Q4 2021 Production Report

KAZ MINERALS GROUP Production and Sales report for twelve months and THE fourth QUARTER Ended 31 DECEMBER 2021

^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
  • KAZ Minerals achieved copper production of 299 kt in 2021, exceeding the production target set at the start of the year of 275-295 kt, due to Aktogay and Bozshakol operating above design capacity and an exceptional ramp-up at the Aktogay expansion.
  • The second sulphide concentrator at Aktogay was commissioned in October 2021 and has shipped its first copper concentrate to customers during the fourth quarter. The ramp-up has outperformed expectations, with the new concentrator achieving design capacity throughput for extended periods.
  • Copper production in the fourth quarter increased by 2% to 75 kt (Q3 2021: 74 kt) driven by an increase at Aktogay following the start-up of the second sulphide concentrator, which offset lower output from Bozshakol and East Region & Bozymchak, where grades fell.
  • Full year gold production of 167 koz was consistent with the Group’s target of 160-180 koz. KAZ Minerals exceeded its annual targets for the production of both silver and zinc in concentrate.
  • Copper sales of 253 kt in 2021 were 18% below production as the Group experienced congestion on the rail network during the second half of the year, including restrictions at the Kazakhstan-China border associated with enhanced Covid-19 measures. There has subsequently been a significant improvement in transit times with inventory levels reducing in January.
  • At the start of January there was unrest in Kazakhstan. None of the Group’s staff were harmed and there was no damage to Group property. There was minimal disruption to the Group’s operations, all of which are running at full capacity.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals’ operations continued to perform strongly in the fourth quarter, and supported by the exceptional ramp-up of the second concentrator at Aktogay, the Group met or exceeded its production targets for all metals. We have had a good start to 2022, with the second concentrator at Aktogay set to deliver further growth in the year.”

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