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
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