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Kaz Minerals cuts capex forecasts, warns of delays to Aktogay expansion

Thu, 30th Apr 2020 09:25

(Sharecast News) - Copper miner Kaz Minerals cut 2020 capital expenditure forecasts and warned that production at its Aktogay expansion project in Kazakhstan would be delayed as a result of disruptions caused by the Covid-19 pandemic.
The FTSE 250-listed firm now expects capital expenditure in 2020 to be between $300m and $350m, lower than $400m previously forecast

The Kazakhstan-focused group said its Aktogay expansion project remained on track for completion in 2021, but cautioned that production would now commence in late 2021.

However, Kaz highlighted that it was on track to meet its 2020 copper production guidance of 280-300 kilo tonnes after recording a 7% rise in its first-quarter copper output.

Chief executive Andrew Southam said: "We have adapted working practices to extend shifts, restrict access to sites and to monitor the health of staff.

The measures we have taken have enabled us to deliver a strong quarter of production, with copper and gold output respectively 7% and 28% higher versus the prior-year period, and to maintain our full-year guidance."

But Kaz also warned that measures taken to curb the spread of Covid-19 had impacted its supply chain and lowered the availability of local contractors - as vendors were unable to enter the country to support equipment installations at its sites.

As of 0945 BST, Kaz shares were down 1.93% at 426.90p.
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Liberum and Redburn highlight value at KAZ Minerals

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17 Aug 2018 17:07

LONDON MARKET CLOSE: Stocks End Mixed As KAZ Minerals Slides

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17 Aug 2018 14:23

FTSE 250 movers: KAZ blasted by brokers as Hikma soldiers on

(Sharecast News) - London's second-tier index was down by 0.41% at 20,377.68 on Friday.

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17 Aug 2018 14:22

Friday broker round-up

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17 Aug 2018 12:00

LONDON MARKET MIDDAY: Stocks Lower On Negative Brokers Opinions

LONDON (Alliance News) - London stocks were broadly lower midday Friday as companies such as Kingfisher and KAZ Minerals were pushed further down by adverse market a

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17 Aug 2018 10:24

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KAZ Minerals sinks as analysts fret about Baimskaya risks

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