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KAZ Minerals increases copper production by 6% to 95kt in Q1; sales up as rail logistics improved

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(Kitco News) - KAZ Minerals, the largest copper producer in Kazakhstan, reported today that its copper production increased by 6% y-o-y to 95.1 kt in Q1 2023 (Q1 2022: 89.9 kt).

In a press release, the company said that both sulphide concentrators at Aktogay performed well and Bozshakol achieved throughput in excess of design capacity.

KAZ Minerals added that its copper sales of 108.3 kt in Q1 2023 (Q1 2022: 90.8 kt) were 13 kt higher than production as improved rail logistics enabled the company to reduce its stockpile of finished goods inventories.

The company's Q1 2023 gold production of 36.5 koz decreased by 15% compared with Q1 2022 (42.7 koz). KAZ Minerals also produced 837 koz of silver (Q1 2022: 888 koz) and 9.1 kt of zinc (Q1 2022: 10.7 kt). Sales of by-products exceeded production, benefiting from the improved rail logistics.

CEO Andrew Southam stated, "KAZ Minerals has made a strong start to 2023 with copper production of 95 kt. The Group’s operations performed well and improved logistics to market enabled high sales volumes as inventories were reduced."

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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