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KAZ Minerals increases copper production by 27% to 380 thousand tonnes in 2022

Vladimir Basov

Kitco News

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(Kitco News) - KAZ Minerals, the largest copper producer in Kazakhstan, reported today that its copper production increased by 27% to 380 kt in 2022 (2021: 299 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, resulted in a 64% increase in Aktogay copper output to 227 kt in 2022 (2021: 138 kt)," the company said in a statement.

The company's 2022 gold production of 171 koz increased by 2% compared with 2021 (167 koz) due to higher output at Bozshakol where throughput and grades processed improved in the period.

In 2022, KAZ Minerals also produced 3,768 koz of silver (2021: 3,417 koz) and 47 ktonnes of zinc (2021: 46.5 ktonnes).

KAZ Minerals added that its copper sales of 382 kt were slightly higher than copper production in 2022, driven by the partial release of accumulated finished goods inventory which is expected to unwind fully during 2023.

CEO Andrew Southam stated, "During 2022 KAZ Minerals achieved its highest ever copper output at 380 kt, a 27% increase on the prior year. The Group processed record volumes of ore in the year, driven by the world class ramp-up of the sulphide concentrator at Aktogay and excellent operational performance from the Group's other assets."

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. KAZ Minerals employs around 14,000 people across Kazakhstan, Kyrgyzstan and Russia.

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By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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