Kazakhmys 2014 interim results

DividendMax Ltd.

Kazakhmys 2014 interim results


o Completed disposal of Ekibastuz GRES-1

Focused on core copper business

o Restructuring delivers transformational change in line with strategy

Cash generative production from current assets

Exceptional growth profile from large scale, low cost, open pit mines


o Successful focus on profit margins and cash management

Net cash cost of copper reduced by 13% to 203 USc/lb

Net cash flow from operations of $200 million, $73 million above the first half of 2013

Improved margins despite lower metal prices

o Net debt of $192 million, benefiting from the disposal of Ekibastuz GRES-1


o Continued progress on growth projects

Bozshakol and Aktogay oxides remain on track for commissioning in the second half of 2015

Production outlook

o Focus on copper production in Continuing Group

Full year cathode equivalent output of 80 to 85 kt

Partly offset by reduced by-product output

Companies mentioned