(Alliance News) - Kaz Minerals PLC on Thursday said it is on track to achieve its annual guidance despite a fall in copper and gold production in the first quarter.
The copper company operating in Kazakhstan, Russia and Kyrgyzstan's copper production in the first quarter was 72,400 tonnes, down 3.3% from 74,900 tonnes year-on-year. It said it is on track to achieve its annual guidance of between 275,000 and 295,000 tonnes.
Gold production in the first quarter was 39,900 ounces, down from 55,400 ounces year-on-year. Kaz said the Bozymchak copper-gold mine in Kyrgyzstan contributed for the full quarter, following the restart of operations in December last year.
The company's net debt stood at USD2.41 billion as at March 31, down 7.3% from USD2.60 billion as at December 31, with USD62 million of undrawn facilities.
"The group has delivered another strong quarter, with copper production of 72 kilo tonnes, and is on track to achieve the full-year guidance for all metals," said Chief Executive Andrew Southam.
Shares in Kaz Minerals were up 0.2% at 849.60 pence in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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