LONDON (dpa-AFX) - Miner Kazakhmys Plc (KAZ.L) said ore extraction in the first quarter was 13 percent lower year-over-year at 8,644 kt, as mining activity was reduced in some high cost areas of the Zhezkazgan Region to protect margins.
In the quarter, copper cathode equivalent production from own concentrate was down 4 percent from last year at 69.5 kt. The company said it is on track to meet annual copper production target of between 285 kt and 295 kt.
Zinc in concentrate output totaled 31.7 kt versus 32 kt last year. Output of Silver in the first quarter amounted to 2,813 koz compared to 3,361 koz a year ago. The output of gold in the quarter was 17 percent above last year at 28.2 koz, reflecting an increase in recovery rates and a release of work in progress.
In addition, the company said it received $1.25 billion on completion of the disposal of the Group's remaining 50% stake in Ekibastuz GRES-1.
Copyright RTT News/dpa-AFX