Kazakhmys on track to meet high end of copper guidance

Suzie Neuwirth
FTSE 250-listed Kazakhmys’ share price rose over five per cent yesterday, after the miner said it was on track to meet full-year production targets for all metals.

Copper output over the first nine months of 2013 increased by five per cent on the same period last year and the firm said it is on track to meet the upper end of guidance for the metal.

“We have had a solid nine months of production and we are continuing to deliver against our production targets,” said chief executive Oleg Novachuk.

“We remain focused on output and grades, in order to maximise returns.”

Kazakhmys accepted a takeover offer for its shareholding in ENRC earlier this month, which is expected to complete by the end of the year. “Kazakhmys has work to do in restoring the core business to health, but this task is in hand,” said broker Investec. “We do expect near term volatility in the shares as the antitrust deadlines loom for the ENRC deal.”

Its shares closed 5.4 per cent higher at 265p yesterday.