Kaz Minerals fell modestly Thursday even as the miner said full-year gold output topped its guidance, and copper output was at the upper end of its estimated range.

Copper output for the year through December rose 14% to 294,700 tonnes, at the upper end of guidance of 270,000-300,000 tonnes. Gold production of of 183,400 ounces was above guidance of 160,000-175,000 ounces.

The higher output of copper was supported by a modest uptick in copper production in the fourth quarter to 26,600 tonnes from 25,200 tonnes a year earlier. Gold production increased 9% to 34,100 ounces for the quarter.

'Approximately 45% of the Group's copper production came from the Aktogay mine, commissioned in 2017, which ramped up to produce 131.4 kt of copper, an increase of 46% compared to the prior year, the company said.

Ore extraction fell 3% to 7,484,000 tonnes from the previous quarter, pressuring total extraction lower to 30,722,000 tonnes for the year, from 34,612,000 tonnes a year earlier.


At 8:33am: (LON:KAZ) Kaz Minerals PLC share price was -3.9p at 512.1p