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Interim Results

KAZ Minerals revenues jump as output and prices rise

17 August 2017 07:23

KAZ Minerals' gross revenues increased by 2.3 times to $837m in the six months to the end of June on higher volumes and commodity prices.

The group said copper output more than doubled to 118 kt in the first half ; Aktogay ramp up was progressing well and Bozshakol was expected to achieve full capacity in second half.

Financial highlights:

- Gross EBITDA of $505 million (H1 2016: $147 million) driven by increased revenues and low operating costs

- EBITDA of $429 million, excluding pre-commercial earnings (H1 2016: $115 million)

- Operating profit of $291 million (H1 2016: $68 million)

* Net cash cost1 of 64 USc/lb, maintained position amongst the lowest cost copper producers globally

- Bozshakol full year gross cash cost1 now expected to be 115-135 USc/lb

- Aktogay guidance reduced to 110-130 USc/lb following strong first half performance

- East Region and Bozymchak guidance now set at 205-225 USc/lb Chief executive Oleg Novachuk said: "I am delighted that the successful delivery of our two growth projects has been reflected in our operating and financial results.

"We have doubled copper production whilst maintaining our position amongst the lowest cost copper producers globally.

"This strong performance has resulted in a reduction in our gearing levels, with net debt falling and over half a billion dollars of Gross EBITDA generated in the first half of 2017.

"We aim to complete the final stages of ramping up Bozshakol this year and Aktogay in 2018, supported by an improved outlook for copper."

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