Kazakhmys posts fall in first half core profit
(Minews) - Kazakhstan-focused copper producer Kazakhmys posted a fall in first-half core profit, hit by lower metal prices, falling metal ore grades and higher production costs.
Group core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $324 million from $714 million a year earlier but topped a company-provided analysts' consensus of $282 million.
The miner is in the process of breaking the company up in an attempt to improve its performance, transferring some of its older and less-profitable assets to a private company owned by two of its shareholders.
It will then focus on developing its Bozshakol and Aktogay copper projects aiming to become a lower-cost producer relying on open-pit mines for most of its production.
Publish date : Friday 22 August 2014 10:59
Story Code: 12673
