KAZ Minerals PLC Notice of Half-yearly Results (2276U)
28 July 2020 - 7:00PM
UK Regulatory
TIDMKAZ
RNS Number : 2276U
KAZ Minerals PLC
28 July 2020
28 July 2020
NOTICE OF HALF-YEARLY RESULTS
FOR THE PERIOD ENDED 30 JUNE 2020
KAZ Minerals PLC will announce its half-yearly results for the
six months ended 30 June 2020 on Tuesday 18 August 2020 at 7:00am
(UK time).
In line with the current UK government public health advice and
restrictions on public gatherings due to the Covid-19 virus, a
presentation for analysts will be held virtually.
The presentation can be accessed by conference call on Tuesday
18 August 2020 at 10:00am (UK time). The dial-in details are as
follows:
Telephone : +44 (0) 20 3936 3000
Please quote the participant access code : 321320
A webcast of the presentation for analysts will also be
available on the KAZ Minerals website (www.kazminerals.com).
For further information please contact:
KAZ Minerals PLC
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Chris Bucknall Investor Relations, London Tel: +44 20 7901 7882
Anna Mallere Investor Relations, London Tel: +44 20 7901 7814
Maksut Zhapabayev Corporate Communications, Almaty Tel: + 7 727 244 0353
====================== ================================= ======================
Brunswick Group
====================== ================================= ======================
Carole Cable, Charlie
Pretzlik Tel: +44 20 7404 5959
====================== ================================= ======================
REGISTERED OFFICE
6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL,
United Kingdom.
NOTES TO EDITORS
KAZ Minerals PLC ("KAZ Minerals" or "the Group") is a high
growth copper company focused on large scale, low cost, open pit
mining in Kazakhstan, Russia and Kyrgyzstan. It operates the
Aktogay and Bozshakol open pit copper mines in the East Region and
Pavlodar region of Kazakhstan, three underground mines and
associated concentrators in the East Region of Kazakhstan and the
Bozymchak copper-gold mine in Kyrgyzstan. In 2019, total copper
production was 311 kt with by-products of 201 koz of gold, 3,382
koz of silver and 38 kt of zinc in concentrate. The Group acquired
the Baimskaya project in the Chukotka region of Russia in January
2019, one of the world's most significant undeveloped copper
assets, with the potential to become a large scale, low cost, open
pit copper mine.
The Group's new operations at Aktogay and Bozshakol have
delivered industry leading production growth and transformed KAZ
Minerals into a company dominated by world class, open pit copper
mines.
Aktogay is a large scale, open pit mine similar to Bozshakol,
with a remaining mine life of around 25 years (including the
expansion project) at an average copper grade of 0.35% (oxide) and
0.33% (sulphide). Aktogay commenced production of copper cathode
from oxide ore in December 2015 and copper in concentrate from
sulphide ore in February 2017. The operating sulphide concentrator
has an annual ore processing capacity of 25 million tonnes and the
sulphide processing capacity will be doubled to 50 million tonnes
with the addition of a second concentrator by the end of 2021.
Aktogay is competitively positioned on the global cost curve and
will produce an average of 100 kt of copper per year from sulphide
ore until 2021, increasing to 170 kt per year from 2022 to 2027,
after the second concentrator commences operations. Copper
production from oxide ore will be in the region of 20 kt per annum
until 2024.
Bozshakol is a first quartile asset on the global cost curve
with an annual ore processing capacity of 30 million tonnes and a
remaining mine life of c.40 years at an average copper grade of
0.36%. The mine and processing facilities commenced output in 2016
and will produce an average of 100 kt of copper cathode equivalent
and 120 koz of gold in concentrate per year over the first 10 years
of operations.
The Peschanka deposit within the Baimskaya licence area in
Russia has JORC resources of 9.5 Mt of copper at an average grade
of 0.43% and 16.5 Moz of gold at an average grade of 0.23 g/t. The
project is located in a region identified by the Russian Government
as strategically important for economic development and will
benefit from the construction of state-funded power and transport
infrastructure and the provision of tax incentives. The estimated
capital budget for construction is around $7 billion, with c.10% to
be incurred after the commencement of production. The detailed
parameters of the project are to be confirmed on completion of the
feasibility study by the end of 2020. The Group expects the project
to generate a significant NPV uplift and an attractive IRR at
analyst consensus copper prices. The development of Baimskaya will
enable the Group to continue its high growth trajectory, adding a
large scale, long life asset to the Group's portfolio.
KAZ Minerals is listed on the London Stock Exchange and the
Kazakhstan Stock Exchange and employs around 16,000 people,
principally in Kazakhstan.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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