Kazakhmys increases copper production in Q2, down year-on-year

mineral resources

Kazakhmys increases copper production in Q2, down year-on-year

By SRI ⋅ July 31, 2008 ⋅

(SRI) - Kazakh miner Kazakhmys’s copper cathode production picked up in the second quarter after weather problems in the previous quarter, but output was still down 1.4 percent year-on-year, Reuters reported.

The world’s 10th-biggest copper producer warned on Wednesday that maintenance to the Kazakhstan national grid may hit cathode output in the third quarter, but not mined production, and it stuck with its forecast that annual production would be flat.

“Mine and concentrate output (in the third quarter) will be unaffected and we maintain our target that copper cathode production from own ore production for the full year should be at least in line with 2007,” the company said.

The firm said total copper cathode output in the second quarter was 90,200 tonnes, up 7.2 percent from the previous quarter, but down from 91,500 tonnes in the same period last year.

Copper in concentrate output rose 3.2 percent year-on-year to 99,800 tonnes. The company produces finished copper from its own ore as well as from modest amounts of purchased concentrate.

Zinc metal output edged down year-on-year to 12,200 tonnes from 12,500 tonnes while gold production fell 12 percent to 32,100 ounces.

The firm reported details of its new power unit, which it acquired in May, saying total net power generated in the second quarter grew by 38 percent to 2,870 gigawatts.