BAKU, Azerbaijan, Dec.8
By Nargiz Sadikhova - Trend:
Kazakhstan’s KAZ Minerals has revised its 2020 production forecast saying full year copper and gold production would be at the top end of their respective guidance ranges of 280,000-300,000 tons and 180,000-200,000 ounces, Trend reports citing the company.
The company said that following the successful completion of maintenance in November 2020, the absence of material disruption from COVID-19 and taking into account production run rates, copper and gold output are now expected to be 2-3 percent above their respective guidance ranges.
Due to the timing of payments on the Aktogay expansion and Baimskaya projects, in the region of $100 million of capital expenditure planned for 2020 will be incurred in the first quarter of 2021.
Earlier this month, the company said that metals production of was on track to achieve or exceed full year production guidance, assuming no new material COVID-19 impact.
Thus, copper production of 76,200 tons (78,900 tons in 2Q2020), was on track for top end of full year guidance of 280,000-300,000 tons. Gold production of 50,700 ounces (Q2 2020: 54.300 ounces), was forecast to reach top end of 180,000-200,000 ounces guidance range.
KAZ Minerals is the largest copper producer in Kazakhstan, focused on the mining of copper and the development of new copper mining projects in Kazakhstan and Russia.
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