Kazakhmys PLC Production Report for 12 Months and the Fourth Quarter Ended 31 December 2011
Copper cathode production in line with guidance
§ Total cathode production of 301 kt for the full year
§ Production from own concentrate of 299 kt
§ Increase in ore volumes partly offset anticipated decline in copper grade
By-product output remained robust
§ Silver output ahead of guidance at 13 moz
§ Total gold production of 151 koz, ahead of target
§ By-product gold production of 118 koz, benefiting from higher ore volumes
§ Zinc output of 140 kt, impacted by lower output in the fourth quarter
l Kazakhmys Power continued to benefit from strong demand
§ Power generation increased by 15% from prior year at Ekibastuz GRES-1
§ Ekibastuz GRES-1 average realised tariff increased 20% from 2010
Oleg Novachuk, Chief Executive Officer, said: "For the fourth consecutive year we have met all our major production targets and I should like to thank my colleagues for their hard work and commitment on this achievement. We anticipate maintaining similar levels of copper output in 2012 and our sales contracts for the coming year have all been completed, reflecting continued strong demand for copper. I look forward to updating the market on our current operations and the progress being made on our $6 billion growth and investment programme when we announce our full year results on 1 March 2012."
