KAZ MINERALS GROUP Production Report for 12 months and THE fourth QUARTER Ended 31 December 2016

• Full year copper guidance met and by-product guidance exceeded in 2016 

• Copper cathode equivalent production¹ of 140 kt (guidance 135-145 kt)
  • Copper output growth of 73% year-on-year (FY 2015: 81 kt)
  • New projects Bozshakol and Aktogay contributed 63 kt of new copper cathode equivalent production in 2016
  • Q4 copper cathode equivalent production of 43 kt (Q3 2016: 45 kt)

• Bozshakol copper cathode equivalent output of 20 kt in Q4 (Q3 2016: 17 kt)
  • Ramp up on track, ore throughput averaged above 75% in Q4
  • 50 kt of copper in concentrate and 45 kt copper cathode equivalent output in 2016

• Aktogay oxide Q4 output of 6 kt, full year copper cathode output of 18 kt
  • 6 kt of copper cathode output in Q4 2016 (Q3 2016: 7 kt), despite colder weather
  • Testing in progress at main sulphide concentrator, first copper production expected in Q1 2017

• East Region and Bozymchak Q4 copper cathode equivalent output of 17 kt (Q3 2016: 21 kt)
  • Q3 output benefited from a release of work in progress

• By-product output exceeds full year guidance ranges
  • Stronger than anticipated by-product grades in the East Region in Q4 2016
  • Bozymchak operated at design capacity throughout 2016
  • Bozshakol 2016 gold bar equivalent output of 60 koz supported by elevated gold grades

1. The Group’s finished goods “equivalent” production includes both finished metals produced and the finished metal equivalent of concentrate sold in the period. 

Oleg Novachuk, Chief Executive, said: “I am pleased that we have achieved our copper and by-product guidance for 2016, a 73% increase in copper output on the prior year, as we successfully ramped up Bozshakol and the Aktogay oxide plant. Operating costs at Bozshakol have temporarily benefited from lower than anticipated maintenance requirements during the ramp up period, and full year gross cash costs are expected to be in the region of 20% below the bottom of the previously guided range of 140-160 USc/lb. Our growth will continue in 2017 as Bozshakol reaches capacity and we commence production from sulphide ore at Aktogay.”

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KAZ Minerals PLC (“KAZ Minerals” or “the Group”) announces that the testing and commissioning of the main Aktogay sulphide concentrator has commenced today. Production of saleable copper concentrate from sulphide ore is expected by the end of the first quarter of 2017. Production guidance for Aktogay in 2017 will be announced with the Group’s full year results on 23 February 2017.

The Aktogay project budget has been reviewed and reduced by $100 million to $2,100 million. The saving has been achieved through faster than anticipated progress in construction of the concentrator, a partial release of contingency and from the continued benefit of a local supplier strategy and sustained weak tenge.

The timing of the remaining capital payments has been updated, with certain payments previously expected in late 2016 now anticipated in early 2017 and $70 million relating to the expansion of oxide ore heap leach cells deferred to 2018.

The resulting capital expenditure profile for the project is expected to be approximately $100 million in H2 2016, $240 million in 2017 and $370 million in 2018. The $370 million guidance for 2018 includes $300 million of payments relating to work in 2016 and 2017 that was deferred under an agreement with the principal construction contractor in November 2015.

Oleg Novachuk, Chief Executive, said: “We are happy to be able to announce the start of commissioning activities at the Aktogay sulphide concentrator and a further reduction of $100 million in the project budget. We are now focused on ramping up production at Aktogay and Bozshakol to deliver industry-leading copper production growth.”

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KAZ MINERALS GROUP Production Report for nine months and THE third QUARTER Ended 30 september 2016 and interim management statement 

• Copper cathode equivalent production¹ in Q3 of 44.5 kt (Q2: 31.1 kt)
  • Production growth continues as Bozshakol and Aktogay oxide ramp up
  • Group guidance for 2016 maintained at 135-145 kt copper cathode equivalent (FY 2015: 81.1 kt)

• Bozshakol more than doubles copper output in Q3 to 16.9 kt (Q2: 7.5 kt)
  • Ore throughput has steadily increased in Q3
  • Concentrator has now operated at ore throughput levels above 60% for three months, declared commercial today

• Aktogay oxide increases copper cathode output by 69% to 6.6 kt in Q3 (Q2: 3.9 kt)
  • Oxide production benefited from seasonally warmer conditions in the third quarter
  • On track to produce around 15 kt in 2016, in line with guidance

• By-product output on track to achieve full year guidance ranges
  • Strong Q3 gold output of 40.9 koz supported by Bozymchak operating consistently at design capacity and a temporarily high grade at Bozshakol
  • Silver bar output 806 koz in Q3 (Q2: 679 koz) assisted by a release of work in progress
  • Full year silver production expected to exceed top end of 2,500-2,750 koz guidance due to lower than expected grade decline in the East Region in 2016
  • Zinc in concentrate output of 16.6 kt in Q3, 56.2 kt in the period to 30 September 2016, on track for full year guidance of 70-75 kt

• Net debt of $2,590 million at 30 September 2016
  • Gross liquid funds of $872 million

1. The Group’s finished goods “equivalent” production includes both finished metals produced and the finished metal equivalent of concentrate sold in the period.

Oleg Novachuk, Chief Executive, said: “KAZ Minerals continues to deliver sector-leading production growth, with our copper output growing by 66% in the first nine months of this year. Given the progress made in ramping up Bozshakol, our first major growth project, we have declared it a commercially producing asset from today. We are also making good progress on the construction of the Aktogay sulphide project, which will deliver the next phase of our production growth in 2017.”

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KAZ Minerals PLC today announces the completion of construction and the commencement of commissioning works at the Bozshakol clay plant.

The clay plant has an annual processing capacity of five million tonnes and is expected to commence production of saleable copper concentrate in 2016. Completion of the plant brings the total ore processing capacity at Bozshakol to 30 million tonnes per annum, including the main 25 million tonne sulphide concentrator which began operations at the start of the year.

The ramp up of the main sulphide concentrator is progressing in-line with expectations and the 2016 production guidance for Bozshakol remains unchanged.

Oleg Novachuk, Chief Executive, said: “I am very pleased to report that the Bozshakol clay plant has begun commissioning. Construction activities at Bozshakol are largely complete and we are now focused on ramping up copper output from this 100 kt per annum, long-life, low-cost, open pit mine.”

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KAZ MINERALS GROUP Production Report for six months and THE second QUARTER Ended 30 june 2016

• Copper cathode equivalent production¹ of 52.6 kt in H1 2016, an increase of 43%
  • Rise in copper output due to commissioning of new mines
  • Continued production growth expected in the second half
  • Group on track to meet 2016 guidance of 130-155 kt copper cathode equivalent¹

• Bozshakol commissioning progressing well, FY guidance maintained
  • 100% load tests successfully performed on key equipment
  • Copper in concentrate production of 9.5 kt in Q2 (Q1: 1.1 kt)
  • Q2 throughput limited by 17 day scheduled shutdown in May and commissioning works in June
  • Throughput increasing in Q3, 2016 guidance maintained at 45-65 kt copper cathode equivalent¹

• Aktogay oxide cathode output of 3.9 kt in Q2 (Q1: 1.5 kt)
  • Ramp up progressing, on track for 15 kt full year guidance

• Significant increase in gold production
  • Gold bar equivalent output¹ of 39.1 koz in H1 2016 (H1 2015: 16.1 koz)
  • Bozymchak operated at design capacity throughout the first half, producing 17.9 koz of gold bar equivalent¹ (H1 2015: 5.1 koz)
  • East Region and Bozymchak produced 30.0 koz of gold bar equivalent¹, now on course to meet or exceed top of 2016 guidance range (40-50 koz)
  • Bozshakol contributed 9.1 koz of gold bar equivalent¹ in H1 2016, with 8.8 koz in Q2

1. The Group’s finished goods “equivalent” production includes both finished metals produced and the finished metal equivalent of concentrate sold in the period.

Oleg Novachuk, Chief Executive, said: “Our new mines at Bozshakol, Aktogay and Bozymchak have begun to make a meaningful contribution to Group production with copper output growing by 43% in the first half. The East Region assets continue to deliver against targets and all mines are on track to achieve the Group’s full year production guidance. We are now delivering the highest growth rate in the sector and we look forward to updating the market on our financial performance when we announce our half year results in August.”

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KAZ Minerals PLC (“KAZ Minerals” or “the Group”) announces that following a review of the Group’s Aktogay project, the expected project cost has been reduced by $100 million to $2,200 million. The project has benefitted from the experience gained at Bozshakol and from the use of local contractors following the 2015 tenge devaluation.

The lowered budget for the Aktogay project results in revised capital expenditure guidance for 2016 of $230 million and 2017 of $350 million. The final payment of $300 million to the project’s principal construction contractor remains deferred to 2018, after the project has been completed.

Oleg Novachuk, Chief Executive, said: “The experience gained developing our first major growth project, Bozshakol, has resulted in a reduction in the expected budget for Aktogay. We look forward to updating the market on the project’s construction progress later in 2016.”

KAZ MINERALS GROUP Production Report for THE FIRST QUARTER Ended 31 MARCH 2016 AND INTERIM MANAGEMENT STATEMENT

• Projects ramping up on schedule, production on track to achieve 2016 guidance
• Q1 2016 copper cathode equivalent¹ production of 21.5 kt

• Bozshakol
  • Production at Bozshakol commenced in late February, 1.1 kt of copper in concentrate output in the quarter
  • No major issues encountered and all the main sections of the plant are now in operation
  • Throughput volume increasing as expected in April
  • Trial sales shipment completed in March, two shipments dispatched in April
  • Production guidance maintained at 45-65 kt of copper cathode equivalent¹ and 50-70 koz of gold bar equivalent¹

• Aktogay oxide
  • 5 kt of copper cathode produced at Aktogay as the SX/EW facility ramps up
  • Output of 35 tonnes per day achieved on average to date in April, will ramp up further to achieve output of 15 kt in 2016

• East Region and Bozymchak
  • Copper cathode equivalent¹ output of 19.7 kt, on course to achieve full year guidance of 70-75 kt
  • Bozymchak operated at design capacity following optimisation works in Q4 2015
  • Zinc in concentrate production of 19.9 kt and silver granule equivalent¹ of 749 koz
  • Gold bar equivalent¹ quarterly output doubled to 12.7 koz

• Financial update
  • Copper cathode sales of 23 kt
  • Net debt of $2,425 million at 31 March 2016, $1,205 million of funds and available facilities

1. The Group’s finished goods “equivalent” production includes both finished metals produced and the finished metal equivalent of concentrate sold in the period.

Oleg Novachuk, Chief Executive, said: “In the first quarter of 2016 the Bozshakol sulphide concentrator commenced operation and the ramp up of the new facility is proceeding in line with expectations. To date, we have dispatched three shipments of copper concentrate from Bozshakol to our customers in China. At Aktogay, the commissioning of our oxide operations is also on schedule and our mines in the East Region and Bozymchak have delivered a strong start to 2016. We expect to achieve our full year copper production target of 130-155 kt, delivering industry leading production growth at highly competitive cash costs.”

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Kaz minerals PLC Production Report for 12 MONTHS AND the fourth Quarter Ended 31 december 2014

• Full year copper cathode production from continuing operations 83.5 kt
  • Achieved upper end of guidance, 80–85 kt
  • 2014 cathode production from continuing operations rose by 9%, supported by increase in copper in concentrate production
  • Movement from prior year also impacted by build-up of work in progress at the smelter during 2013
  • Increased recovery rate at Nikolayevsky concentrator following modernisation programme

• Q4 2014 copper cathode production from continuing operations 24.1 kt
  • Strong Q4 2014 copper cathode output of 24.1 kt (Q3 2014: 18.3 kt) as concentrate work in progress from the previous quarter was processed

• Full year by-product output from continuing operations robust
  • Zinc in concentrate output of 121 kt – ahead of guidance
  • Silver output of 3,435 koz – in line with guidance
  • Gold output of 34.6 koz – 4.0 koz gold in concentrate delivered from Bozymchak will be processed in 2015

Basis of preparation – continuing operations versus discontinued operations

• The ‘Mining Production – Retained Assets’ section contains production figures, comparative data and commentary that relate to the continuing operations in the East Region and Bozymchak
• The ‘Group Production Summary’ section includes separate production data for the Disposal Assets that were under the ownership of the Group until the Restructuring was completed on 31 October 2014 

Oleg Novachuk, Chief Executive, said: “Our continuing operations in the East Region delivered a strong fourth quarter of copper cathode production and we have achieved the upper end of our full year guidance. The fourth quarter also included copper cathode production from our new copper-gold mine at Bozymchak, which made its first shipment of concentrate to the Balkhash smelter in December 2014. We look forward to updating the market on 26 February 2015 with our full year results for 2014 and on progress at our major growth projects, Bozshakol and Aktogay.”

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KAZ Minerals PLC announces that it will participate today in a live television transmission to mark the launch of a number of important industrial projects in Kazakhstan. During the broadcast an update on the status of the Bozshakol project will be given.

The Bozshakol project has progressed well to date in the fourth quarter and is currently undergoing commissioning works, including the movement of material through the primary crusher, conveyor and reclaim areas as well as testing of the grinding mills. The first production of copper in concentrate is now expected to occur in January 2016.

Oleg Novachuk, Chief Executive, said: “We have made excellent progress in finalising the construction of the processing facilities at Bozshakol. The testing of individual components of the concentrator is well underway and we now anticipate the first production of copper in concentrate in January next year.”

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KAZ Minerals PLC announces that it has produced its first copper cathode from oxide ore at the Aktogay project in the East of Kazakhstan. The SX/EW plant is expected to swiftly reach an output level of 15 kt per annum. The sulphide concentrator remains on track for commissioning in 2017, which will result in the Aktogay project delivering a combined production from sulphide and oxide ore of 105 kt per annum on average for the first 10 years.

Oleg Novachuk, Chief Executive, said: “I am delighted to announce the first copper from our major growth projects with the commencement of cathode output from oxide ore at Aktogay. Our other major growth project, Bozshakol, will start production of copper in concentrate in the first quarter of 2016 and the main sulphide concentrator at Aktogay will be commissioned in 2017. The completion of the Aktogay oxide project is an important step in delivering industry leading growth from our portfolio of large scale, low cost, open pit copper mines.”

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