KAZ Minerals achieved record ore processing volumes in 2024, even as copper production declined due to lower grades at its maturing operations. The Kazakhstan-focused mining company processed 96.5 million tonnes of ore during the year, marking a 6% increase from 2023 and setting a new Group record.
Andrew Southam, Chief Executive Officer, said: “In 2024, KAZ Minerals set a new milestone by processing 96.5 Mt of ore, a record for the Group and a 6% increase versus 2023. The concentrators at Aktogay and Bozshakol continued to perform above design capacity, highlighting the Group’s commitment to operational excellence.”
Despite the processing milestone, copper production decreased to 380,000 tonnes in 2024 from 403,000 tonnes in the previous year. The reduction was primarily attributed to lower grades processed across the company’s operations as the ore bodies continue to mature, offsetting the benefits of increased throughput.
The company also reported decreased production across its by-product portfolio. Output of gold, silver, and zinc declined compared to 2023 levels, as mining activities were conducted in areas with lower polymetallic content.
On the sales front, KAZ Minerals demonstrated strong performance, with copper sales reaching 387,000 tonnes, exceeding production by 2%. This achievement was attributed to the successful sale of material that had been held in transit at the beginning of the year.
The company’s ability to maintain high processing rates while managing declining grades underscores its operational capabilities. The continued strong performance of its concentrators at Aktogay and Bozshakol, operating above design capacity, reflects KAZ Minerals’ focus on maximising operational efficiency in the face of natural resource maturation challenges.
