(Alliance News) - Kaz Minerals PLC on Thursday reported "record" open pit production in Kazakhstan, helping it post a strong quarterly performance.
Kaz's fourth-quarter copper production fell 2.4% quarter-on-quarter to 80,900 tonnes, but was 3.9% higher on the year before. Annual output rose 5.7% to 311,400 tonnes, beating guidance of 300,000 tonnes.
Gold production in the quarter was 55,300 ounces, down 5.5% on the third quarter of 2019 but up 14% yearly. For 2019, Kaz produced 201,500 million ounces of gold, up 9.9% year-on-year.
Guidance for gold was between 170,000 ounces and 185,000 ounces in 2019, but in October the firm said it would beat the top end of that range by 5%. It has also beaten that guidance, with 2019 gold output 7.2% higher than the 185,000 ounce guidance limit.
London-based Kaz's silver production in the last quarter came in at 886,000 ounces, down 6.1% on the previous quarter and 5.0% lower on the year before. Annual production was 3.7% lower at 3.4 million ounces.
"Kaz delivered strong operational results in the fourth quarter as our large scale, open pit assets in Kazakhstan achieved record levels of production," said Chief Executive Andrew Southam.
"The main sulphide concentrators at both Bozshakol and Aktogay operated at design ore throughput in 2019 and full year copper and gold production were ahead of guidance."
Bozshakol is in the north of Kazakhstan while Aktogay is in the east of the country. It also has operations in the East Region of Kazakhstan and Bozymchak in Kyrgyzstan.
Kaz shares were 2.5% higher in London on Thursday morning at 472.22 pence each. The firm plans to release 2019 financial results on February 20.
By George Collard; georgecollard@alliancenews.com
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