- Press Releases
- Media Coverage
- Events
- News Room
- Press Materials
Kazakhmys copper production slid down 0.8% in 2008
London, January 29 2009
Kazakhmys Plc., Kazakhstan's biggest copper maker, slowed down refined copper to 378,100 tons in 2008, as compared with 381,200 tons a year before.
According to a press release, Kazakhmys plans to reduce cathode copper production in 2009 to 30,000 tons.
Zinc concentrate production rose by 3% to 137,300 tons in 2008, silver dropped by 12% to 16.710 million troy ounce, gold production went up by 9% to 123,500 oz.
Copper concentrate in 2008 was 399,8 00 tons versus 389,900 tons in 2007, zinc metal output was 47,500 tons and 45,200 tons respectively.
Kazakhmys also said in a statement that copper capital expenditures will be reduced by $250 million in 2009, while the projected efficiency savings are identified of $200 million.
Kazakhmys said it is committed not to make large-scale redundancies arising from any suspension of operations. Kazakhmys plans to offered relocation or reduced pay or hours for the employees.
In addition to the social commitment, Kazakhmys pledges an easier restart of facilities when the market recovers.
"With the suspension of selected higher cost operations and a significant reduction in discretionary capex, we believe we are better placed to continue to operate through the downturn and to maintain our flexibility to increase capacity when market conditions improve," Oleg Novachuk, Chief Executive Officer, said.
"The medium term outlook for copper is positive as current and future capacity is cut across the industry and the long term demand fundamentals remain robust," he said.