KAZ Minerals reports copper production decline in Q1 2021
(Kitco News) - Kazakhstan-based KAZ Minerals reported Thursday that the group's copper production in Q1 2021 was 72.4 kt, a 3% decline compared to Q1 2020 (74.9 kt), and on track to achieve annual guidance of 275-295 kt.
The company's gold production of 39.9 koz was 28% lower compared to Q1 2020 (55.4 koz). Silver production was 763 koz (793 koz in Q1 2020) and zinc output amounted to 9.6 kt (9 kt in Q1 2020).
KAZ Minerals had net debt of $2,410 million (31 December 2020: $2,601 million) with $62 million of undrawn facilities and gross liquid funds of $1,298 million (31 December 2020: $1,299 million).
CEO Andrew Southam said, "The group has delivered another strong quarter, with copper production of 72 kt, and is on track to achieve the full year guidance for all metals."
KAZ Minerals is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan, Russia and Kyrgyzstan. It operates the Aktogay and Bozshakol open pit copper mines in the East Region and Pavlodar region of Kazakhstan, three underground mines and associated concentrators in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan.