Kazakhmys posts a fall in quarterly copper output

MINING group Kazakhmys has posted a dip in third-quarter copper production, blaming an expected drop in the amount of metal in ore mined, but said it was on track to meet its full-year target and appetite for its metal was steady.

“In spite of the considerable volatility in financial markets, we have seen consistent demand for our copper,” chief executive Oleg Novachuk said.

“Continuing demand for copper is reflected in the current negotiations for our 2012 off-take agreements, which as in previous years should be completed in the next few months.”

Major miners have remained upbeat about the state of demand in energy-hungry economies like China, key to Kazakhmys, despite uncertainty and Eurozone troubles.

Kazakhmys produced 73,900 tonnes of copper cathode equivalent over the quarter, virtually flat on a year ago and down six per cent from the second quarter.

Over the nine month period to the end of September, the group produced 226,900 tonnes of copper cathode equivalent, down five per cent on a year ago, but closing in on its full-year target of 300,000 tonnes.

The firm’s shares rose 9.4 per cent yesterday to £10.16.