % 75.5 76.9 75.0 75.0 78.6
========================== ============ ======== ======== ======= ======== ======
Silver in concentrate koz 2,773 2,478 962 977 791
========================== ============ ======== ======== ======= ======== ======
Bozshakol koz 575 176 173 223 111
========================== ============ ======== ======== ======= ======== ======
East Region koz 1,986 2,066 719 682 607
========================== ============ ======== ======== ======= ======== ======
Bozymchak koz 212 236 70 72 73
========================== ============ ======== ======== ======= ======== ======
Silver production(1) koz 2,708 2,299 952 961 739
========================== ============ ======== ======== ======= ======== ======
Bozshakol koz 517 158 156 200 100
========================== ============ ======== ======== ======= ======== ======
Aktogay (sulphide)(2) koz 191 - 78 75 -
========================== ============ ======== ======== ======= ======== ======
East Region koz 1,807 1,921 654 621 570
========================== ============ ======== ======== ======= ======== ======
Bozymchak koz 193 220 64 65 69
========================== ============ ======== ======== ======= ======== ======
Silver bar produced
(toll processed) koz 1,972 2,031 602 585 676
=========================== =========== ======== ======== ======= ======== ======
Bozshakol koz 45 - 26 13 -
========================== ============ ======== ======== ======= ======== ======
Aktogay (sulphide)(2) koz 34 - 15 19 -
========================== ============ ======== ======== ======= ======== ======
East Region koz 1,688 1,872 488 485 604
========================== ============ ======== ======== ======= ======== ======
Bozymchak koz 205 159 73 68 72
========================== ============ ======== ======== ======= ======== ======
(1) Payable metal in concentrate.
(2) Minimal volume recovered from Aktogay material.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFFDIILEFID
(END) Dow Jones Newswires
October 26, 2017 02:00 ET (06:00 GMT)
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