trending Market Intelligence /marketintelligence/en/news-insights/trending/epk9r4eswhvmv9mwrxf9zw2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

KAZ Minerals cuts Aktogay copper project cost by US$100M

Power Forecast Briefing: Tight Reserves to Benefit Conventional Gas Generation versus Renewable Energy

State of the Market: Mining Q2-2019

Mining Exploration Insights

Shareholder Advocates Say New SEC Policy To Prompt Litigation, Less Transparency


KAZ Minerals cuts Aktogay copper project cost by US$100M

KAZ MineralsPLC, will spend US$100 million less than expected on its copper project inKazakhstan because of the sharp devaluation of the country's tenge currency andthe experience gained bringing its Bozshakol mine into operation this year, the companyconfirmed in a July 22 market statement.

The cost of Aktogay is now expected to total US$2.2 billion,the company said, in an announcement aimed at easing investors' concerns aboutthe company's heavy debt load and stubbornly low copper prices.

Total debt stood at US$2.43 billion as of March 31, prompting someinvestors to question the company's ability to repay if copper remains atUS$4,966.50 per tonne — down 30% from three years prior.

In a note to clients in April, brokers Investec said thedebt "clearly weighs on the investment outlook."

Bozshakol started initial production of copper concentratein February, while Aktogay is scheduled to start up production of copperconcentrate from sulfide ore in 2017.

After the price of crude oil — the country's biggest export— fell to below US$50 per barrel in 2015, the Kazakh government abandoned itsmanaged peg to the U.S. dollar last year, allowing the tenge to devalueapproximately 50%.