KAZ Minerals Reports 4% Decline in Copper Production for First Half of 2024

KAZ Minerals, a leading copper producer in Kazakhstan, announced a 4% year-on-year decrease in copper production for the first half of 2024, totaling 190,900 tonnes. The drop in output was primarily due to a lower ore grade, though record ore processing levels—47.5 million tonnes, up 7% from the same period in 2023—partially mitigated the impact.

The company also reported declines in other metals. Silver production fell 5% to 1.875 million ounces, and zinc output dropped 6% to 22,500 tonnes. These decreases were linked to lower ore grades in the Eastern Region and at the Bozymchak mine. Gold production also slipped 2.6% to 75,900 ounces, largely due to the end of open-pit mining at Bozymchak, although a new underground mine is ramping up capacity.

Despite the lower production, copper sales volumes exceeded production by 6%, reaching 203,000 tonnes. This was attributed to shorter shipping times and additional supplies.

At the Aktogay mine, ore extraction rose by 11.4% to 42 million tonnes, but copper production fell 10% to 113,900 tonnes due to lower-grade copper being processed. However, silver production at Aktogay increased by 9% to 640,000 ounces, benefiting from improved processing capacity.

Bozshakol saw a 6% increase in copper production to 53,400 tonnes, driven by a 3.5% rise in ore extraction. Gold output edged up to 55,300 ounces, while silver production grew by 15% to 466,000 ounces.

In the Eastern Region and Bozymchak, copper production rose 4% to 23,600 tonnes, while gold output fell 10% to 20,600 ounces. Silver production saw a sharper decline of 22%, falling to 769,000 ounces. Zinc output also decreased by 6% to 22,500 tonnes due to lower ore grades.

KAZ Minerals operates several major mines in Kazakhstan and a copper-gold mine in Kyrgyzstan. The company’s key assets include the Aktogay and Bozshakol mines in Kazakhstan and the Bozymchak mine in Kyrgyzstan.