FIRST-HALF profit at Kazakhmys slumped by nearly 65 per cent, as the copper miner slashed its dividend by almost the same amount.
Profit for the six months to 30 June came in at $307m (£193m), down from $866m the year previously.
It is the latest miner to be hit by the drop in commodity prices, with weaker pricing for copper, silver and zinc concentrate hitting profits at the Kazakhstan-focused miner. High labour costs in the Middle Eastern country and a delayed shipment to China also weighed on profits.
The dividend has been cut by 63 per cent to three cents a share, reflecting the lower profits within the group, said Kazakhmys. It also blamed increased capital investment requirements for the dividend cut.
Kazakhmys said it was on track to meet its full-year target of between 285 and 295 kilotons of copper.
Chief executive Oleg Novachuk said yesterday: “Uncertainty prevails in the global markets, but we are encouraged by the continuing demand from our customers.”