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Kaz Minerals forecast a fall in production for 2021 after reporting a rise in annual profit in 2020 as higher commodity prices more than offset lower sales.
For the year ended 31 December, pre-tax profit rose to $804 million from $726 million year-on-year as revenue increased by 4% to $2,355 million.
There was a 17 kt year-on-year reduction in copper sales volumes which negatively impacted revenues by $103 million, the company said.
Copper prices recovered in H2 -- after falling below $5,000/t in March 2020 -- to finish the year strongly at around $7,750/t.
For 2021, copper production is guided to be 275-295 kt, down from 306kt, while gold production guidance of 160-180 koz and silver of 2,800 koz is below the 196 koz and 3,374 koz reported in 2020.
'The Aktogay expansion project remains on track to commence production by the end of 2021 and will generate near-term production growth. Baimskaya is expected to deliver longer-dated growth and we are currently focused on completing the Bankable Feasibility Study in the first half of this year,' the company said.
At 9:56am: (LON:KAZ) Kaz Minerals PLC share price was 0p at 639.4p