Aluminum   $ 2.1505 kg        |         Cobalt   $ 33.420 kg        |         Copper   $ 8.2940 kg        |         Gallium   $ 222.80 kg        |         Gold   $ 61736.51 kg        |         Indium   $ 284.50 kg        |         Iridium   $ 144678.36 kg        |         Iron Ore   $ 0.1083 kg        |         Lead   $ 2.1718 kg        |         Lithium   $ 29.821 kg        |         Molybdenum   $ 58.750 kg        |         Neodymium   $ 82.608 kg        |         Nickel   $ 20.616 kg        |         Palladium   $ 40303.53 kg        |         Platinum   $ 30972.89 kg        |         Rhodium   $ 131818.06 kg        |         Ruthenium   $ 14950.10 kg        |         Silver   $ 778.87 kg        |         Steel Rebar   $ 0.5063 kg        |         Tellurium   $ 73.354 kg        |         Tin   $ 25.497 kg        |         Uranium   $ 128.42 kg        |         Zinc   $ 2.3825 kg        |         
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In a remarkable display of operational prowess and strategic finesse, KAZ Minerals has unveiled its production and sales report for the first half (H1) and second quarter (Q2) of 2023, showcasing a compelling trajectory of growth and success. This comprehensive report reveals a substantial 11% surge in copper production compared to H1 2022, propelled by enhanced throughput and recoveries emanating from the Aktogay sulphide plants. Notably, this achievement underscores KAZ Minerals’ commitment to excellence and its ability to capitalize on synergies within its operations.

Copper Production Surges by 11%: A Testament to Operational Excellence

One of the standout highlights of this report is the remarkable 11% increase in copper production, firmly establishing KAZ Minerals as a trailblazer in the mining industry. This impressive upswing can be attributed to the company’s unwavering focus on operational efficiency, resulting in enhanced throughput and recoveries from the Aktogay sulphide plants. This accomplishment reflects KAZ Minerals’ profound understanding of the intricacies of its operations and its proactive approach to optimizing every facet of its processes.

Silver Production Soars by 14%: Quality Grades Leading the Way

The report also reveals a significant 14% upsurge in silver production, a testament to the company’s prowess in leveraging higher grades to achieve exceptional results. KAZ Minerals’ commitment to extracting and utilizing higher-grade resources has paid off, showcasing its ability to adapt and thrive in dynamic market conditions. This achievement bolsters the company’s reputation as a stalwart player in the mining sector.

Zinc Output Skyrockets by 24%: Leveraging Improved Grades and Recovery Rate

In yet another display of operational excellence, KAZ Minerals has achieved an impressive 24% rise in zinc concentrate output. This remarkable increase can be attributed to the company’s strategic focus on improving grades and recovery rates. By leveraging these key factors, KAZ Minerals has not only demonstrated its ability to optimize its processes but has also positioned itself as an industry leader in harnessing the full potential of its resources.

Gold Production Adapts, Despite 8% Decrease

KAZ Minerals’ adaptability and resilience shine through in its approach to gold production. Despite facing a decrease of 8% in gold output due to lower expected grades, the company’s ability to navigate such challenges while continuing to deliver results underscores its commitment to maintaining a diversified and robust production portfolio.

Market Performance and Sales Mastery

The report unveils an extraordinary accomplishment in sales, with KAZ Minerals selling an impressive 223 kt of copper in H1 2023—surpassing production figures by a staggering 23 kt. This resounding success is further amplified by the fact that all by-products’ sales volumes have exceeded production figures, a clear testament to the company’s strategic prowess and market responsiveness.

Operational Efficiency Mitigates Inflation: Rail Logistics and Chinese Demand Take the Lead

Amidst the challenges of high cost inflation, KAZ Minerals has deftly navigated these headwinds through a combination of improved rail logistics and robust demand from its Chinese customers. These measures have not only mitigated the impact of inflation but have also aided in the reduction of finished goods inventories. This strategic approach speaks volumes about the company’s ability to adapt, innovate, and proactively manage market dynamics.

Q2 2023 Q1 2023 Q2 2022
Copper production1 kt  199.5  179.9  104.4  95.1  90.0
Aktogay kt  126.6  104.2  64.7  61.9  53.5
Bozshakol kt  50.2  51.6  26.5  23.7  24.9
East Region & Bozymchak kt  22.7  24.1  13.2  9.5  11.6
Gold production2 koz  77.9  84.5  41.4  36.5  41.8
Silver production2 koz  1,978  1,732  1,141  837  844
Zinc in concentrate kt  23.9  19.2  14.8  9.1  8.5
Copper sales3 kt  223.1  187.5  114.8  108.3  96.7
Gold sales4 koz  92.9  99.5  49.9  43.0  49.1
Silver sales4 koz  2,033  1,992  1,059  974  990
Zinc in concentrate sales kt  29.2  24.1  15.6  13.6  9.1

1. Payable metal in concentrate and copper cathode from Aktogay oxide ore
2. Payable metal in concentrate
3. Payable metal in concentrate, toll processed metal and copper cathode from Aktogay oxide ore
4. Payable metal in concentrate and toll processed metal


  • KAZ Minerals produced 200 kt of copper in H1 2023, an increase of 11% compared with H1 2022 due to the strong performance of the Aktogay sulphide plants which raised ore throughput and copper recoveries.
  • Silver production in H1 2023 increased by 14%, benefiting from higher grades. Zinc in concentrate output increased by 24% due to higher grades and an improvement in the recovery rate, while gold output reduced by 8% due to expected lower grades at Bozshakol and Bozymchak.
  • The Group has continued to make progress in the sale of its accumulated finished goods inventories, with copper sales in H1 2023 of 223 kt, 23kt above production. Sales volumes of all by-products were also in excess of production. The Group has benefited from improved rail logistics compared with the prior year and strong demand for its products from customers.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals produced 200 kt of copper in H1 2023, an increase of 11% compared with H1 2022 as Aktogay raised throughput and recoveries, supported by strong operational performances from Bozshakol, East Region and Bozymchak. The Group has progressively reduced its finished goods inventories, benefiting from improved rail logistics and strong demand from customers in China.”

For further information please contact:

KAZ Minerals
Marie Edwards

Maksut Zhapabayev

Company Secretary, London

Corporate Communications, Almaty

Tel: +44 20 7901 7832

Tel: +7 727 244 03 53


7th Floor, 83 Victoria Street, London SW1H 0HW, United Kingdom