AMOS FLETCHER | BARCLAYS
Underlying results were good, as earnings beat our estimates by 21 per cent. The key driver of the beat was the gross cash cost performance, with impressive cost control. This came despite slightly lower-than-expected copper sales volumes. The emerging new company, KAZ Minerals, is an interesting investment proposition.
CAILEY BARKER | NUMIS
Although not a great set of financials in absolute terms, a fairly solid beat on our numbers as asset optimisation and cost efficiency drive is starting to filter through. Sad to hear of 11 fatalities in the year to date at KAZ operations – we know mining is a dangerous business but that’s simply not acceptable for a company like this.
MICHAEL FLITTON | CITI
KAZ delivered impressive results ahead of our expectations, with the beat driven by improved cash control. While there is clearly a transitory element to the cost and net debt beat, the group’s restructuring measures appear to be gaining traction. Overall, the results support our view that KAZ is entering a transformative stage.