Kazakhstan’s Deputy Prime Minister Aset Isekeshev has said he has plans to increase his country’s copper cathode production by almost a quarter within the next five years.
Speaking at mining conference in Astana, Mr Isekeshev has said that output will rise from its current level of 400,000 tons to 495,000 tons. The bulk of the increase will come from AO Kazzinc, part of Glencore International, which looks set to increase its production by 70,000 tons with the rest of the increase taken up by Kazakhmys Plc, Kazakhstan’s biggest copper miner.
The nation’s President, Nursultan Nazarbayev, said in January in an address to the nation that it must double metals production and exports within five years.
Kazakhmys has sought investment from China to fund new smelters and mines. The firm plans to complete its new Boschekul copper facility by 2014. China Development Bank has lent Kazakhmys $2.7 billion for 15 years at a rate of LIBOR plus 4.8 percent to finance the project which will produce about 100,000 tonnes of copper concentrate a year. The company is now seeking finance for another expansion project at Aktogai, Chief Executive Oleg Novachuk said separately at the conference.
"We are in talks with our strategic partners and hope to inform the market on the results by the end of this year," Novachuk told the same conference. "We need $2 billion."
Kazzinc has said it will build a $700 million copper facility this year near the border in the east of the country near to the border with China.
Showing posts with label kazakhstan. Show all posts
Showing posts with label kazakhstan. Show all posts
Wednesday, March 17, 2010
Thursday, February 18, 2010
ENRC In $300 Million Zambian Takeover
Kazakh miner ENRC has paid $300 million to buy Dutch company Enya Holdings. Enya has a 9-% stake in the Chambishi copper and cobalt processing plant in Zambia. ENRC said in a statement on Thursday it hoped to cut costs by using the Chambishi plant in Zambia to process copper and cobalt produced in the Democratic Republic of Congo from a mine which the company bought last year.
The deal is being financed entirely from the company’s own cash resources.
"The acquisition of Chambishi accelerates the group's expansion in copper and cobalt and at a lower cost than would be required for new investment," said Mehmet Dalman, independent non-executive director. "The integrated copper and cobalt mining and smelting businesses of Chambishi and those in the DRC, when combined, should have an improved cost position over time."
ENRC plans to invest $80 million in Chambishi by 2011 to upgrade its facilities, which will boost annual capacity to 55,000 tonnes of copper cathode, more than twice its current level of 25,000 tonnes. The combined operation is expected to produce 130,000 tonnes of copper cathode a year and 12,000 tonnes of cobalt-contained metal salts and concentrates by 2012. The company said that building Chambishi’s facilities from scratch would take at least three years and would have cost more than it is paying for Enya.
Enya also owns 100% of Comit Resources FZE, a Dubai-based marketing and sales company that handles Chambishi's copper and cobalt sales.
Last September, ENRC bought Central African Mining and Exploration in a $955 million cash deal which diversified the firm into metals such as copper and into high-risk areas of Africa.
The deal is being financed entirely from the company’s own cash resources.
"The acquisition of Chambishi accelerates the group's expansion in copper and cobalt and at a lower cost than would be required for new investment," said Mehmet Dalman, independent non-executive director. "The integrated copper and cobalt mining and smelting businesses of Chambishi and those in the DRC, when combined, should have an improved cost position over time."
ENRC plans to invest $80 million in Chambishi by 2011 to upgrade its facilities, which will boost annual capacity to 55,000 tonnes of copper cathode, more than twice its current level of 25,000 tonnes. The combined operation is expected to produce 130,000 tonnes of copper cathode a year and 12,000 tonnes of cobalt-contained metal salts and concentrates by 2012. The company said that building Chambishi’s facilities from scratch would take at least three years and would have cost more than it is paying for Enya.
Enya also owns 100% of Comit Resources FZE, a Dubai-based marketing and sales company that handles Chambishi's copper and cobalt sales.
Last September, ENRC bought Central African Mining and Exploration in a $955 million cash deal which diversified the firm into metals such as copper and into high-risk areas of Africa.
Monday, February 15, 2010
Kazakhstan Copper Output Down 25 Per Cent In January
Kazakhstan produced 28,423 tonnes of refined copper in January, a 25.6 percent decrease on the previous month and 6 per cent down on the same period last year, official data showed on Monday.
Total output was 28,423 tonnes against 38,212 tonnes in December.
Total output was 28,423 tonnes against 38,212 tonnes in December.
Wednesday, February 3, 2010
ENRC Reports Increased Output
Kazakh miner Eurasian Natural Resources Corp. PLC said on Wednesday that Q4 ferroalloys production was up 55% from a year earlier. Output rose to 448,000 metric tons, up from 290,000 tons a year earlier.
ENRC also produced 984,000 tons of saleable chrome ore in the three months to Dec. 31, compared with 704,000 tons during the same period a year earlier while the company’s iron division mined 10.6 million tons of ore, a rise of 74% from 6.11 million tons a year earlier.
Aluminium output was 36,000 tons for the quarter, a rise of 16% from the 31,000 tons produced a year earlier.
The company said late last year that it expects 2010's full-year output at its core ferrochrome and iron ore operations to match 2008 levels. Almost a third of its production capacity was idled for much of 2009.
ENRC also produced 984,000 tons of saleable chrome ore in the three months to Dec. 31, compared with 704,000 tons during the same period a year earlier while the company’s iron division mined 10.6 million tons of ore, a rise of 74% from 6.11 million tons a year earlier.
Aluminium output was 36,000 tons for the quarter, a rise of 16% from the 31,000 tons produced a year earlier.
The company said late last year that it expects 2010's full-year output at its core ferrochrome and iron ore operations to match 2008 levels. Almost a third of its production capacity was idled for much of 2009.
Monday, February 1, 2010
POSCO Signs Kazakhstan Titanium Sponge JV
POSCO has signed a joint venture agreement with Kazakhstan titanium sponge manufacturer UKTMP to produce titanium slabs.
According to the agreement, POSCO and UKTMP will each invest 50% to establish an industrial pure titanium slab plant in the Eastern Kazakhstan region of Ust-Kamenogorsk. Construction will start in the latter half of this year with completion in 2012.
Titanium sponge, the material needed to manufacture titanium slabs, will be supplied by UKTMP, while POSCO will use the slabs manufactured at the plant to produce sheets to sell on to clients.
According to the agreement, POSCO and UKTMP will each invest 50% to establish an industrial pure titanium slab plant in the Eastern Kazakhstan region of Ust-Kamenogorsk. Construction will start in the latter half of this year with completion in 2012.
Titanium sponge, the material needed to manufacture titanium slabs, will be supplied by UKTMP, while POSCO will use the slabs manufactured at the plant to produce sheets to sell on to clients.
Thursday, January 21, 2010
Kazzinc To Double Copper Capacity In 2010
Kazakh metals firm Kazzinc said on Thursday it will launch a new copper facility this year with a capacity of 70,000 tonnes a year.
Kazzinc's primary product is zinc but the company, which is controlled by Switzerland's Glencore, also produces copper, lead, silver and gold. The firm competes with London-listed Kazakhmys, which focuses on copper.
"Kazzinc's main investment project in 2010 will be the launch of a new copper production facility at the Ust-Kamenogorsk metals combine with a base capacity of 70,000 tonnes of copper a year," it said in a written response to questions from Reuters.
Kazzinc last year produced 301,104 tonnes of zinc, 79,041 tonnes of refined lead, 57,420 tonnes of copper, 231,259 Troy ounces of gold and 4.8 million Troy ounces of silver.
"Kazzinc does not plan to reduce production volumes in 2010," the company said.
Kazzinc said it would also complete the upgrade of its lead facility this year and would spend a total of $700 million on copper and lead projects, to be financed partly by bank loans.
Several Kazakh metals producers cut output in 2009 after the slump in commodity prices but overall output started recovering by the end of last year.
Source: Reuters
Kazzinc's primary product is zinc but the company, which is controlled by Switzerland's Glencore, also produces copper, lead, silver and gold. The firm competes with London-listed Kazakhmys, which focuses on copper.
"Kazzinc's main investment project in 2010 will be the launch of a new copper production facility at the Ust-Kamenogorsk metals combine with a base capacity of 70,000 tonnes of copper a year," it said in a written response to questions from Reuters.
Kazzinc last year produced 301,104 tonnes of zinc, 79,041 tonnes of refined lead, 57,420 tonnes of copper, 231,259 Troy ounces of gold and 4.8 million Troy ounces of silver.
"Kazzinc does not plan to reduce production volumes in 2010," the company said.
Kazzinc said it would also complete the upgrade of its lead facility this year and would spend a total of $700 million on copper and lead projects, to be financed partly by bank loans.
Several Kazakh metals producers cut output in 2009 after the slump in commodity prices but overall output started recovering by the end of last year.
Source: Reuters
Tuesday, January 19, 2010
Fall In Kazakhstan Non-Ferrous Metals Output
Crude lead output by Kazakhstan enterprises in 2009 decreased by 16.96% YoY to 87829 tonnes. At the same time crude zinc output decreased by 10.05 % to 328,834 tonnes and refines copper output decreased by 7.6% to 368,133 tonnes.
Copper ore extraction decreased by 4.12 % to 31,225 tonnes, copper-zinc ore extraction decreased by 4.09 % to 5034 tonnes. Zinc concentrate extraction grew by 8.05 % to 418,600 tonnes.
Kazakhstan has rich non-ferrous metals ores deposits such as lead, zinc, chromium, gold, bismuth, molybdenum, aluminium, manganese, rare-earth elements, and non-metallic deposits such as coal and phosphorites, etc.
Source: Steel Guru
Copper ore extraction decreased by 4.12 % to 31,225 tonnes, copper-zinc ore extraction decreased by 4.09 % to 5034 tonnes. Zinc concentrate extraction grew by 8.05 % to 418,600 tonnes.
Kazakhstan has rich non-ferrous metals ores deposits such as lead, zinc, chromium, gold, bismuth, molybdenum, aluminium, manganese, rare-earth elements, and non-metallic deposits such as coal and phosphorites, etc.
Source: Steel Guru
Monday, November 16, 2009
Zinc Prices Up 80 Per Cent This Year
Kazakhstan Today reportsthat prices rose in the world zinc market in October while in November prices have fluctuated in different directions. From the beginning of the year, the prices for of zinc has gone up by 80%.
There are fundamental reasons for the increase: a sharp reduction of supply of this metal last year and increase of demand.
According to the International Lead and Zinc Study Group, for 8 months of 2009, world zinc production decreased by 7%.
Source: Steel Guru
There are fundamental reasons for the increase: a sharp reduction of supply of this metal last year and increase of demand.
According to the International Lead and Zinc Study Group, for 8 months of 2009, world zinc production decreased by 7%.
Source: Steel Guru
Thursday, November 12, 2009
ENRC Says Output Back To Pre-Crisis Levels
Eurasian Natural Resources Corp. PLC said on Thursday that production of its main commodities had nearly returned to pre-financial crisis levels, though the Kazakh miner cautioned that risks of volatility in prices and output remain.
"An economic recovery is now looking more convincing, but we see some uncertainties for the industry into 2010," Chief Executive Felix Vulis said in a statement.
The company expects 2010's full-year output at its core operations to match 2008 levels.
The London-listed Kazakh miner said total ferroalloys production for the three months to Sept. 30 decreased 7% to 413,000 metric tons compared with 444,000 tons during the same period a year earlier.
ENRC's ferroalloys division accounted for almost half of the company's earnings before interest, taxes, depreciation and amortization, or Ebitda, during the first half of the year.
ENRC's production of saleable iron ore concentrate climbed 2.4% to 2.54 million tons in the third quarter, and saleable iron ore pellet production was down 0.1% to 1.86 million tons.
ENRC's iron ore division contributed just more than a third of the company's Ebitda during the first half of the year.
Ferrochrome, the main commodity in ENRC's ferroalloys division, and iron ore are used to make stainless steel and steel, respectively.
Aluminum production was 31,000 tons during the quarter, compared with 32,000 tons a year earlier. The aluminum division accounted for less than 3% of Ebitda in the first half of the year.
Source: EasyBourse, Dow Jones
"An economic recovery is now looking more convincing, but we see some uncertainties for the industry into 2010," Chief Executive Felix Vulis said in a statement.
The company expects 2010's full-year output at its core operations to match 2008 levels.
The London-listed Kazakh miner said total ferroalloys production for the three months to Sept. 30 decreased 7% to 413,000 metric tons compared with 444,000 tons during the same period a year earlier.
ENRC's ferroalloys division accounted for almost half of the company's earnings before interest, taxes, depreciation and amortization, or Ebitda, during the first half of the year.
ENRC's production of saleable iron ore concentrate climbed 2.4% to 2.54 million tons in the third quarter, and saleable iron ore pellet production was down 0.1% to 1.86 million tons.
ENRC's iron ore division contributed just more than a third of the company's Ebitda during the first half of the year.
Ferrochrome, the main commodity in ENRC's ferroalloys division, and iron ore are used to make stainless steel and steel, respectively.
Aluminum production was 31,000 tons during the quarter, compared with 32,000 tons a year earlier. The aluminum division accounted for less than 3% of Ebitda in the first half of the year.
Source: EasyBourse, Dow Jones
Thursday, October 29, 2009
Kazakhstan Crude Production Down 15 Per Cent
According to data released by the Republic of Kazakhstan Agency of Statistics, in January to September 2009 the country'S crude steel production fell 15.2% YoY to 2.99 million tonnes and flat rolled steel production down by 3.3% YoY 2.27 million tonnes.
During the first nine months of 2009, output of ferroalloys declined by 20.8% YoY to 1.03 million tonnes. Meanwhile, Kazakhstan exported 579,600 tonnes of ferroalloys down by 34% YoY at a value of USD628.8 million down by 67.4% YoY and 1.7 million tonnes of flat rolled steel, including tinplate, down by 11% YoY for a value of USD 831.2 million down by 49.7% YoY.
Source: Steel Guru
During the first nine months of 2009, output of ferroalloys declined by 20.8% YoY to 1.03 million tonnes. Meanwhile, Kazakhstan exported 579,600 tonnes of ferroalloys down by 34% YoY at a value of USD628.8 million down by 67.4% YoY and 1.7 million tonnes of flat rolled steel, including tinplate, down by 11% YoY for a value of USD 831.2 million down by 49.7% YoY.
Source: Steel Guru
Wednesday, September 30, 2009
Posco Signs Kazakh Titanium JV
South Korean steelmaker Posco said yesterday it has signed a deal with the Ust-Kamenogorsk Titanium and Magnesium Plant, a Kazakh titanium sponge producer, to build a titanium slab plant in the eastern Kazakhstan.
With the joint venture, Korea will become the fourth country in the world to have a titanium slab production system behind the U.S., Russia and Japan.
Titanium is a high-end non-steel metal with a value that is 10 times that of steel products. It is traded at between 40 million won and 50 million won ($34,000 and $42,400) per ton. It is resistant to erosion and salt water but is lightweight. It is used for ships, airplane engines and nuclear power plants.
The two companies will each invest half of the approximately $50 million cost of the plant, to be completed in 2012. The titanium slabs manufactured in Kazakhstan will be made into titanium plates at Posco’s steel plant in Pohang.
Posco, which was once entirely reliant on titanium imports, hopes that the titanium produced at the plant in Kazakhstan will help reduce its imports of titanium to Korea as well as stabilize titanium prices. Domestic consumption of titanium is estimated at around 5,000 tons a year.
“There is a great deal of value in developing the rich resources in Kazakhstan,” said Chung Joon-yang, Posco’s president. “Starting with the titanium business Posco and Kazakhstan will continue to cooperate to develop infrastructure and natural resources.”
Karim Massimov, prime minister of Kazakhstan, said that the Korean steelmaker will have the full support of the Kazakh government.
Source: Joongang Daily
With the joint venture, Korea will become the fourth country in the world to have a titanium slab production system behind the U.S., Russia and Japan.
Titanium is a high-end non-steel metal with a value that is 10 times that of steel products. It is traded at between 40 million won and 50 million won ($34,000 and $42,400) per ton. It is resistant to erosion and salt water but is lightweight. It is used for ships, airplane engines and nuclear power plants.
The two companies will each invest half of the approximately $50 million cost of the plant, to be completed in 2012. The titanium slabs manufactured in Kazakhstan will be made into titanium plates at Posco’s steel plant in Pohang.
Posco, which was once entirely reliant on titanium imports, hopes that the titanium produced at the plant in Kazakhstan will help reduce its imports of titanium to Korea as well as stabilize titanium prices. Domestic consumption of titanium is estimated at around 5,000 tons a year.
“There is a great deal of value in developing the rich resources in Kazakhstan,” said Chung Joon-yang, Posco’s president. “Starting with the titanium business Posco and Kazakhstan will continue to cooperate to develop infrastructure and natural resources.”
Karim Massimov, prime minister of Kazakhstan, said that the Korean steelmaker will have the full support of the Kazakh government.
Source: Joongang Daily
Wednesday, September 16, 2009
ENRC, CAMEC In Merger Talks
Eurasian Natural Resources Corp. PLC Wednesday said it is in "advanced discussions" to pay 20 pence a share for Central African Mining and Exploration Corp. PLC.
However, ENRC cautioned that a deal hadn't yet been finalized: "Whilst ENRC is engaged in such discussions and is assessing the merits of a potential transaction, there can be no certainty that any such transaction will proceed," the company said in a statement.
London-listed ENRC produces ferrochrome, iron ore and aluminium at operations in Kazakhstan, while CAMEC's main operations are copper and cobalt production in Congo.
Source: Trading Markets
However, ENRC cautioned that a deal hadn't yet been finalized: "Whilst ENRC is engaged in such discussions and is assessing the merits of a potential transaction, there can be no certainty that any such transaction will proceed," the company said in a statement.
London-listed ENRC produces ferrochrome, iron ore and aluminium at operations in Kazakhstan, while CAMEC's main operations are copper and cobalt production in Congo.
Source: Trading Markets
Friday, September 11, 2009
ENRC Announces New Ferroalloys Smelter At Aktobe
Eurasian Natural Resources Corporation PLC has announced the beginning of the construction of a new direct current smelting facility at Aktobe in Kazakhstan, one of the current CAPEX projects of ENRC’s Ferroalloys Division.
The new state of the art smelting facility will incorporate four DC furnaces with a total production capacity of 440,000 tonnes per annum of high carbon ferrochrome. The USD 590 million project, due to be commissioned in 2012 will enable the Group to gradually replace and expand the existing smelting facilities at Aktobe.
The installation of modern smelting furnaces is expected to enhance productivity and to generate substantial cost savings, particularly for key input materials such as reductants, including coke. The new facility is also expected to result in significant environmental and safety improvements, the facilitation of the complete recycling of slag formed during the ferrochrome production; and the reduction of the risk of injury due to automation of the key smelting processes.
Mr Felix Vulis CEO of ENRC said that "The start of this project underlines the Group's commitment to modernization and expansion of its production facilities. This will allow the Group to strengthen its leading position in the ferroalloys market worldwide and improve its environmental and safety performance."
The new state of the art smelting facility will incorporate four DC furnaces with a total production capacity of 440,000 tonnes per annum of high carbon ferrochrome. The USD 590 million project, due to be commissioned in 2012 will enable the Group to gradually replace and expand the existing smelting facilities at Aktobe.
The installation of modern smelting furnaces is expected to enhance productivity and to generate substantial cost savings, particularly for key input materials such as reductants, including coke. The new facility is also expected to result in significant environmental and safety improvements, the facilitation of the complete recycling of slag formed during the ferrochrome production; and the reduction of the risk of injury due to automation of the key smelting processes.
Mr Felix Vulis CEO of ENRC said that "The start of this project underlines the Group's commitment to modernization and expansion of its production facilities. This will allow the Group to strengthen its leading position in the ferroalloys market worldwide and improve its environmental and safety performance."
Wednesday, August 26, 2009
Kazakhstan Releases Jan To July Steel Statistics
According to data released by the Republic of Kazakhstan’s Agency of Statistics, in January to July 2009 the country registered an 18.8% decrease in its crude steel production and a 7.9% decrease in its production of flat rolled steel all compared to the data for January to July 2008. The respective figures in metric tons were 2.230 million and 1.730 million.
During the first seven months of 2009, Kazakhstan output of ferroalloys declined by 24.4%YoY to 762,716 tonnes.
Source: Steel Guru
During the first seven months of 2009, Kazakhstan output of ferroalloys declined by 24.4%YoY to 762,716 tonnes.
Source: Steel Guru
Saturday, August 22, 2009
ENRC Says Some Plants Running At 95 Per Cent
In the six-month period to June 30, pre-tax profits tumbled 63pc to $751m (£454m) on revenues 50pc lower at $1.7bn.
Commodity prices and demand for metals plunged over the last year as global trade was hit by the financial crisis.
Eurasian Natural Resources Corp (ENRC) is a major producer of ferrochrome, a constituent of stainless steel, and demand for the alloy from China was strong.
Johannes Sittard, the company’s chief executive, told The Daily Telegraph that he believed that strength in Chinese ferrochrome imports was not down to restocking, but reflected “actual consumption”.
The company halved its interim dividend to 6p from 12p, but this is in line with its dividend policy of paying out 15pc – 20pc of earnings. However, the 6p pay-out represents 15pc of earnings, so is at the lower end of the group’s targeted range. It will be paid on October 8.
The company continued to make good progress on reducing costs, which fell 31pc in the period. However, when the effects of the devaluation of the Kazakh tenge earlier this year are stripped out, costs fell 17pc. The company said that demand had improved and some of its plants were working close to full capacity. ENRC reached 95pc capacity utilisation in its ferrochrome division in Kazakhstan this month. For iron ore, utilisation now stands at 100pc.
The company has $2m in cash and outstanding debt of $585m, so its balance sheet remains strong.
Mr Sittard said he was aware that there would be opportunities to purchase assets at good valuations in the current environment, so targeted acquisitions are on the cards.
ENRC is 25pc-owned by Kazakh copper producer Kazakhmys, and there has been much speculation regarding a merger of the two groups.
However, Mr Sittard said that there were no plans for a combination and both management teams were working well together.
Source: Daily Telegraph
Commodity prices and demand for metals plunged over the last year as global trade was hit by the financial crisis.
Eurasian Natural Resources Corp (ENRC) is a major producer of ferrochrome, a constituent of stainless steel, and demand for the alloy from China was strong.
Johannes Sittard, the company’s chief executive, told The Daily Telegraph that he believed that strength in Chinese ferrochrome imports was not down to restocking, but reflected “actual consumption”.
The company halved its interim dividend to 6p from 12p, but this is in line with its dividend policy of paying out 15pc – 20pc of earnings. However, the 6p pay-out represents 15pc of earnings, so is at the lower end of the group’s targeted range. It will be paid on October 8.
The company continued to make good progress on reducing costs, which fell 31pc in the period. However, when the effects of the devaluation of the Kazakh tenge earlier this year are stripped out, costs fell 17pc. The company said that demand had improved and some of its plants were working close to full capacity. ENRC reached 95pc capacity utilisation in its ferrochrome division in Kazakhstan this month. For iron ore, utilisation now stands at 100pc.
The company has $2m in cash and outstanding debt of $585m, so its balance sheet remains strong.
Mr Sittard said he was aware that there would be opportunities to purchase assets at good valuations in the current environment, so targeted acquisitions are on the cards.
ENRC is 25pc-owned by Kazakh copper producer Kazakhmys, and there has been much speculation regarding a merger of the two groups.
However, Mr Sittard said that there were no plans for a combination and both management teams were working well together.
Source: Daily Telegraph
Friday, July 31, 2009
Kazakhstan Reports Lower Steel, Ferroalloy Output
According to the data released by the Republic of Kazakhstan’s Agency of Statistics, in the H1 of 2009 the country registered a 20.5% year-on-year decrease in its crude steel production but only a 1% decrease in its production of flat rolled steel all compared to the data for January to June 2008.
The respective figures in tonnes were 1.878 million and 1.608 million. During the first six months of 2009, Kazakhstan’s output of ferroalloys went down by 27.5% YoY to 627,869 tonnes.
Source: Steel Guru
The respective figures in tonnes were 1.878 million and 1.608 million. During the first six months of 2009, Kazakhstan’s output of ferroalloys went down by 27.5% YoY to 627,869 tonnes.
Source: Steel Guru
Thursday, July 30, 2009
Kazakhmys Posts Rise In Copper Cathode Production
Kazakh miner Kazakhmys posted a 8 percent rise in first-half copper cathode output on Thursday and said although second-half output would be lower the company was on track to meet its full year target.
The London-listed firm said output of copper cathodes, or refined copper, produced from its own material increased to 170,000 tonnes during the three months to the end of June from 157,100 tonnes in the same period last year.
Copper cathode production, including purchased material, fell to 173,800 tonnes from 174,300 tonnes last year.
'Given the progress made in reducing stockpiles, output is likely to be lower in the second half, but we remain on track to meet our full-year target,' Oleg Novachuk, Chief Executive Officer, said in a statement.
Kazakhmys has said it planned to cut copper cathode production this year to about 300,000 tonnes, from 378,100 tonnes in 2008, in response to lower demand.
On April 30, the company posted a 20 percent fall in first-quarter copper cathode production from the previous quarter as part of the move to cut output.
Source: Forbes/Reuters
The London-listed firm said output of copper cathodes, or refined copper, produced from its own material increased to 170,000 tonnes during the three months to the end of June from 157,100 tonnes in the same period last year.
Copper cathode production, including purchased material, fell to 173,800 tonnes from 174,300 tonnes last year.
'Given the progress made in reducing stockpiles, output is likely to be lower in the second half, but we remain on track to meet our full-year target,' Oleg Novachuk, Chief Executive Officer, said in a statement.
Kazakhmys has said it planned to cut copper cathode production this year to about 300,000 tonnes, from 378,100 tonnes in 2008, in response to lower demand.
On April 30, the company posted a 20 percent fall in first-quarter copper cathode production from the previous quarter as part of the move to cut output.
Source: Forbes/Reuters
Sunday, July 5, 2009
ENRC Doubles Chrome Ore Pelletiser Capacity
London-listed Kazakh metals miner Eurasian Natural Resources Corp. said Friday it has doubled its chrome ore pelletiser capacity in Kazakhstan to 1.4 metrc million tons.
ENRC said in a statement that the pelletiser, in which it has invested $110 million, was second in Kazakhstan and was launched at Donskoy GOK chrome ore mine complex.
"The new plant will double the existing pelletising capacity of Donskoy GOK to 1.4 million tons" per year, the company said.
"The new plant will maintain the (ENRC's) ferroalloys division's output of high quality ferrochrome with high chrome content."
ENRC said in a statement that the pelletiser, in which it has invested $110 million, was second in Kazakhstan and was launched at Donskoy GOK chrome ore mine complex.
"The new plant will double the existing pelletising capacity of Donskoy GOK to 1.4 million tons" per year, the company said.
"The new plant will maintain the (ENRC's) ferroalloys division's output of high quality ferrochrome with high chrome content."
Friday, May 15, 2009
Kazakhstan President Urges Increased Mineral Production
President Nursultan Nazarbayev of Kazakhstan has urged the country to double its production and export of metallurgical products by 2015.
“Given the advanced reprocession and new process stages, the gross value added of the metallurgy must be increased by 107% as minimum”, he said at the XII congress of the “Nur Otan” Party.
The President noted that the industry that was ruined in the nineties is being restored. Many large projects have been realized within the last two years. He listed such projects as construction of the first stage of the electrolysis plant on production of aluminium, production of profile iron, high-capacity tantalite powders, and beneficiation of chrome ore.
“Today 26 projects to the amount of KZT 1.6 bln which should create 11,000 jobs are being implemented in the industry”, the President said.
Source: Kazinform
“Given the advanced reprocession and new process stages, the gross value added of the metallurgy must be increased by 107% as minimum”, he said at the XII congress of the “Nur Otan” Party.
The President noted that the industry that was ruined in the nineties is being restored. Many large projects have been realized within the last two years. He listed such projects as construction of the first stage of the electrolysis plant on production of aluminium, production of profile iron, high-capacity tantalite powders, and beneficiation of chrome ore.
“Today 26 projects to the amount of KZT 1.6 bln which should create 11,000 jobs are being implemented in the industry”, the President said.
Source: Kazinform
Wednesday, May 13, 2009
ENRC Cautious On Recovery
Eurasian Natural Resources Corporation, the Kazakh mining company, has poured cold water on hopes of recovery in the mining sector after cutting production of ferrochrome and iron ore in the first three months of the year to reflect lower demand.
Expectations of a pickup in demand for natural resources have risen over recent weeks on signs that the appetite for raw materials like iron ore and aluminium in China, one of the world's biggest markets for mining output, was starting to recover. However ENRC, one of the world's largest ferrochrome producers, remains cautious in its outlook despite recognising there has been a slight improvement in Chinese markets.
Miguel Perry, chief financial officer of ENRC, said: "We believe it would be premature at this point to claim that better-than-expected demand experienced in the first quarter marks the beginning of a sustainable recovery."
He added that: "We remain concerned that any recovery will be in shape of a 'W' as opposed to a 'V'."
The London-listed miner said that it had cut production of ferroalloys by 30pc and iron ore by 35pc in the first quarter of the year to reflect lower demand and reduced prices for the metals. However the production cut was slightly better than guidance it gave in March.
Mr Perry said there was "some potential for limited favourable improvements to production volumes" in the second quarter but warned that pricing for all of its major products remains under pressure.
The miner also said it has benefited from the devaluation of the Kazakh currency in February and that it has stripped substantial costs from the business. The cost management pleased analysts that noted that ENRC is already the lowest-cost ferrochrome producer in the world but remained concerned at the extremely low visibility on a recovery in prices.
Source: Daily Telegraph
Expectations of a pickup in demand for natural resources have risen over recent weeks on signs that the appetite for raw materials like iron ore and aluminium in China, one of the world's biggest markets for mining output, was starting to recover. However ENRC, one of the world's largest ferrochrome producers, remains cautious in its outlook despite recognising there has been a slight improvement in Chinese markets.
Miguel Perry, chief financial officer of ENRC, said: "We believe it would be premature at this point to claim that better-than-expected demand experienced in the first quarter marks the beginning of a sustainable recovery."
He added that: "We remain concerned that any recovery will be in shape of a 'W' as opposed to a 'V'."
The London-listed miner said that it had cut production of ferroalloys by 30pc and iron ore by 35pc in the first quarter of the year to reflect lower demand and reduced prices for the metals. However the production cut was slightly better than guidance it gave in March.
Mr Perry said there was "some potential for limited favourable improvements to production volumes" in the second quarter but warned that pricing for all of its major products remains under pressure.
The miner also said it has benefited from the devaluation of the Kazakh currency in February and that it has stripped substantial costs from the business. The cost management pleased analysts that noted that ENRC is already the lowest-cost ferrochrome producer in the world but remained concerned at the extremely low visibility on a recovery in prices.
Source: Daily Telegraph
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