Q3 2022 Production Report

KAZ MINERALS GROUP PRODUCTION AND SALES REPORT FOR nine months and THE third QUARTER ENDED 30 september 2022

  9m
2022		 9m
2021		 Q3 2022 Q2 2022 Q3 2021
Copper production1 kt 281.9 223.9   102.0  90.0 73.6
Aktogay kt 167.8 102.3 63.6  53.5 32.4
Bozshakol kt 77.9 81.6 26.3  24.9 27.7
East Region & Bozymchak kt 36.2 40.0 12.1  11.6 13.5
Gold production2 koz 128.9 126.2 44.4  41.8 43.3
Silver production2 koz 2,718 2,513 986  844 849
Zinc in concentrate kt 29.4 34.1 10.2  8.5 12.3
Copper sales3 kt 280.4 199.4   92.9  96.7 62.4
Gold sales4 koz 142.3 98.5   42.8  49.1 36.0
Silver sales4 koz 2,995 2,216   1,003  990 805
Zinc in concentrate sales kt 32.7 33.2   8.6  9.1 11.1

1. Payable metal in concentrate and copper cathode from Aktogay oxide ore
2. Payable metal in concentrate
3. Payable metal in concentrate, toll processed metal and copper cathode from Aktogay oxide ore
4. Payable metal in concentrate and toll processed metal

Highlights

  • Copper production1 increased by 26% to 282 kt in the first nine months of 2022 (9m 2021: 224 kt). The world class ramp up of the second sulphide concentrator at Aktogay, as well as improved performance at Sulphide 1 and the oxide plant, enabled Aktogay to increase its copper output by 64% to 168 kt in the year to 30 September 2022 (9m 2021: 102 kt).
  • Management is focused on maximising ore processed volumes and all operations delivered increased throughput and copper output in the quarter. Both concentrators at Bozshakol operated above design capacity throughout the third quarter and due to operational improvements are on track to exceed design capacity for the full year.
  • Gold production of 129 koz represented an increase of 2% compared with the first nine months of 2021 (9m 2021: 126 koz), as Bozshakol output rose due to higher ore throughput and gold grades processed.
  • Copper sales were aligned with copper production in the first nine months of the year but were 9% behind production in the third quarter, as Aktogay output exceeded expectations. The Group’s finished goods inventory is expected to reduce in the fourth quarter and fully unwind during 2023.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals has delivered an excellent set of operational results in the first nine months of 2022, with copper output increasing by 26%. The world class ramp up of the second sulphide concentrator at Aktogay has resulted in a step change in our production, while site management has continued to improve ore throughput across the Group to maximise copper output.”

For further information please contact:

KAZ Minerals    
Susanna Freeman

Maksut Zhapabayev

 Company Secretary, London

Corporate Communications, Almaty

 Tel: +44 20 7901 7826

Tel: +7 727 244 03 53

REGISTERED OFFICE

7th Floor, 83 Victoria Street, London SW1H 0HW, United Kingdom.

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