Total Voting Rights

In conformity with the Disclosure and Transparency Rules (“the Rules”), the Company hereby notifies the market of the following:

At the date of this announcement, the issued capital of the Company comprises 458,379,033 ordinary shares.

The Company currently holds 11,543,746 ordinary shares in treasury and therefore the issued share capital of the Company which carries voting rights of one vote per share comprises 446,835,287 ordinary shares (excluding treasury shares).

The above figure of 446,835,287 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

For further information, please contact:

Susanna Freeman
Company Secretary
Tel: + 44 (0)20 7901 7826

Please follow the link to read the full announcement

Q3 Production Report 2017 and IMS

KAZ MINERALS GROUP PRODUCTION REPORT FOR NINE MONTHS AND THE THIRD QUARTER ENDED 30 SEPTEMBER 2017 AND INTERIM MANAGEMENT STATEMENT

  • Operational highlights
    • Copper production1 increased by 14% to 75 kt in Q3 (Q2 2017: 66 kt) as Aktogay ramps up
    • Full year copper production1 guidance increased to 250-270 kt
    • Gold production guidance raised to 160-180 koz 
  • Bozshakol approaching design capacity
    • Copper production2 of 27 kt in Q3 (Q2 2017: 29 kt)
      • Sulphide plant operated at 100% of design throughput in August (Q3 2017: 93%)
      • Q3 copper output impacted by expected reduction in copper grade
    • Clay plant achieved 81% of design throughput in Q3 (Q2 2017: 69%)
    • Gold guidance for 2017 raised to 110-120 koz, following strong year to date output
  • Aktogay copper guidance increased to 85-95 kt
    • Copper production1 of 31 kt in Q3 (Q2 2017: 21 kt)
    • Sulphide copper production2 was 23 kt in Q3 (Q2: 15 kt) and operations declared commercial from October
    • Oxide copper cathode production of 8 kt in Q3 (Q2 2017: 6 kt)
  • East Region and Bozymchak
    • Q3 2017 copper production2 of 17 kt (Q2 2017: 16 kt), on track for full year guidance of around 65 kt
    • High zinc grade areas in East Region not yet accessed, full year zinc guidance revised to 60-65 kt
    • On track for top end of gold guidance range of 50-60 koz and silver guidance increased to 2,600-2,850 koz
  • Financial update
    • Net debt of $2,220 million at 30 September 2017 (30 June 2017: $2,442 million)
    • $1,684 million of available liquidity including cash and cash equivalents of $1,352 million and $332 million of undrawn facilities
    • $74 million of VAT refunds in relation to project capital expenditure received in Q3
  1. Payable metal in concentrate and copper cathode from Aktogay oxide ore.
  2. Payable metal in concentrate.

Oleg Novachuk, Chief Executive, said: “Following another strong quarter from our new sulphide operations at Aktogay we have raised the Group’s copper production guidance for 2017 to 250-270 kt. Aktogay’s sulphide concentrator reached commercial levels of production at the end of Q3 and we expect to reach full capacity during 2018. At Bozshakol, the main concentrator operated at 100% of design throughput in August. KAZ Minerals is rapidly improving its gearing metrics as we deliver against our operational targets in an improving market for copper.”

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Aktogay Sulphide Declared Commercial

KAZ Minerals PLC (“KAZ Minerals” or “the Group”) announces that following continued commissioning progress the Aktogay sulphide plant has been declared commercial. Revenues, operating costs and interest expenses associated with the Aktogay sulphide plant will be recorded in the Group’s income statement from October 2017.

Higher than anticipated copper grades at the top of the ore body and the successful ramp up of the sulphide concentrator are expected to result in Aktogay meeting or exceeding the upper end of its 2017 copper production guidance range of 70-85 kt.

The Group’s third quarter production results will be set out in the Quarterly Production Report and Interim Management Statement on 26 October 2017.

Oleg Novachuk, Chief Executive, said: “I am pleased to announce that we have achieved commercial production at the Aktogay sulphide plant, the second of our two major growth projects. During the construction and ramp up of the projects we have consistently delivered against our operational and financial targets and we now look forward to reaching design capacity at Bozshakol this year and Aktogay in 2018.”

For further information, please contact:

Susanna Freeman
Company Secretary
Tel: + 44 (0)20 7901 7826

Please follow the link to download the full announcement

Total Voting Rights

In conformity with the Disclosure and Transparency Rules (“the Rules”), the Company hereby notifies the market of the following:

At the date of this announcement, the issued capital of the Company comprises 458,379,033 ordinary shares.

The Company currently holds 11,577,338 ordinary shares in treasury and therefore the issued share capital of the Company which carries voting rights of one vote per share comprises 446,801,695 ordinary shares (excluding treasury shares).

The above figure of 446,801,695 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

For further information, please contact:

Susanna Freeman
Company Secretary
Tel: + 44 (0)20 7901 7826

Please follow the link to read the full announcement

 

Holding(s) in Company

Appointment of Chief Financial Officer and Independent Non-Executive Director

Further to the announcement on 27 April 2017 of Simon Heale’s retirement as Chairman, Oleg Novachuk’s appointment as Chair, Andrew Southam’s appointment as Chief Executive Officer and Michael Lynch-Bell’s appointment as Deputy Chair, all effective from 1 January 2018, KAZ Minerals (“KAZ Minerals” or “the Group”) announces the appointment of a new Chief Financial Officer and an Independent Non-Executive Director.

John Hadfield will join KAZ Minerals on 20 November 2017 and will be appointed Chief Financial Officer on 1 January 2018. John is currently Finance Director of the UK business of Intertek PLC. Prior to his role at Intertek PLC, John spent over 14 years at BG Group PLC (“BG”) and Royal Dutch Shell PLC (“Shell”) in a number of UK and international finance roles including Financial Controller of BG’s $20 billion QGC liquified natural gas project in Queensland, Australia and Vice President Finance for BG’s Exploration and Production assets in the UK and Norway. Following the acquisition of BG by Shell, John was responsible for restructuring the combined Exploration and Production finance teams in Shell UK and Ireland. John began his career with PricewaterhouseCoopers in London.

Alison Baker will be appointed as an Independent Non-Executive Director, effective from 9 October 2017 and will be a member of the Audit Committee. Alison has nearly 25 years’ experience in the provision of audit, capital markets and advisory services, having led the UK and EMEA Oil & Gas practice at PricewaterhouseCoopers and prior to that the Energy, Utilities and Mining Assurance practice at Ernst & Young. Alison has extensive emerging markets experience including in the energy and mining sectors in Kazakhstan.

Following the new appointments announced today and the changes to the Board announced on 27 April 2017, the Board will maintain a majority of independent Directors in line with the requirements of the UK Corporate Governance Code. There are no further details that are required to be disclosed in respect of the appointment of Alison Baker as a Director under LR9.6.13R of the Listing Rules of the UK Listing Authority.

Oleg Novachuk, Chief Executive, said “I look forward to welcoming John Hadfield and Alison Baker to their new roles at KAZ Minerals as Chief Financial Officer and Independent Non-Executive Director. Both John and Alison bring extensive experience to the Group and will make an important contribution as we enter the next stage of our development.”

PLEASE FOLLOW THE LINK TO READ THE FULL ANNOUNCEMENT

Total Voting Rights

In conformity with the Disclosure and Transparency Rules (“the Rules”), the Company hereby notifies the market of the following:

At the date of this announcement, the issued capital of the Company comprises 458,379,033 ordinary shares.

The Company currently holds 11,651,485 ordinary shares in treasury and therefore the issued share capital of the Company which carries voting rights of one vote per share comprises 446,727,548 ordinary shares (excluding treasury shares). 

The above figure of 446,727,548 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

For further information, please contact: 

Susanna Freeman

Company Secretary

Tel: + 44 (0)20 7901 7826

PLEASE FOLLOW THE LINK TO DOWNLOAD THE FULL ANNOUNCEMENT

 

Half-Yearly Results 2017

Kaz minerals PLC HALF-YEARLY REPORT

FOR THE PERIOD ENDED 30 June 2017

OPERATIONAL HIGHLIGHTS

  • Copper output more than doubled to 118 kt in the first half of 2017
  • Aktogay ramp up progressing well, Bozshakol expected to achieve full capacity in second half
  • By-products on track to meet or exceed 2017 guidance

FINANCIAL HIGHLIGHTS

  • Gross Revenues1 increased by 2.3 times, to $837 million (H1 2016: $363 million) on higher volumes and commodity prices
  • Revenues of $721 million, excluding pre-commercial sales (H1 2016: $302 million)
  • Gross EBITDA1 of $505 million (H1 2016: $147 million) driven by increased revenues and low operating costs
  • EBITDA1 of $429 million, excluding pre-commercial earnings (H1 2016: $115 million)
  • Operating profit of $291 million (H1 2016: $68 million)
  • Net cash cost1 of 64 USc/lb, maintained position amongst the lowest cost copper producers globally
  • Bozshakol full year gross cash cost1 now expected to be 115-135 USc/lb
  • Aktogay guidance reduced to 110-130 USc/lb following strong first half performance
  • East Region and Bozymchak guidance now set at 205-225 USc/lb

FINANCIAL POSITION

  • Net debt1 reduced to $2,442 million at 30 June 2017 (31 December 2016: $2,669 million), supported by higher operating cash flows, lower capital expenditure and refund of project VAT of $176 million
  • Available liquidity of $1,563 million, including $1,223 million of cash and cash equivalents and $340 million available for drawing
  • New $600 million PXF facility
  • Gearing levels reducing rapidly

 

OUTLOOK

  • Full year copper production target narrowed to 235-260 kt
  • Aktogay sulphide to achieve commercial production and Bozshakol to reach design capacity in second half
  • KAZ Minerals is delivering copper growth into a tightening market

 

$ million (unless otherwise stated)

Six months

ended

30 June 2017

Six months

ended

30 June 2016

Gross Revenues1,2

837

363

Gross EBITDA1,2,3

505

147

 

 

 

Revenues

721

 302

EBITDA (excluding special items)1,3

429

 115

 

 

 

Operating profit

291

68

Profit before tax

240

 91

Underlying Profit1

195

 76

EPS – basic and diluted ($)

0.41

 0.16

EPS – based on Underlying Profit ($)1,4

0.44

 0.17

 

 

 

Net cash flows from/(used in) operating activities

337

(63)

Free Cash Flow1

155

 (65)

Free Cash Flow before interest1

269

 20

 

 

 

Gross cash cost (USc/lb)1,2

144

 173

Net cash cost (USc/lb)1,2

64

 78

 

 

 

Cash and cash equivalents

1,223

1,056

Net debt1

2,442

2,531

 

1  These metrics, used throughout this document, are non-IFRS measures that the Directors use internally to assess the financial performance of the Group. See glossary for definitions.

2 Includes operations during the period prior to commercial production.

3 Reconciliation to operating profit provided in note 4(a)(i) in the financial information.

4   Reconciliation of EPS based on Underlying Profit/(Loss) is found in note 8 in the financial information.

Oleg Novachuk, Chief Executive, said: “I am delighted that the successful delivery of our two growth projects has been reflected in our operating and financial results. We have doubled copper production whilst maintaining our position amongst the lowest cost copper producers globally. This strong performance has resulted in a reduction in our gearing levels, with net debt falling and over half a billion dollars of Gross EBITDA generated in the first half of 2017. We aim to complete the final stages of ramping up Bozshakol this year and Aktogay in 2018, supported by an improved outlook for copper.”

PLEASE FOLLOW THE LINK TO DOWNLOAD THE FULL ANNOUNCEMENT

Notice of Half-Yearly Results – Change of Venue

CHANGE OF VENUE FOR ANALYST PRESENTATION 

KAZ Minerals PLC announced on 3 August 2017 that it would release its half-yearly results for the six months ended 30 June 2017 on Thursday 17 August 2017 at 7.00am (UK time) and that a presentation for analysts would be held at 9:00am (UK time).

The venue for the presentation to analysts has been changed to The Lincoln Centre, 18 Lincoln’s Inn Fields, London WC2A 3ED.

The presentation can also be accessed by conference call and the dial-in details are unchanged as follows:

Telephone: +44 (0) 20 3003 2666

Please quote the password: KAZ Minerals (Half-Yearly Results 2017)

A webcast of the presentation will be available on the KAZ Minerals website (www.kazminerals.com).

PLEASE FOLLOW THE LINK TO DOWNLOAD THE FULL ANNOUNCEMENT

Notice of 2017 Half-Yearly Results

NOTICE OF HALF-YEARLY RESULTS FOR THE PERIOD ENDED 30 JUNE 2017 

KAZ Minerals PLC will announce its half-yearly results for the six months ended 30 June 2017 on Thursday 17 August 2017 at 7.00am (UK time).

A presentation for analysts will be held in the Theatre & Theatre Gallery at the London Stock Exchange, 10 Paternoster Square, London EC4M 7LS on Thursday 17 August 2017 at 9.00am (UK time) 

The presentation for analysts can also be accessed by conference call on Thursday 17 August 2017 at 9.00am (UK time). The dial-in details are as follows:

Telephone: +44(0)20 3003 2666

Please quote the password: KAZ Minerals (KAZ Minerals Half-Yearly Results 2017) 

A webcast of the presentation for analysts will also be available on the KAZ Minerals website (www.kazminerals.com).

PLEASE FOLLOW THE LINK TO DOWNLOAD THE FULL ANNOUNCEMENT