Notice of Results
1 August 2019
NOTICE OF HALF-YEARLY RESULTS
FOR THE PERIOD ENDED 30 JUNE 2019
KAZ Minerals PLC will announce its half-yearly results for the six months ended 30 June 2019 on Thursday 15 August 2019 at 7.00am (UK time).
A presentation for analysts will be held in the Theatre & Theatre Gallery at the London Stock Exchange, 10 Paternoster Square, London EC4M 7LS on Thursday 15 August 2019 at 9.30am (UK time).
The presentation for analysts can also be accessed by conference call on Thursday 15 August 2019 at 9.30am (UK time). The dial-in details are as follows:
Telephone: +44 (0) 20 3003 2666
Please quote the password: KAZ Minerals Interim Results 2019
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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Investor Relations, London
Tel: +44 20 7901 7882
Investor Relations, London
Tel: +44 20 7901 7814
Corporate Communications, Almaty
Tel: +7 727 244 0353
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Carole Cable, Charlie Pretzlik
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Tel: +44 20 7404 5959
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 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 90 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 2025.
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 14,000 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 [email protected] or visit www.rns.com.
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