KAZ Minerals increased copper production by 7%

30/11/2023

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The copper mining group KAZ Minerals produced 301.2 thousand tons of copper in January–September, which is 7% more than in the same period in 2022.

“In the first nine months of 2023, the KAZ Minerals group produced more than 300 thousand tons of copper, which is 7% more than in the same period last year. This was achieved thanks to the expansion of capacity at the second world-class enrichment plant at Aktogay,” the statement said.

Production of zinc in concentrate increased by 24% to 36.4 thousand tons, thanks to mining in areas with a higher metal content and, as a result, an increased recovery factor. Silver production increased by 11% to 3 million ounces as the group also processed higher-grade ore, while gold production decreased by 7% to 120.3 thousand ounces due to an expected decline in metal grades. ore at Bozshakol and Bozymchak.

“In the nine months of 2023, KAZ Minerals produced 301 thousand tonnes of copper, up 7% year-on-year, thanks to the global expansion of capacity at its second concentrator at Aktogay. In 2023, the group has already sold its finished product inventories accumulated in the previous year, and copper sales were 43 thousand tons ahead of production in 2023,” said KAZ Minerals Chairman Andrew Southam .

The Group sold accumulated inventories of finished products created in 2022, while the volume of copper sales for the period up to September 30, 2023 amounted to 344 thousand tons, which is 43 thousand tons more than production volume.

The volume of copper production at Aktogay in January–September amounted to 192 thousand tons, which is 14% more than a year earlier. Copper production at Bozshakol is 77.5 thousand tons versus 77.9 thousand tons previously. Copper production in the Eastern region and Bozymchak decreased by 12%, to 31.7 thousand tons.

At the end of the first half of the year, the copper mining group KAZ Minerals produced 200 thousand tons of copper, which is 11% more than in the same period in 2022, and sold 223 thousand tons of metal.

KAZ Minerals operates the Aktogay copper mine and the Orlovsky mine in the Abay region and the Bozshakol mine in the Pavlodar region, two underground mines and processing plants in the East Kazakhstan region and the Bozymchak copper-gold mine in Kyrgyzstan. Vladimir Kim , who owns 63.5% of KAZ Minerals, ranks first among the richest Kazakhstanis according to Forbes with a fortune of $4.6 billion. Oleg Novachuk , who owns 36.5% of KAZ Minerals shares, has a fortune of $615 million, ranking 13- e place.

Source and Credit: kz.kursiv.media

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