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Kaz Minerals have announced a final dividend of 8 US cents per ordinary share to be recommended

Investment Tools Ltd.
Kaz Minerals have announced a final dividend of 8 US cents per ordinary share to be recommended

Taking into account the performance of the Group's producing assets in 2019 and the outlook for 2020, the Kaz Minerals Board has recommended a final dividend of 8.0 US cents per share. Combined with the interim dividend of 4.0 US cents per share, the dividend in respect of the 2019 financial year is 12.0 US cents per share.

Other financial highlights include:

Revenues increased by 5% to $2,266 million (2018: $2,162 million) as higher production and sales offset lower copper prices

- Full year copper sales volumes of 317 kt (2018: 296 kt) and gold sales of 225 koz (2018: 169 koz)

- Average LME copper price in 2019 reduced by 8% to $6,000/t (2018: $6,526/t)

EBITDA of $1,355 million at an EBITDA margin of 60% (2018: $1,310 million)

- Operating profit increased by 8% to $923 million (2018: $851 million)

Industry leading net cash cost of 77 USc/lb (2018: 85 USc/lb)

- Gross cash costs reduced to 140 USc/lb (2018: 144 USc/lb) driven by increased contribution from Aktogay and cost efficiencies at the East Region

- Gold by-product revenues rose by 50% to $318 million (2018: $212 million) driven by 10% increase in production, 10% higher average LBMA gold price and the sale of inventory

- Structural factors of economies of scale, competitive energy and transport costs, and low strip ratios continue to support the Group's low cost position

Net debt $2,759 million (2018: $1,986 million)

- 2019 investments include $436 million cash consideration for the Baimskaya acquisition and $718 million of expansionary capital expenditure (2018: $530 million)

- Gross liquid funds of $541 million at 31 December 2019 (2018: $1,467 million)

- $1.0 billion of committed facilities undrawn as at 28 January 2020, following amendment of PXF

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