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KAZ Minerals cuts interim dividend as H1'19 net income slips 18% YOY

KAZ Minerals PLC's profit in the first half slipped 18% year over year to US$227 million, or 47 U.S. cents per share. Cash operating costs increased to US$432 million. from US$408 million a year ago, according to an Aug. 15 release.

The Kazakhstan-focused company cut its interim dividend to 4 cents per share, from 6 cents per share declared for the first half of 2018.

Revenue was down at US$1.05 billion, from US$1.1 billion in the prior-year half, as a 3% increase in copper sales volumes was offset by an 11% drop in London Metal Exchange copper prices.

EBITDA in the half slid to US$620 million from US$690 million, and operating profit fell to US$410 million from US$464 million.

Capital expenditure on expansionary projects totaled US$332 million in the half, compared to US$325 million previously, and sustaining capex climbed to US$66 million from US$39 million.

KAZ's first-half copper output rose 6% year over year to a record level of 147,600 tonnes, and the company is on track to meet its full-year production guidance of 300,000 tonnes.