SMM12 /: KAZ Minerals has updated its production guidance and capital expenditure plan for fiscal year 2020.
In its production report for the third quarter ended September 30, 2020, the company noted that full-year copper and gold production would be at the high end of their respective guidance ranges (28-300000 tons and 180-200,000 ounces), respectively. After taking into account the actual situation of production operation, the company now expects copper and gold production to be 2% higher than their respective guidance areas.
Taking into account the timing of payments for the Aktogay expansion project and the Baimskaya project, the costs originally scheduled for 2020 will be completed in the first quarter of 2021, with capital expenditure of about $100m.
KAZ Minerals is a fast-growing copper company specializing in large-scale, low-cost opencast mining in Kazakhstan, Russia and Kyrgyzstan. It operates Aktogay and Bozshakol open-pit copper mines in eastern Kazakhstan and Pavlodar region, three underground mines and related concentrators in eastern Kazakhstan, and Bozymchak copper and gold mine in Kyrgyzstan.
In 2019, the company produced 311000 tons of copper, including 201000 ounces of gold, 3.382 million ounces of silver and 38000 tons of zinc.
