LONDON (dpa-AFX) - Copper producer KAZ Minerals Plc (KAZ.L), formerly Kazakhmys PLC, reported that copper production increased by 14% to 75.3 kt in the third-quarter from 65.9 kt in the second-quarter of 2017, as the Aktogay sulphide concentrator continued its successful ramp up, supported by seasonally higher output from the oxide operations.
Ore extraction in the third-quarter reduced by 3% to 17.0 million tonnes from 17.5 million tonnes in the previous quarter mainly due to reduced mining of oxide ore at Aktogay, partially offset by the increased extraction of sulphide ore.
Gold output in the third-quarter was 11% lower compared to the previous quarter, with gold grades at Bozshakol reducing from the temporarily elevated levels in the first half of the year. Silver production was in line with the previous quarter.
The company increased Group guidance for 2017, to 160-180 koz of gold production and 3,450-3,700 koz of silver production. The Group copper production guidance for 2017 has been raised to 250-270 kt.
Copper sales totalled 193.2 kt in the nine months to 30 September 2017, an increase of 97.9 kt over the prior year period as the Bozshakol sulphide plant approached its design capacity and the Aktogay sulphide plant achieved commercial production.
Gold sales of 127.1 koz in the nine months to 30 September 2017 represent an increase of 47.1 koz from the prior year period when the sulphide concentrator was in the first year of its ramp up.
Silver sales of 2,736 koz in the first nine months of the year were 414 koz higher compared to the prior year period due to increased production from Bozshakol. Silver bar sales were 14% higher than production in the period due to a reduction in finished goods inventory.
Copyright RTT News/dpa-AFX