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RNS
KAZ Minerals PLC

KAZ Minerals PLC - GROUP PRODUCTION REPORT

RNS Number : 9324Q
KAZ Minerals PLC
24 October 2019
 

 

24 October 2019

 

KAZ MINERALS GROUP Production Report for NINE months

and THE THIRD QUARTER Ended 30 sEPTEMBER 2019

 

Operational highlights

§ Record quarterly copper production1 of 82.9 kt (Q2 2019: 77.6 kt) and gold production2 of 58.5 koz (Q2 2019: 44.3 koz), driven by strong performance from Aktogay and Bozshakol

§ Copper production1 on track for full year guidance of c.300 kt and gold production2 now forecast to exceed the top end of guidance of 170-185 koz by around 5%

Aktogay

§ Copper production1 in Q3 of 37.3 kt, in line with previous quarter (Q2 2019: 37.4 kt), as high sulphide copper grade and throughput levels maintained

§ Full year copper production1 expected to be at upper end of guidance range of 130-140 kt

Bozshakol

§ Copper production2 increased by 38% to 32.1 kt (Q2 2019: 23.3 kt) and gold production2 rose by 47% to 43 koz (Q2 2019: 30 koz), a record quarter for Bozshakol

§ Ore processed increased by 30% to 8,378 kt (Q2 2019: 6,438 kt) as both plants operated without major scheduled maintenance and average copper and gold grades increased, as planned

§ Bozshakol expected to achieve full year copper production2 guidance of 105-115 kt and the upper end of gold production2 guidance of 130-140 koz

East Region and Bozymchak

§ Copper production2 of 13.5 kt (Q2 2019: 16.9 kt), due to lower processing volumes and grades in the period, on track to achieve full year copper production2 guidance of c.55 kt

§ Gold production2 of 14 koz (Q2 2019: 14 koz), now forecast to exceed full year guidance of 40-45 koz

 

Group production summary3

 

9m 2019

9m

2018

 

Q3 2019

Q2 2019

Q3 2018

Copper production1

kt

 230.5

216.8

 

82.9

 77.6

77.2

Aktogay

kt

 111.4

95.4

 

37.3

 37.4

34.9

Bozshakol

kt

79.2 

75.0

 

32.1

23.3 

25.2

East Region & Bozymchak

kt

 39.9

46.4

 

13.5

 16.9

17.1

Gold production2

koz

146.2

135.0

 

58.5

 44.3

45.2

Silver production2

koz

2,496

2,578

 

944

926

941

Zinc in concentrate

kt

28.9

38.3

 

10.5

 12.2

13.4

1 Payable metal in concentrate and copper cathode from Aktogay oxide ore.

2 Payable metal in concentrate.

3 See appendix for metal production by asset.

 

Andrew Southam, Chief Executive Officer, said: "I am pleased to report a record quarter from our large scale, low cost open pit mines, delivering 83 kt of copper and 59 koz of gold. Following output growth of 6% in the first nine months, the Group is well positioned to deliver full year copper production in line with guidance of around 300 kt, whilst gold production is now forecast to exceed guidance of 170-185 koz. The Group's operating assets provide a strong platform to support our growth pipeline."

For further information please contact:

KAZ Minerals PLC

 

 

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 03 53

Brunswick Group

 

 

Carole Cable, Charlie Pretzlik

 

Tel: +44 20 7404 5959

 

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 Bozshakol and Aktogay open pit copper mines in the Pavlodar and East Region of Kazakhstan, three underground mines and associated concentrators in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan. In 2018, total copper production was 295 kt with by-products of 50 kt of zinc in concentrate, 183 koz of gold and 3,511 koz of silver. In January 2019, the Group acquired the Baimskaya project in the Chukotka region of Russia, 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 Bozshakol and Aktogay have delivered industry leading production growth and transformed KAZ Minerals into a company dominated by world class, open pit copper mines.

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 38 years at an average copper grade of 0.37%. 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.

Aktogay is a large scale, open pit mine similar to Bozshakol, with a remaining mine life of 27 years (including the expansion project) at an average copper grade of 0.36% (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.

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. Average annual production over the first ten years of operations is expected to be 250 kt copper and 400 koz gold, or 330 kt Copper Equivalent Production, with a mine life of approximately 25 years and first quartile operating costs. 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 $5.5 billion and the project is currently at feasibility study stage. 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 15,000 people, principally in Kazakhstan.

 

 

AKTOGAY

 

 

 

9m 2019

9m

2018

 

Q3 2019

Q2 2019

Q3 2018

Ore extraction

kt

 39,099

 30,716

 

 14,883

 13,199

 11,591

Oxide

kt

 13,805

 12,958

 

 5,612

 5,013

 4,123

Sulphide

kt

 25,294

 17,758

 

 9,271

 8,186

 7,468

 

 

 

 

 

 

 

 

Oxide

 

 

 

 

 

 

 

Oxide ore to leach pads

kt

 13,805

 12,958

 

 5,612

 5,013

 4,123

Grade

%

 0.33

 0.32

 

 0.34

 0.34

 0.35

Copper cathode

kt

 18.5

 18.9

 

 6.7

 6.1

 7.4

 

 

 

 

 

 

 

 

Sulphide

 

 

 

 

 

 

 

Sulphide ore processed

kt

 18,852

 15,254

 

 6,119

 6,293

 5,669

Average grade processed

%

 0.58

 0.61

 

 0.60

 0.59

 0.58

Recovery rate

%

 88.3

 86.6

 

 87.4

 88.8

 86.9

Copper in concentrate

kt

 97.2

 80.1

 

 32.0

 32.8

 28.8

Copper production1

kt

 92.9

 76.5

 

 30.6

 31.3

 27.5

 

 

 

 

 

 

 

 

Total copper production

kt

111.4

95.4

 

37.3

 37.4

34.9

 

 

 

 

 

 

 

 

Gold production1, 2

koz

 2.4

       0.3

 

 0.7

 0.8

          - 

Silver production1

koz

 416

      359

 

 128

      145

      144

1 Payable metal in concentrate.

2 Minimal volume recovered from Aktogay material.

 

Ore extraction at Aktogay increased by 13% to 14,883 kt (Q2 2019: 13,199 kt). Sulphide ore extraction of 9,271 kt (Q2 2019: 8,186 kt) was 13% higher than the previous quarter and exceeded sulphide processing volumes of 6,119 kt (Q2 2019: 6,293 kt), as additional low grade ore was extracted and stockpiled in preparation for the Aktogay expansion project. Oxide ore extraction also increased by 12% to 5,612 kt (Q2 2019: 5,013 kt) ahead of the winter period. Total ore extraction in the first nine months of 2019 was 39,099 kt, representing an increase of 27% compared to the prior year comparative period (9m 2018: 30,716 kt), mainly driven by the increased mining of sulphide ore.

Sulphide ore processing volumes of 6,119 kt were 3% below the previous quarter (Q2 2019: 6,293 kt), whilst processing volumes in the first nine months of 2019 were 24% higher than the prior year comparative period (9m 2018: 15,254 kt) as the sulphide concentrator has operated at its full design capacity during 2019.

Copper production from sulphide ore of 30.6 kt was 2% lower than the previous quarter (Q2 2019: 31.3 kt) due to reduced processing volumes partially offset by a higher average copper grade of 0.60% (Q2 2019: 0.59%). Copper production from sulphide in the first nine months of 2019 was 92.9 kt, representing a 21% increase on the prior year comparative period when the sulphide plant was still ramping up to design capacity (9m 2018: 76.5 kt).

Copper cathode production from oxide ore increased to 6.7 kt in the quarter (Q2 2019: 6.1 kt) and remains on track to achieve the full year guidance of approximately 25 kt. Copper cathode production of 18.5 kt over the first nine months of 2019 was broadly in line with the prior year comparative period (9m 2018: 18.9 kt).

Total copper production of 37.3 kt was in line with the previous quarter (Q2 2019: 37.4 kt) as higher oxide output offset lower sulphide production. In Q4 2019, copper production is expected to be less than Q3 2019 due to seasonally reduced oxide output, lower grades and scheduled maintenance at the sulphide plant in December. After a good third quarter, copper production at Aktogay is now expected to be at the upper end of the full year guidance range of 130-140 kt.

 

 

BOZSHAKOL

 

 

 

9m 2019

9m

2018

 

Q3 2019

Q2 2019

Q3 2018

Ore extraction

kt

 26,634

 23,238

 

 9,132

 8,608

 7,732

Sulphide

kt

 17,942

 17,676

 

 6,496

 5,613

 6,406

Clay

kt

 8,692

 5,562

 

 2,636

 2,995

 1,326

 

 

 

 

 

 

 

 

Ore processed

kt

21,626

20,983

 

8,378

 6,438

7,553

 

 

 

 

 

 

 

 

Copper

 

 

 

 

 

 

 

Average copper grade processed

%

 0.47

0.48

 

 0.50

 0.46

0.46

Copper recovery rate

%

 81.8

78.2

 

 80.4

 82.6

 75.9

Copper in concentrate

kt

 82.9

78.6

 

 33.6

 24.3

 26.5

Copper production1

kt

 79.2

75.0

 

 32.1

 23.3

 25.2

 

 

 

 

 

 

 

 

Gold

 

 

 

 

 

 

 

Average gold grade processed

g/t

 0.26

0.26

 

 0.28

 0.25

 0.25

Gold recovery rate

%

 60.4

57.7

 

 61.2

 60.6

 54.3

Gold in concentrate

koz

 110.2

100.2

 

 46.5

 31.6

 33.5

Gold production1

koz

 103.0

93.7

 

 43.4

    29.6

     31.4

 

 

 

 

 

 

 

 

Silver production1

koz

567

494

 

233

     165

154

1   Payable metal in concentrate.

 

Ore extraction at Bozshakol increased by 6% to 9,132 kt (Q2 2019: 8,608 kt) mainly due to increased mining of sulphide ore to feed the main concentrator, which processed a record 6,791 kt of ore during the period (Q2 2019: 5,647 kt). Ore extraction in the first nine months of 2019 increased to 26,634 kt (9m 2018: 23,238 kt) as additional clay material was mined to access higher grade sulphide ore areas.

Ore processed increased by 30% to 8,378 kt (Q2 2019: 6,438 kt) following the completion of upgrade works to the clay plant during the second quarter of 2019 and the absence of any major scheduled maintenance at the sulphide plant. The average copper recovery rate reduced slightly to 80.4% (Q2 2019: 82.6%) reflecting the increased contribution from the clay plant where recovery rates are lower than in the main concentrator. The average copper grade processed increased to 0.50%, in line with the mine plan.

In the first nine months of 2019, ore processing volumes increased by 3% to 21,626 kt (9m 2018: 20,983 kt) and the average copper recovery rate improved to 81.8% (9m 2018: 78.2%), more than offsetting the lower average copper grade of 0.47% (9m 2018: 0.48%).

Copper production benefited from a significant increase in ore throughput and higher grades in Q3, as expected, rising by 38% to a record level of 32.1 kt (Q2 2019: 23.3 kt). Copper production for the first nine months of 2019 was 79.2 kt (9m 2018: 75.0 kt), driven by higher ore throughput and an improved average recovery rate. Whilst throughput is expected to be lower in Q4 2019 due to scheduled maintenance, following the performance in Q3 Bozshakol remains on track to achieve its full year copper production guidance range of 105-115 kt in 2019.

Gold production in Q3 increased to 43.4 koz (Q2 2019: 29.6 koz) in line with the rise in copper production, supported by a higher gold grade of 0.28 g/t (Q2 2019: 0.25 g/t). Gold production at Bozshakol for the first nine months of 2019 increased to 103.0 koz (9m 2018: 93.7 koz) and is on track to achieve the upper end of the full year guidance range of 130-140 koz.

Silver production was 233 koz in Q3 (Q2 2019: 165 koz) and 567 koz in the first nine months of 2019 (9m 2018: 494 koz) and is on track to achieve full year guidance of approximately 700 koz.

 

 

EAST REGION & BOZYMCHAK

 

 

9m 2019

9m

2018

 

Q3 2019

Q2

2019

Q3 2018

Ore extraction

kt

2,921

2,929

 

979

 995

975

 

 

 

 

 

 

 

 

Ore processed

kt

2,775

3,048

 

982

 1,168

1,162

 

 

 

 

 

 

 

 

Copper

 

 

 

 

 

 

 

Average grade processed

%

 1.69

 1.80

 

 1.62

 1.68

 1.73

Orlovsky concentrator

%

 2.96

 3.20

 

 2.64

 3.17

 3.18

Nikolayevsky concentrator

%

 1.57

 1.51

 

 1.64

 1.52

 1.50

Belousovsky concentrator

%

 1.36

 1.45

 

 1.46

 1.31

 1.36

Bozymchak concentrator

%

 0.83

 0.86

 

 0.83

 0.83

 0.87

Average recovery rate

%

 90.2

89.6

 

 89.6

 91.0

90.5

East Region

%

 90.7

 89.7

 

 89.8

 91.5

 90.9

Bozymchak

%

 87.5

 88.3

 

 88.4

 87.5

 87.0

Copper in concentrate

kt

 42.3

 49.1

 

 14.3

 18.0

 18.1

Orlovsky concentrator

kt

 19.2

 23.5

 

 5.3

 7.1

 7.5

Nikolayevsky concentrator

kt

 12.2

15.0

 

 4.9

 7.3

 7.3

Belousovsky concentrator

kt

 5.3

 4.8

 

 2.2

 1.7

 1.4

Bozymchak concentrator

kt

 5.6

 5.8

 

 1.9

 1.9

 1.9

Copper production1

kt

 39.9

46.4

 

 13.5

 16.9

17.1

East Region

kt

 34.6

 40.9

 

 11.7

 15.1

 15.3

Bozymchak

kt

 5.3

 5.5

 

 1.8

 1.8

 1.8

 

 

 

 

 

 

 

 

Gold production1

koz

 40.8

41.0

 

 14.4

 13.9

 13.8

Silver production1

koz

 1,513

1,725

 

 583

616

      643

Zinc in concentrate

kt

 28.9

38.3

 

 10.5

 12.2

 13.4

1 Payable metal in concentrate.

 

Ore extraction reduced by 2% in Q3 to 979 kt (Q2 2019: 995 kt) due to lower mined volumes at Orlovsky. Ore processing volumes also reduced to 982 kt from 1,168 kt in the previous quarter due to lower throughput at the Nikolayevsky concentrator. Ore extraction volumes of 2,921 kt in the first nine months of 2019 were in line with the prior year comparative period (9m 2018: 2,929 kt) whilst ore processing volumes were 9% lower at 2,775 kt (9m 2018: 3,048 kt) due to the intentional idling of the Nikolayevsky concentrator over the first quarter of 2019.

The average copper grade processed reduced slightly to 1.62% in Q3 from 1.68% in the previous quarter due to the mining of lower grade zones at Orlovsky, whilst the average recovery rate at the East Region concentrators remained high at 89.8% (Q2 2019: 91.5%). Copper production reduced to 13.5 kt in Q3 (Q2 2019: 16.9 kt), mainly due to lower processing volumes and grades.

In the first nine months of 2019, lower processing volumes and a reduction in average copper grades to 1.69% (9m 2018: 1.80%) led to a 14% decrease in copper production to 39.9 kt (9m 2018: 46.4 kt), in line with management expectations. The East Region and Bozymchak remains on track to achieve the 2019 full year copper production guidance of around 55 kt.

Gold production of 14.4 koz increased by 4% versus the previous quarter (Q2 2019: 13.9 koz) as higher grades and recovery rates more than offset the reduction in processing volumes. Gold production in the first nine months of 2019 was 40.8 koz (9m 2018: 41.0 koz) and the East Region and Bozymchak mines are now forecast to exceed the upper end of the full year production guidance range of 40-45 koz.

Silver production was 583 koz in Q3 (Q2 2019: 616 koz) and 1,513 koz in the first nine months of 2019 (9m 2018: 1,725 koz) and is on track to exceed full year guidance of around 1,800 koz.

Zinc in concentrate production of 10.5 kt in Q3 was 14% lower than the previous quarter (Q2 2019: 12.2 kt) as a decrease in ore processing volumes was offset by an increase in average zinc grade processed to 2.22% (Q2 2019: 1.96%). Zinc in concentrate output of 28.9 kt in the first nine months of 2019 (9m 2018: 38.3 kt) was 25% lower than the prior year comparative period due to lower grades. The East Region remains on track to achieve full year zinc in concentrate production guidance of 40-45 kt.

To improve operational efficiency in the East Region, the Belousovsky concentrator will cease processing ore from 1 November 2019. Mine output will be unaffected and ore from the Irtyshsky mine will be processed using spare capacity at the Nikolayevsky concentrator.

 

 

FINANCIAL UPDATE

 

Sales volumes

The following table sets out the sales volumes of the Group's major products compared to production for the first nine months of 2019.

 

 

9m

 2019

9m

 2019

9m

 2018

9m

 2018

 

Sales

Production

Sales

Production

Copper

kt

232.6

230.5

218.7

216.8

kt

100.9

101.4

76.5

78.1

    Copper in concentrate2

kt

131.7

129.1

142.2

138.7

Gold3

koz

168.7

146.2

123.6

135.0

koz

2,478

2,496

2,767

2,578

kt

28.8

28.9

39.5

38.3

1 Copper cathode from Aktogay oxide ore and toll processed metal.

2 Payable metal in concentrate, excluding material sent for toll processing.

3 Payable metal in concentrate and toll processed metal.

 

Total copper sales volumes of 232.6 kt were in line with production. Copper cathode sales increased by 32% to 100.9 kt (9m 2018: 76.5 kt) whilst copper in concentrate sales reduced by 7% to 131.7 kt (9m 2018: 142.2 kt). The higher proportion of cathode sales was mainly due to increased toll processing of material from Aktogay at the Balkhash smelter in Kazakhstan, to take advantage of available capacity at favourable commercial terms.

Gold sales volumes of 168.7 koz were significantly above production as sales include 25.6 koz of Bozshakol gold bar inventory accumulated at the end of 2018, as reported in the 2019 half year results.

Provisionally priced copper in concentrate

At 30 September 2019, the Group's provisionally priced copper cathode volumes were 5 kt at an average provisional price of $5,749/t and provisionally priced copper in concentrate volumes were 30 kt at an average provisional price of $5,215/t. The copper in concentrate provisional prices are below LME quoted prices due to the deduction of treatment and refining charges. For further details on the Group's provisional pricing arrangements please refer to Note 4(b) of the 2018 Annual Report and Accounts.

Commodity hedging

The Group's policy is generally not to hedge commodity prices. At 30 September 2019, there were no commodity price hedges in place.

Net debt

Net debt increased to $2,635 million at 30 September 2019 from $2,560 million at 30 June 2019, mainly due to capital expenditure on the Aktogay expansion project. There were also semi-annual interest payments on the Group's CDB debt facilities and monthly interest payments on the PXF totalling $95 million. MET and royalty payments in the third quarter were $55 million. An additional $140 million was drawn in the quarter under the new $600 million DBK facility, with a further $340 million to be drawn to fund capital spending on the Aktogay expansion project in 2019 and 2020. Total cash and cash equivalents at 30 September 2019 amounted to $601 million with gross debt of $3,236 million.

 

APPENDIX - METAL PRODUCTION

 

 

 

9m 2019

9m

2018

 

Q3 2019

Q2

2019

Q3 2018

Copper production1

kt

230.5

216.8

 

82.9

77.6

77.2

Aktogay

kt

111.4

95.4

 

37.3

37.4

34.9

Bozshakol

kt

79.2

75.0

 

32.1

23.3

25.2

East Region

kt

34.6

40.9

 

11.7

15.1

15.3

Bozymchak

kt

5.3

5.5

 

1.8

1.8

1.8

Gold production2

koz

146.2

135.0

 

58.5

44.3

45.2

Aktogay

koz

2.4

0.3

 

0.7

0.8

-

Bozshakol

koz

103.0

93.7

 

43.4

29.6

31.4

East Region

koz

9.4

10.9

 

3.8

3.7

3.8

Bozymchak

koz

31.4

30.1

 

10.6

10.2

10.0

Silver production2

koz

2,496

2,578

 

944

926

941

Aktogay

koz

416

359

 

128

145

144

Bozshakol

koz

567

494

 

233

165

154

East Region

koz

1,310

1,545

 

514

548

582

Bozymchak

koz

203

180

 

69

68

61

Zinc in concentrate

kt

28.9

38.3

 

10.5

12.2

13.4

East Region

kt

28.9

38.3

 

10.5

12.2

13.4

1 Payable metal in concentrate and copper cathode from Aktogay oxide ore.

2 Payable metal in concentrate.

 

TOLL PROCESSING & FINISHED METALS

 

 

 

9m 2019

9m

2018

 

Q3 2019

Q2

2019

Q3 2018

Copper cathodes

kt

101.4

     78.1

 

38.7

32.7

     26.5

Aktogay sulphide (toll processed)

kt

32.3

       3.4

 

12.0

10.6

       0.1

Aktogay oxide

kt

18.5

     18.9

 

6.7

6.1

       7.4

Bozshakol (toll processed)

kt

8.3

       8.7

 

3.6

1.8

       3.1

East Region (toll processed)

kt

37.1

     41.5

 

15.0

12.1

     14.1

Bozymchak (toll processed)

kt

5.2

       5.6

 

1.4

2.1

       1.8

 

 

 

 

 

 

 

 

Gold bar produced (toll processed)

koz

52.9

     50.4

 

19.1

16.7

     17.6

Silver bar produced (toll processed)

koz

1,720

   1,849

 

675

418

      482

 

 

APPENDIX - EAST REGION & BOZYMCHAK

 

 

 

9m 2019

9m

2018

 

Q3 2019

Q2

2019

Q3 2018

Ore extraction

kt

2,921

   2,929

 

979

995

      975

Orlovsky

kt

720

      823

 

230

244

      264

Artemyevsky

kt

936

      937

 

325

326

      329

Irtyshsky

kt

449

      472

 

149

149

      152

Bozymchak

kt

816

      697

 

275

276

      230

Ore processed

kt

2,775

   3,048

 

982

1,168

   1,162

Orlovsky concentrator

kt

719

      822

 

229

244

      263

Nikolayevsky concentrator

kt

833

   1,085

 

319

514

      522

Belousovsky concentrator

kt

448

      380

 

172

150

      121

Bozymchak concentrator

kt

775

      761

 

262

260

      256

 

 

 

 

 

 

 

 

Gold

 

 

 

 

 

 

 

Average grade processed

 g/t

0.73

     0.73

 

0.72

0.60

     0.63

East Region

 g/t

0.39

     0.46

 

0.40

0.33

     0.37

Bozymchak

 g/t

1.59

     1.54

 

1.60

1.55

     1.53

Average recovery rate

%

67.0

     61.2

 

67.3

65.7

     62.5

East Region

%

39.4

     34.3

 

43.3

41.2

     37.2

Bozymchak

%

84.5

     85.2

 

83.7

83.9

     84.2

Gold in concentrate

koz

43.4

     43.5

 

15.3

14.8

     14.6

East Region

koz

9.9

     11.5

 

4.0

3.9

       4.0

Bozymchak

koz

33.5

     32.0

 

11.3

10.9

     10.6

Gold production1

koz

40.8

     41.0

 

14.4

13.9

     13.8

East Region

koz

9.4

     10.9

 

3.8

3.7

       3.8

Bozymchak

koz

31.4

     30.1

 

10.6

10.2

     10.0

 

 

 

 

 

 

 

 

Silver

 

 

 

 

 

 

 

Average grade processed

g/t

30.1

     33.2

 

31.2

30.2

     30.5

East Region

 g/t

37.2

     40.8

 

38.3

35.5

     36.0

Bozymchak

 g/t

11.7

     10.5

 

11.7

11.7

     10.8

Average recovery rate

%

62.0

     58.2

 

65.1

59.6

     62.2

East Region

%

60.2

     56.6

 

63.7

58.1

     61.0

Bozymchak

%

76.4

     77.3

 

77.5

75.7

     75.5

Silver in concentrate

koz

1,663

   1,896

 

641

677

      707

East Region

koz

1,440

   1,698

 

565

603

      640

Bozymchak

koz

223

      198

 

76

74

        67

Silver production1

koz

1,513

   1,725

 

583

616

      643

East Region

koz

1,310

   1,545

 

514

548

      582

Bozymchak

koz

203

      180

 

69

68

        61

 

 

 

 

 

 

 

Zinc

 

 

 

 

 

 

 

Average grade processed

 %

2.15

     2.45

 

2.22

1.96

     2.18

Orlovsky concentrator

%

2.13

3.60

 

2.33

1.84

     3.26

Nikolayevsky concentrator

 %

1.58

     1.15

 

1.41

1.69

     1.38

Belousovsky concentrator

%

3.23

     3.69

 

3.56

3.11

     3.28

Average recovery rate

%

67.3

     68.3

 

65.8

68.7

     67.9

Orlovsky concentrator

%

59.6

     67.1

 

57.1

56.3

     65.6

Nikolayevsky concentrator

%

72.4

     65.4

 

71.0

73.0

     69.6

Belousovsky concentrator

%

70.8

     73.5

 

69.5

72.8

     70.1

Zinc in concentrate

kt

28.9

     38.3

 

10.5

12.2

     13.4

Orlovsky concentrator

kt

9.1

     19.9

 

3.1

2.5

       5.7

Nikolayevsky concentrator

kt

9.6

       8.1

 

3.2

6.4

       4.9

Belousovsky concentrator

kt

10.2

     10.3

 

4.2

3.4

       2.8

1 Payable metal in concentrate. 


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