Overview
KAZ Minerals has reported EBITDA of US$88 million for H1 2015, 55% down from the corresponding period of 2014. However, the company recorded a net loss of US$0.03/share against a net loss of US$0.31/share in HI 2014 (from continuing operations). Earnings in 2014 were impacted by a US$181 million loss from devaluation of the Tenge and included a profit of US$187 million from discontinued operations, which were sold in October 2014.
Copper in concentrate production in H1 was 42.0 kt, slightly lower than H1 2014 as a result of lower grade ore. Zinc production was down 20%, to 49.9 kt. Net cash costs of copper production were US$1.25/lb, up from US$0.64/lb in the corresponding period of 2014.
KAZ Minerals has five operating mines and four concentrators in Kazakhstan. The group has two major copper projects under construction, Bozshakol and Aktogay, and a third, Koksay, at scoping stage.
KAZ Minerals EBITDA down 55%: KAZ