KAZ Metals Releases Half-Year Report

The copper miner reported revenues of US$1,098 million.

KAZ Minerals (LSE:KAZ) has released its half-year report, detailing an 18 percent increase in copper production to 140,000 tonnes over the first six months of the year.

According to the company the Aktogay sulfide concentrator in Kazakhstan achieved design throughput capacity during H1.

As highlighted in the press release:

Revenues of US$1,098 million (H1 2017: Gross Revenues of US$837 million, revenues of US$721 million)
- Increase in revenues supported by 22 percent copper sales volume growth and a 20 percent higher average LME copper price
EBITDA of US$690 million representing a 63 percent margin (H1 2017: Gross EBITDA1 of US$505 million, EBITDA US$429 million)
Operating profit of US$464 million (H1 2017: US$291 million)
Group gross cash cost of 145 USc/lb, in line with H1 2017 (144 USc/lb)
Industry leading first quartile net cash cost of 82 USc/lb (H1 2017: 64 USc/lb)