Kazakhmys output is in line with forecasts

KAZAKHMYS yesterday posted annual copper production in line with its target and said it expected 2012 output to come in at a similar level.

The world’s 11th largest copper producer posted 2011 output of 299,000 tonnes of copper cathode from its own concentrate, broadly in line with its target of 300,000 tonnes.

FTSE 100-listed Kazakhmys also reported better-than-expected production of gold and silver. Its shares rose 7.3 per cent, making it one of yesterday’s biggest risers.

“We anticipate maintaining similar levels of copper output in 2012 and our sales contracts for the coming year have all been completed,” chief executive Oleg Novachuk said.