Total Voting Rights

In conformity with the Disclosure and Transparency Rules (“the Rules”), the Company hereby 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 11,651,485 ordinary shares in treasury and therefore the issued share capital of the Company which carries voting rights of one vote per share comprises 446,727,548 ordinary shares (excluding treasury shares). 

The above figure of 446,727,548 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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Half-Yearly Results 2017

Kaz minerals PLC HALF-YEARLY REPORT

FOR THE PERIOD ENDED 30 June 2017

OPERATIONAL HIGHLIGHTS

  • Copper output more than doubled to 118 kt in the first half of 2017
  • Aktogay ramp up progressing well, Bozshakol expected to achieve full capacity in second half
  • By-products on track to meet or exceed 2017 guidance

FINANCIAL HIGHLIGHTS

  • Gross Revenues1 increased by 2.3 times, to $837 million (H1 2016: $363 million) on higher volumes and commodity prices
  • Revenues of $721 million, excluding pre-commercial sales (H1 2016: $302 million)
  • Gross EBITDA1 of $505 million (H1 2016: $147 million) driven by increased revenues and low operating costs
  • EBITDA1 of $429 million, excluding pre-commercial earnings (H1 2016: $115 million)
  • Operating profit of $291 million (H1 2016: $68 million)
  • Net cash cost1 of 64 USc/lb, maintained position amongst the lowest cost copper producers globally
  • Bozshakol full year gross cash cost1 now expected to be 115-135 USc/lb
  • Aktogay guidance reduced to 110-130 USc/lb following strong first half performance
  • East Region and Bozymchak guidance now set at 205-225 USc/lb

FINANCIAL POSITION

  • Net debt1 reduced to $2,442 million at 30 June 2017 (31 December 2016: $2,669 million), supported by higher operating cash flows, lower capital expenditure and refund of project VAT of $176 million
  • Available liquidity of $1,563 million, including $1,223 million of cash and cash equivalents and $340 million available for drawing
  • New $600 million PXF facility
  • Gearing levels reducing rapidly

 

OUTLOOK

  • Full year copper production target narrowed to 235-260 kt
  • Aktogay sulphide to achieve commercial production and Bozshakol to reach design capacity in second half
  • KAZ Minerals is delivering copper growth into a tightening market

 

$ million (unless otherwise stated)

Six months

ended

30 June 2017

Six months

ended

30 June 2016

Gross Revenues1,2

837

363

Gross EBITDA1,2,3

505

147

 

 

 

Revenues

721

 302

EBITDA (excluding special items)1,3

429

 115

 

 

 

Operating profit

291

68

Profit before tax

240

 91

Underlying Profit1

195

 76

EPS – basic and diluted ($)

0.41

 0.16

EPS – based on Underlying Profit ($)1,4

0.44

 0.17

 

 

 

Net cash flows from/(used in) operating activities

337

(63)

Free Cash Flow1

155

 (65)

Free Cash Flow before interest1

269

 20

 

 

 

Gross cash cost (USc/lb)1,2

144

 173

Net cash cost (USc/lb)1,2

64

 78

 

 

 

Cash and cash equivalents

1,223

1,056

Net debt1

2,442

2,531

 

1  These metrics, used throughout this document, are non-IFRS measures that the Directors use internally to assess the financial performance of the Group. See glossary for definitions.

2 Includes operations during the period prior to commercial production.

3 Reconciliation to operating profit provided in note 4(a)(i) in the financial information.

4   Reconciliation of EPS based on Underlying Profit/(Loss) is found in note 8 in the financial information.

Oleg Novachuk, Chief Executive, said: “I am delighted that the successful delivery of our two growth projects has been reflected in our operating and financial results. We have doubled copper production whilst maintaining our position amongst the lowest cost copper producers globally. This strong performance has resulted in a reduction in our gearing levels, with net debt falling and over half a billion dollars of Gross EBITDA generated in the first half of 2017. We aim to complete the final stages of ramping up Bozshakol this year and Aktogay in 2018, supported by an improved outlook for copper.”

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Notice of Half-Yearly Results – Change of Venue

CHANGE OF VENUE FOR ANALYST PRESENTATION 

KAZ Minerals PLC announced on 3 August 2017 that it would release its half-yearly results for the six months ended 30 June 2017 on Thursday 17 August 2017 at 7.00am (UK time) and that a presentation for analysts would be held at 9:00am (UK time).

The venue for the presentation to analysts has been changed to The Lincoln Centre, 18 Lincoln’s Inn Fields, London WC2A 3ED.

The presentation can also be accessed by conference call and the dial-in details are unchanged as follows:

Telephone: +44 (0) 20 3003 2666

Please quote the password: KAZ Minerals (Half-Yearly Results 2017)

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

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Notice of 2017 Half-Yearly Results

NOTICE OF HALF-YEARLY RESULTS FOR THE PERIOD ENDED 30 JUNE 2017 

KAZ Minerals PLC will announce its half-yearly results for the six months ended 30 June 2017 on Thursday 17 August 2017 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 17 August 2017 at 9.00am (UK time) 

The presentation for analysts can also be accessed by conference call on Thursday 17 August 2017 at 9.00am (UK time). The dial-in details are as follows:

Telephone: +44(0)20 3003 2666

Please quote the password: KAZ Minerals (KAZ Minerals Half-Yearly Results 2017) 

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

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