Tuesday, 03 October 2017

Aktogay sulphide declared commercial

KAZ Minerals PLC (“KAZ Minerals” or “the Group”) announces that following continued commissioning progress the Aktogay sulphide plant has been declared commercial. Revenues,  operating costs and interest expenses associated with the Aktogay sulphide plant will be recorded in the Group’s income statement from October 2017

Higher  than  anticipated  copper  grades  at  the  top  of  the  ore  body  and  the  successful  ramp  up  of  the  sulphide concentrator  are expected to  result  in  Aktogay meeting  or exceeding  the  upper  end  of  its  2017  copper production guidance range of 70-85 kt.


The  Group’s  third  quarter  production  results  will  be  set  out  in  the  Quarterly  Production  Report  and  Interim Management Statement on 26 October 2017.


Oleg Novachuk, Chief Executive, said: “I am pleased to announce that we have achieved commercial production at the Aktogay sulphide plant, the second of our two major growth projects. During the construction and ramp up of the projects we have consistently delivered against our  operational  and  financial  targets and we now look forward to reaching design capacity at Bozshakol this year and Aktogay in 2018.”


KAZ Minerals PLC  (“KAZ Minerals” or “the Group”) is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan. It operates the Bozshakol and Aktogay open pit copper mines  in the Pavlodar and  East  regions  of  Kazakhstan,  three  underground  mines  and  associated  concentrators  in  the  East  Region  of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan. In 2016, total copper cathode equivalent output was 140 kt with by-products of 75 kt of zinc in concentrate, 120 koz of gold bar equivalent and 3,103 koz of silver bar equivalent.


The Group’s new operations at Bozshakol and Aktogay are delivering one of the highest growth rates in the industry and transforming KAZ Minerals into a company dominated by world class, open pit copper mines.