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Copper miner Kaz Minerals posts annual profit slightly ahead of forecasts

Reuters - UK Focus

LONDON, Feb 26 (Reuters) - Copper producer Kaz Minerals (LSE: KAZ.L - news) , formerly known as Kazakhmys, said on Thursday that its Bozshakol project was on track to start production by the end 2015, as it posted annual core profit slightly ahead of analysts' forecasts.

Like its peers, the London-listed company is under pressure from a steep fall in the price of copper.

The Kazakh miner reported segmental core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), of $355 million, compared with $359 million a year earlier and slightly ahead of an analysts consensus of $305 million.

It said cost-cutting measures had offset lower revenue. (Reporting by Silvia Antonioli; Editing by David Holmes)