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UPDATE 1-Kazakhmys Says Copper Output Flat until 2014
ALMATY, Aug 17 (Reuters) -
Declining ore grades will keep copper production by Kazakhmys (KAZ.L) in check until 2014, beyond which the Kazakh miner plans to boost output by as much as 60 percent by bringing several major projects on stream.
Kazakhstan, among the world's 10 largest copper miners, expects to produce approximately 320,000 tonnes of copper cathode annually until 2014, the company's press service said in a written response to questions. "A small expansion of our mines will be offset by a decline in the ore content and production at some mines nearing the end of their life, especially in the Zhezkazgan region," Kazakhmys said, referring to its main production site in Kazakhstan.
"Beyond that, production should increase, as the group has two large projects and several medium-sized projects, the volume of which is equal to approximately 60 percent of current production."
Kazakhmys, which sells most of its copper to China and Europe, said last month it produced 164,300 tonnes of copper cathode from its own concentrate and reiterated its full-year production target, as demand remained firm.
The company's copper division comprises two smelters and 10 concentrators, as well as 12 underground and three open-pit mines, which Kazakhmys says have sufficient reserves and resources to support projected production for at least 20 years.
Kazakhmys last year secured a $2.7 billion loan from China's state-run Development Bank to help fund its Bozymchak and Bozshakol copper projects, as well as other developments.
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