KAZ Minerals boosts production of copper by 7%

KAZ Minerals reported a 7% increase in copper production over the period from January to September 2023 / Photo: Shutterstock

Over the first nine months of this year, KAZ Minerals, a copper company, produced 301,200 tons, which is a 7% increase over the same period last year.

«Over the first nine months of 2023, KAZ Minerals produced more than 300,000 tons of copper, a 7% increase over the same period last year. We have achieved this goal thanks to the additional capacity of the second advanced enrichment facility in Aktogay,» the company said in a statement.

In addition, the company also increased production of zinc in concentrate by 24% to 36,400 tons as extraction took place in higher metal content areas and raised recovery rates. Production of silver increased by 11% to three million ounces because the ore KAZ Minerals has been processing had a high content of the precious metal. On the other hand, the production of gold dropped by 7% to 120,300 ounces due to the expected decline in the content of gold in metal ore mined at Bozshakol and Bozymchak.

«KAZ Minerals delivered copper output of 301,000 tons in the first nine months of 2023, an increase of 7% over the prior year comparative period, benefiting from the world-class ramp-up of the second concentrator at Aktogay. In 2023, the Group has now cleared its stockpile of finished goods inventories, built-up in the prior year, with copper sales 43,000 tons ahead of production in 2023,» Andrew Southam, CEO of the company said.

The company has effectively sold its stocks of finished goods inventories, accumulated in 2022, while its copper sales in the period up to September 30, 2023, reached 344,000 tons, 43,000 tons ahead of production.

Over the period from January to September 2023, KAZ Minerals produced 192,000 tons of copper at Aktogay, a 14% increase over last year. At Bozshakol, the company produced 77,500 tons of copper compared to 77,900 tons last year. Copper production in the Eastern Region and Bozymchak fell by 12% to 31,700 tons.

In the first half of the year, the copper group KAZ Minerals produced 200,000 tons, an 11% increase over the same period last year, and sold 223,000 of the metal.

KAZ Minerals has been operating at the Aktogay and Orlovskoye copper fields in the Abay region; the Bozshakol mine in the Pavlodar region; two underground mines and enrichment facilities in the East Kazakhstan region and the copper and gold mine of Bozymchak in Kyrgyzstan. Vladimir Kim, who controls 63.5% of KAZ Minerals, is the richest person in Kazakhstan with a fortune of $4.6 billion, according to Forbes. Oleg Novachuk, another shareholder of KAZ Minerals, controls 36.5% of the company’s shares and with a fortune of $615 million is ranked 13th on the list of richest people in Kazakhstan.