Kaz Minerals full-year output in line with guidance
Copper miner Kaz Minerals said it has met its annual production target, having produced 83,500 tonnes in 2014.
FTSE 250
19,799.72
16:59 23/04/24
FTSE 350
4,424.29
16:59 23/04/24
FTSE All-Share
4,378.75
17:14 23/04/24
KAZ Minerals
849.00p
16:40 10/05/21
Mining
10,339.98
16:59 23/04/24
Output was in line with guidance of 80,000 to 85,000 tonnes with its new gold and copper mine at Bozymchak, Kazakhstan, making its first shipment of concentrate at the end of 2014.
The FTSE 250 group produced 294,000 tonnes of copper cathode equivalent in 2013, but underwent a restructuring process last year, which resulted in it becoming a smaller but lower cost producer.
The restructuring saw Kaz sell some of its oldest and less profitable assets to a private company owned by two of its shareholders.
The group, which much like its sector peers, has come under pressure from a sharp drop in the price of copper and increasing production costs, said its two greenfield projects at Bozshakol and Aktogay continued to progress and were due to start towards the end of the year.
However, broker Liberum warned that “any further delays or capex blowouts, will cause further balance sheet stress” and reiterated its ‘hold’ rating on the stock.
Kaz shares were down 3.87% to 184.66p at 10:03 on Thursday.