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Q4 2025 Production Report
KAZ MINERALS GROUP PRODUCTION AND SALES REPORT FOR TWELVE MONTHS AND THE FOURTH QUARTER ENDED 31 DECEMBER 2025
| 12m 2025 | 12m 2024 | Q4 2025 | Q3 2025 | Q4 2024 | |||
|---|---|---|---|---|---|---|---|
| Copper production [1] | kt | 369.7 | 379.9 | 94.0 | 91.7 | 92.9 | |
| Aktogay | kt | 225.7 | 228.8 | 54.1 | 56.8 | 56.6 | |
| Bozshakol | kt | 97.7 | 104.7 | 27.0 | 23.1 | 25.5 | |
| East Region & Bozymchak | kt | 46.3 | 46.4 | 12.9 | 11.8 | 10.8 | |
| Gold production [2] | koz | 132.3 | 145.8 | 36.6 | 33.1 | 34.9 | |
| Silver production [3] | koz | 3,824 | 3,728 | 1,094 | 995 | 978 | |
| Zinc in concentrate | kt | 53.8 | 42.8 | 19.5 | 13.9 | 11.5 | |
| Molybdenum in concentrate | t | 4,485 | 4,347 | 1,051 | 1,166 | 1,198 | |
| Copper sales [4] | kt | 359.7 | 386.8 | 106.9 | 76.8 | 91.8 | |
| Gold sales [5] | koz | 131.1 | 150.8 | 35.5 | 30.6 | 30.4 | |
| Silver sales [5] | koz | 3,677 | 3,836 | 961 | 853 | 822 | |
| Zinc in concentrate sales | kt | 53.0 | 44.3 | 17.1 | 15.4 | 8.6 | |
| Molybdenum in concentrate sales | t | 4,537 | 4,637 | 1,324 | 1,110 | 1,288 |
- Payable metal in concentrate and copper cathode from Aktogay oxide ore
- Payable metal in concentrate. Includes 3.8 koz of commercially payable gold from Aktogay in 12m 2025
- Payable metal in concentrate
- Payable metal in concentrate, toll processed metal and copper cathode from Aktogay oxide ore
- Payable metal in concentrate and toll processed metal
Highlights
- KAZ Minerals delivered 370 kt of copper in 2025, narrowing year-on-year output reduction to 3% despite the expected decline in copper grades. This reflects the Group’s strategy to sustain strong copper output through continuous improvements in operational efficiency.
- Aktogay processed a record 62 Mt of sulphide ore in 2025, marking a new performance milestone and reinforcing KAZ Minerals’ position among the leading global copper producers.
- Precious metal output increased in Q4 due to higher ore throughput at Bozshakol and better grades at East Region. Zinc output strengthened in Q4, driven by higher polymetallic ore grades at East Region, with full year production of 54 kt, up 26% from 2024.
- Copper sales totalled 360 kt in 2025, 3% below production, resulting from temporary logistics constraints earlier in the year. Q4 sales rose 39% compared to Q3, reaching 107 kt. Some copper cathodes remained in transit at year-end and will be recognised in January 2026, contributing to a strong start to the new year
Andrei Tretyakov, Chief Executive Officer, said: “KAZ Minerals completed another year of strong output, produced 370 kt of copper and 132 koz of gold in 2025. The Group is well positioned to respond to surging market demand for copper and precious metals. KAZ Minerals uses modern technology to support tailored mine-to-mill initiatives and continues to expand the existing mines. Management’s commitment to operational excellence enabled the Group to set a globally recognised record throughput at Aktogay.”