Goldplat (LON:GDP)
Goldplat (GDP LN) has announced that it will hold a shareholder conference call whereby shareholders and interested investors are invited to email questions to the Board which will be address in a Q&A session.
The call will be held at 12pm UK time on Wednesday 23 August 2017.
Questions should be sent in advance of the call to: shareholderenquiries@stbridespartners.co.uk
To participate in the call please dial 0808 109 0701 or if outside the UK using +44 (0)20 3003 2701
KAZ Minerals (LON:KAZ)
KAZ Mineral (KAZ LN) has reported strong results for H1 2017 with strong increases in revenue and earnings on the back of increased output and higher prices. Copper production of 118kt of copper was up 109% YoY as the primary sulphide concentrator at Bozshakol reached 93% of capacity. While at Aktogay where the ramp up was faster the plant is running at full capacity.
EBITDA of US$429m was up 273% YoY driven primarily by higher prices and output although unit costs were also down 18% YoY to USc64/lb after by-product credits. As a result of the strong H1 performance, Akotgay unit cost guidance has been reduced to USc110-130/lb and at Bozshakol to USc115-135/lb on a before by product credit basis. Net income of US$195m was up 157%.
Copper fundamentals have not been as supportive in recent months with Chinese imports disappointing. That said, copper prices have been more moving higher in dollar terms owing largely to recent US political events. There is further downside potential in our view for the dollar with the Fed likely to face difficulty winding down its balance sheet and continuing its implied rate of rate hikes. This is likely to benefit commodity prices across the board. KAZ has traditionally been a highly operationally leveraged producer, however, the current transition to low cost mining is likely to change this and reduce future share price volatility on the back of more stable earnings and stronger free cash flow.