- Mining company Kaz Minerals has reported a fall in revenues for the first half on lower average copper prices, offset by copper sales volumes growth and higher gold revenues and confirmed all metals are on track to achieve full-year production guidance.

The company announced revenues of $991m for the six months ended 30 June 2020, compared to $1.1bn a year earlier, due to an 11% lower average LME copper price.

Kaz Minerals said a 2% increase in copper sales volumes and gold revenues up 16% helped offset this.

Copper sales of 146.9 kt and gold sales of 98.6 koz were lower than production due to timing of shipments, with copper production up 4% to 153.8 kt driven by high ore throughput and improved grades at Bozshakol.

Gold production rose 25% to 109.7 koz, also due to higher processing volumes and grades at Bozshakol.

EBITDA was $559m, representing a 56% margin, and down from $620m, a 59% margin, in the first half of 2019.

The company saw operating profit decline to $357m, from $410m in the same period a year earlier.

In its outlook, Kaz Minerals said that while Covid-19 risks remain, full-year production guidance had been maintained after a 'strong performance' in the first half.

It declared an interim dividend of 4.0 US cents per share as it reported that there had been no material disruption to output or sales from Covid-19 in the year to date.

At 8:39am: [LON:KAZ] Kaz Minerals PLC share price was 0p at 579.8p

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