Month: August 2016

Total Voting Rights

In conformity with the Disclosure and Transparency Rules (“the Rules”), the Company notifies the market of the following:

At the date of this announcement, the issued capital of the Company comprises 458,379,033 ordinary shares.

The Company currently holds 11,701,830 ordinary shares in treasury and the issued share capital of the Company which carries voting rights of one vote per share comprises 446,677,203 ordinary shares (excluding treasury shares).

The above figure of 446,677,203 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

For further information, please contact:

Susanna Freeman
Company Secretary
Tel: + 44 (0)20 7901 7826

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EBT Share Purchase

KAZ Minerals PLC (“the Company”) announces that it was notified on 24 August 2016 that Estera Trust (Jersey) Limited, acting as trustee of the Company’s Employee Benefit Trust (“the EBT”), purchased 250,000 ordinary shares of 20p each in the Company (“Shares”) at a price of 187.7p per Share (“the Purchase”). The Shares are to be held in the EBT to be used to satisfy the demand for Shares following exercises under the Company’s current and future employee share plans, including the KAZ Minerals Deferred Share Bonus Plan 2007, the KAZ Minerals UK Sharesave Plan 2010 and the KAZ Minerals International Sharesave Plan 2010, in which the Company’s executive directors and other PDMRs are potential beneficiaries.

Following the Purchase, the EBT’s total holding is 300,140 Shares, representing 0.07% of the Company’s issued share capital with voting rights.

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Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons

Half-Yearly Results 2016

Kaz minerals PLC HALF-YEARLY REPORT

FOR THE PERIOD ENDED 30 June 2016

 

OPERATIONAL HIGHLIGHTS

  • Group copper cathode equivalent production increased by 43% in H1 2016 to 52.6 kt (H1 2015: 36.7 kt)
  • Bozshakol ramping up with over 60% of ore throughput capacity achieved in August to date
  • On track to achieve commercial production in H2 2016
  • Group copper guidance narrowed to 135-145 kt and gold to 95-115 koz
  • Commissioning works in Q2 limited output, full year Bozshakol copper output now expected to be 45-55 kt
  • Strong copper and gold output in H1 from East Region and Bozymchak
  • Silver guidance increased to 2,500-2,750 koz, as Bozshakol achieves payable silver grade during ramp up

 FINANCIAL HIGHLIGHTS

  • EBITDA $115 million (H1 2015: $88 million)
  • Gross EBITDA of $147 million (H1 2015: $94 million)
  • Includes $28 million of capitalised EBITDA from Bozshakol and $4 million from Aktogay oxide
  • Operating profit of $68 million (H1 2015: $15 million)
  • East Region and Bozymchak net cash cost of 72 USc/lb (H1 2015: 121 USc/lb)
  • Gross cash cost falls 34% to 178 USc/lb (H1 2015: 270 USc/lb)
  • Impact of devaluation of tenge and cost measures
  • Gross cash cost guidance for 2016 reduced to 190-210 USc/lb
  • Bozshakol gross cash cost guidance for 2016 reduced to 140-160 USc/lb
  • Gross funds of $1,056 million as at 30 June 2016, net debt $2,531 million
  • Financing outlook improved by ramp up at Bozshakol and reduced capital budget at Aktogay

 MAJOR GROWTH PROJECTS

  • Aktogay sulphide to commence production in H1 2017
  • Capital budget reduced by $100 million to $2.2 billion
  • Oxide project declared commercial from 1 July 2016
  • Bozshakol clay plant to be commissioned later in 2016

 OUTLOOK

  • Copper production growth to continue in second half as Bozshakol ramps up
  • Final construction of Aktogay sulphide ahead of commissioning in H1 2017

  

$ million (unless otherwise stated)

Six months

ended

30 June 2016

Six months

ended

30 June 2015

Revenues1

 302

 341

Earnings:

 

 

EBITDA (excluding special items)2

 115

 88

Profit before tax

 91

 2

Underlying Profit

 76

 2

EPS:

 

 

Basic and diluted ($)

 0.16

 (0.03)

Based on Underlying Profit3 ($)

 0.17

 0.01

 

 

 

Cash flow from operations

(63)

(91)

Free Cash Flow4

 (65)

 (55)

Free Cash Flow4 before interest

 20

 30

 

 

 

Gross cash cost5 (USc/lb)

 178

 270

Net cash cost6 (USc/lb)

 72

 121

1    Revenues for the six months ended 30 June 2015 include $22 million of cathode (3.6 kt) that was purchased to compensate for variances in monthly cathode output.

2   EBITDA (excluding special items) is earnings before interest, taxation, the non-cash component of the disability benefits obligation, depreciation, depletion, amortisation, mineral extraction tax and royalties, adjusted for special items and excluding the performance of assets in pre-commercial production.

3   Reconciliation of EPS based on Underlying Profit is found in note 9.

4   Net cash flow from operating activities before capital expenditure and non-current VAT associated with expansionary and new projects, less sustaining capital expenditure.

5   East Region and Bozymchak cash operating costs, excluding mineral extraction tax and royalties and purchased cathode, divided by the volume of own copper cathode sales. East Region’s standalone gross cash cost was 270 USc/lb in the first half of 2015.

6   East Region and Bozymchak cash operating costs, excluding mineral extraction tax and royalties and purchased cathode, less by-product revenues, divided by the volume of own copper cathode equivalent sales. East Region’s standalone net cash cost was 125 USc/lb in the first half of 2015.

Oleg Novachuk, Chief Executive, said: “We have continued to deliver on our strategy of high growth, low-cost copper in the first half of 2016 with production increasing by 43%, including the first significant contributions from Bozshakol and Aktogay. We have also been able to further reduce our operating costs with 34% lower gross cash costs in the East Region and Bozymchak supporting an improved EBITDA despite weaker commodity prices. Our growth is set to accelerate as Bozshakol continues its ramp up in the second half of the year followed by the commissioning of Aktogay sulphide in the first half of 2017.”

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Notice of 2016 Half-Yearly Results

KAZ Minerals PLC will announce its half-yearly results for the six months ended 30 June 2016 on Thursday 18 August 2016 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 18 August 2016 at 9.15am (UK time).

The presentation for analysts can also be accessed by conference call on Thursday 18 August 2016 at 9.15am (UK time). The dial-in details are as follows:

Telephone: +44(0)20 3003 2666

Please quote the password: KAZ Minerals

A webcast of the presentation for analysts will also be available on the KAZ Minerals website (www.kazminerals.com).