KAZ Minerals PLC Aktogay sulphide declared commercial (3005S)
October 02 2017 - 2:00AM
UK Regulatory
TIDMKAZ
RNS Number : 3005S
KAZ Minerals PLC
02 October 2017
KAZ MINERALS PLC
6TH FLOOR
CARDINAL PLACE
100 VICTORIA STREET
LONDON SW1E 5JL
Tel: +44 (0) 20
7901 7800
======================
2 October 2017
AKTOGAY SULPHIDE DECLARED COMMERCIAL
KAZ Minerals PLC ("KAZ Minerals" or "the Group") announces that
following continued commissioning progress the Aktogay sulphide
plant has been declared commercial. Revenues, operating costs and
interest expenses associated with the Aktogay sulphide plant will
be recorded in the Group's income statement from October 2017.
Higher than anticipated copper grades at the top of the ore body
and the successful ramp up of the sulphide concentrator are
expected to result in Aktogay meeting or exceeding the upper end of
its 2017 copper production guidance range of 70-85 kt.
The Group's third quarter production results will be set out in
the Quarterly Production Report and Interim Management Statement on
26 October 2017.
Oleg Novachuk, Chief Executive, said: "I am pleased to announce
that we have achieved commercial production at the Aktogay sulphide
plant, the second of our two major growth projects. During the
construction and ramp up of the projects we have consistently
delivered against our operational and financial targets and we now
look forward to reaching design capacity at Bozshakol this year and
Aktogay in 2018."
For further information, please contact:
KAZ Minerals
PLC
==================== ========================== =================
Investor Relations, Tel: +44 20 7901
Chris Bucknall London 7882
Financial Analyst, Tel: +44 20 7901
Anna Mallere London 7814
Corporate Communications, Tel: +7 727 244
Maksut Zhapabayev 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
with an annual ore processing capacity of 30 million tonnes 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
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 has an annual ore processing
capacity of 25 million tonnes. Aktogay is competitively positioned
on the global cost curve and will produce an average of 90 kt of
copper from sulphide ore and 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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