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To be a leading developer and operator of large scale, low cost copper mines.
To deliver value for our shareholders whilst maintaining a strong social commitment to our employees, the environment and communities around us.
We seek to undertake growth projects which have the potential to deliver a high return on investment, including brownfield expansions of existing assets and new greenfield development projects
Improve health and safety, increase productivity and maintain low operating costs and sustaining capital expenditure
Seek out natural resource opportunities, focusing on copper assets in Kazakhstan and the CIS region.
KAZ Minerals is committed to maintaining high levels of corporate responsibility as we grow our business and share the benefits of natural resource extraction with our key stakeholders.
‘‘$1.2bn expansion project to double the sulphide ore processing capacity of Aktogay’’
In December 2017 the Board approved a $1.2 billion expansion project to double the sulphide ore processing capacity of Aktogay from 25 million tonnes to 50 million tonnes, with first production expected in 2021.
The new sulphide concentrator will add c.80 kt of annual copper production from 2022-27 and c.60 kt from 2028 onwards. During 2018 initial excavations and earthworks were completed and long lead-time equipment orders were placed.
‘‘+38% increase in quantity of clay ore processed in 2018’’
The clay plant at Bozshakol has seen a significant improvement in ore throughput in 2018.
The plant was shut down for its first major maintenance in the first quarter of 2018. During the closure, optimisation works were undertaken on the crusher to install wear resistant crusher parts and backup equipment. After completion of the optimisation works, the plant operated at an average of 109% of design ore throughput capacity over the second half of 2018.
In 2018, the clay plant increased the quantity of ore processed by 38% to 4.7 Mt (2017: 3.4 Mt), producing 13 kt of copper and 18 koz of gold.
Production was suspended for three months in the first half of 2019 to upgrade the water recycling system and reduce fresh water consumption.
‘‘330 ktpa copper equivalent output is forecast over the first ten years’’
The Board approved the acquisition of the Baimskaya copper project in Russia in August 2018 for a total consideration of $900 million. The Peschanka deposit in the Baimskaya licence area is a large scale, copper porphyry with a low strip ratio of 0.8 and a strong gold by-product, making it a similar prospect to Bozshakol, the Group’s first major growth project in Kazakhstan. Copper equivalent output is expected to average 330 ktpa over the first ten years.
| Measured | Indicated | Inferred | Total | ||
|---|---|---|---|---|---|
| Mineral resources | Mt | 139 | 1.289 | 774 | 2,202 |
| Copper grade | % | 0.72 | 0.44 | 0.36 | 0.43 |
| Contained copper | Mt | 1.0 | 5.7 | 2.8 | 9.5 |
| Gold grade | g/t | 0.39 | 0.26 | 0.16 | 0.23 |
| Contained gold | Moz | 1.7 | 10.8 | 4.0 | 16.5 |
| Silver grade | g/t | 4.0 | 2.4 | 2.0 | 2.4 |
| Molybdenum grade | ppm | 140 | 120 | 90 | 110 |
KAZ Minerals supports communities in Kazakhstan and Kyrgyzstan by investing in projects that benefit society close to its operations as well as national projects.
The Group seeks to support healthcare, education, infrastructure and sports projects. In the East Region of Kazakhstan the Group has provided funding for the purchase of medical equipment.