Kazakhstan's KAZ Minerals cut copper production 4% to 190,900 tonnes in H1
ASTANA. Sept 24 (Interfax) - KAZ Minerals produced 190,900 tonnes of copper H1 2024, down 4% year-on-year, the Kazakh miner said in a report.
The drop is attributed to a lower ore grade, although it was partially offset by an increase in productivity. During the first half of the year, the group processed a record 47.5 million tonnes of ore, a 7% increase from the first half of 2023.
Silver production fell 5% to 1.875 million ounces, and zinc production decreased 6% to 22,500 tonnes, primarily due to mining in the Eastern Region and at Bozymchak, where operations took place in areas with lower ore grades.
Gold production dropped 2.6% to 75,900 ounces, largely due to decreased ore extraction at Bozymchak, where open-pit mining has ceased; however, a new underground mine is increasing its capacity.
"The copper sales volume reached 203,000 tonnes, exceeding production by 6%. This increase was made possible by shorter shipping times and additional supplies from the group," KAZ Minerals said.
Ore extraction at Aktogay increased 11.4% to 42 million tonnes, driven by higher production of sulfide ore to meet the operational needs of both processing plants, while lower-grade ore was stockpiled for future processing.
Total copper production at Aktogay for the first half of the year was 113,900 tonnes, a 10% decrease compared to the same period last year, attributed to the lower grade of copper processed.
Silver production at Aktogay amounted to 640,000 ounces, reflecting a 9% increase compared to the first half of 2023, thanks to enhanced processing capacity and higher grade of silver processed at both plants.
At Bozshakol, ore extraction rose by 3.5% to 17.7 million tonnes, supported by increased sulfide ore production to meet the processing plant's operational demands. Copper production reached 53,400 tonnes, a 6% increase. Gold production rose slightly to 55,300 ounces, while silver production grew by 15% to 466,000 ounces, driven by the higher grade of silver ore processed at both plants.
In the Eastern Region and at Bozymchak, ore extraction increased by 33.3% to 1.6 million tonnes, owing to stripping works conducted in the first half of 2023 to develop the underground mine, which achieved its planned capacity in the first half of 2024. Copper production increased by 4% to 23,600 tonnes, while gold production fell by 10% to 20,600 ounces. Silver production declined by 22% to 769,000 ounces. Zinc in concentrate amounted to 22,500 tonnes in the first half of 2024, which is 6% lower than in the same period last year, primarily due to the lower grade of extracted zinc ore.
KAZ Minerals is a leading copper producer in Kazakhstan, operating several enterprises in the country and a gold-copper mine in Kyrgyzstan. The group conducts open-pit mining operations at the Aktogay mine in East Kazakhstan and the Bozshakol mine in the Pavlodar region, as well as three underground mines and processing facilities in East Kazakhstan. It also operates the Bozymchak copper-gold mine in Kyrgyzstan.
In 2023, KAZ Minerals sold the Baimskaya project in Russia's Chukotka, which it acquired in 2018 from Roman Abramovich and Alexander Abramov for $900 million, to its major shareholders, Vladimir Kim and Oleg Novachuk. The capital investment for the Baimskaya project was estimated at around $8.5 billion.