LONDON Jan 30 Kazakhmys said on
Thursday it hit its copper production target for the year,
recovering from an output dip in the third quarter, helped by an
increase in ore extraction and a recovery in grades.
The London-listed company said it produced 294,000 tonnes of
copper cathode equivalent for the year ended on Dec. 31, at the
top end of its full-year target of between 285,000 and 295,000
The miner is focusing on developing its Bozshakol and
Aktogay copper projects, key to turning the group into a lower
cost producer that will get the bulk of production from open-pit
The company suspended its smelter - which converts copper
concentrate into cathode - late last summer and is using instead
third parties' smelting facilities to reduce costs.
Kazakhmys has been a major power supplier in Kazakhstan but
it has refocused on its core copper mining business, selling its
stake in rival ENRC to the company's founders in
In December, it also agreed to sell its 50 percent stake in
power station Ekibastuz GRES-1 to its partner it the facility,
Kazakhstan's sovereign wealth fund Samruk-Kazyna.