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Kazakhstan|business|February 28, 2014 / 09:17 AM
Kazakhmys revenues amounted to over $300 mln in 2013

AKIPRESS.COM - kazakhmys Kazakhmys Mining’s revenues were $304 million below the prior year due to the lower pricing for the Mining Division’s key commodities and lower volumes of gold sales, said in the press release of the company published on February 27.

“The decline in revenues was partially mitigated by an 11% increase in copper cathode equivalent sales volumes in 2013 ,” said in the release.

Revenue from copper products of $2,268 million was consistent with the prior year as higher copper cathode equivalent sales volumes offset the decline in realised copper prices. The average realised price for copper cathode and rod sales fell by 9% to $7,318 per tonne in 2013. The realised price was below the average LME cash price for copper in 2013 of $7,328 per tonne, reflecting the timing of sales during the year.

Kazakhmys Mining’s EBITDA decreased by $455 million, or 39%, to $705 million in 2013, as revenues declined by $304 million and total cash operating costs rose by $151 million. While total cash operating costs increased year on year, in the second half of 2013 costs were below the comparative period in 2012 and the first half of 2013, reflecting the benefits of the Group’s ongoing optimization program and asset review.

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