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KAZ sees 'elevated' COVID risks in H2

KAZ Minerals says it’s on track to achieve its full-year production guidance but sees an “elevated level of COVID-19 risk” in the second half.
KAZ sees 'elevated' COVID risks in H2 KAZ sees 'elevated' COVID risks in H2 KAZ sees 'elevated' COVID risks in H2 KAZ sees 'elevated' COVID risks in H2 KAZ sees 'elevated' COVID risks in H2

Staff reporter

The company said copper production was up 4% year-on-year for the first six months of 2020 at 153,800 tonnes, driven by high ore throughput and improved grades at the Bozshakol openpit copper mine in Kazakhstan, while gold output rose 25% yoy to 109,700oz again on the back of processing volumes and grades at Bozshakol.

"In the second quarter of 2020 KAZ Minerals grew copper production across all of its divisions and delivered a 5% increase in group output," said KAZ CEO Andrew Southam.

"This is an excellent performance in a challenging operating environment and reflects the dedication and resilience of our employees. We are entering the second half of the year with an elevated level of COVID-19 risk, however production of all metals is currently on track to achieve our full year targets."

Full-year copper and gold guidance was unchanged at 110,000-120,000t and 140,000-150,000oz, respectively.

KAZ said it had seen no material disruption to operations or sales from COVID-19 to date, however, Kazakhstan imposed a second phase of quarantine measures from July 5, "reflecting heightened risk in the country and to the group's operations for the second half of the year".

"Ongoing restrictions on the movement of staff and contractors and deferred maintenance may impact production and unit costs in the second half," it said.