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28 Jan 2021 | 09:30

Kaz Minerals FY copper production ahead of guidance

(Sharecast News) - Mining outfit Kaz Minerals said on Thursday that full-year copper production was 2% above guidance, driven by a strong performance across all divisions. Copper sales of 300,400 tonnes, down from 316,900 tonnes a year earlier, were short of the 305,700 tonnes produced due to year-end shipment delays at Kazakhstan-China border.

Full-year gold production of 196,300 ounces, down from 201,500 ounces a year earlier, helped support gold sales of 204,600 ounces - however, they were also lower than the prior-year figure of 225,000 ounces as December production was impacted by low grade and recovery at its Bozshakol asset and the suspension of its Bozymchak mine.

Chief executive Andrew Southam said: "In the face of challenges posed by Covid-19 we took steps to protect our staff and operations and I am proud of the group's performance in such difficult circumstances.

"Kaz Minerals delivered strong production in the fourth quarter and achieved record sulphide ore processing volumes of 59.2 million tonnes in 2020, supporting copper production of 306 kt which was above the 2020 guidance range."

As of 0930 GMT, Kaz shares were down 1.09% at 712.13p.
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