Kazakh mining giant KAZ Minerals increases copper production 26% in 9M 2022
(Kitco News) - KAZ Minerals, the largest copper producer in Kazakhstan, reported today that its copper production increased by 26% to 282 kt in the first nine months of 2022 (9M 2021: 224 kt).
"The world class ramp up of the second sulphide concentrator at Aktogay, as well as improved performance at Sulphide 1 and the oxide plant, enabled Aktogay to increase its copper output by 64% to 168 kt in the year to 30 September 2022 (9M 2021: 102 kt)," the company said in a statement.
The company's 9M 2022 gold production of 129 koz increased by 2% compared with 9M 2021 (126 koz) due to higher output at Bozshakol where throughput and grades processed improved in the period.
In 9M 2022, KAZ Minerals also produced 2,718 koz of silver (9M 2021: 2,513 koz) and 29.4 ktonnes of zinc (9M 2021: 34.1 ktonnes).
KAZ Minerals added that its copper sales were aligned with copper production in the first nine months of the year but were 9% behind production in the third quarter, as Aktogay output exceeded expectations.
Importantly, the company noted that its finished goods inventory is expected to reduce in the fourth quarter and fully unwind during 2023.
CEO Andrew Southam stated, "KAZ Minerals has delivered an excellent set of operational results in the first nine months of 2022, with copper output increasing by 26%. The world class ramp up of the second sulphide concentrator at Aktogay has resulted in a step change in our production, while site management has continued to improve ore throughput across the Group to maximise copper output."
KAZ Minerals is the largest copper producer in Kazakhstan. It operates the Aktogay and Bozshakol open pit copper mines in the Abay and Pavlodar regions of Kazakhstan, three underground mines and associated concentrators in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan. The company also completed a Bankable Feasibility Study for the greenfield Baimskaya copper project in Russia, which it acquired in 2018.
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