Kazakhmys Q1 copper output falls, focuses on lowering costs
LONDON, April 30 (Reuters) - Kazakh miner Kazakhmys (Frankfurt: A0HFWR - news) posted a slight decrease in its first-quarter copper output, as it reduced extraction in high-cost areas as part of its strategy to switch to lower-cost mines.
The Kazakh miner said it produced 69,500 tonnes of copper cathode equivalent in the first quarter of 2014, down from 73,000 in the same period a year before, but said it was on track to achieve its full-year guidance.
The London-listed company produced 294,000 tonnes of copper cathode equivalent in 2013 and expects copper output for 2014 of between 285,000 and 295,000 tonnes.
In February Kazakhmys unveiled a plan to sell off less-profitable mines to its biggest shareholder Vladimir Kim to focus on lower-cost, open-pit mines and growth projects. (Reporting by Silvia Antonioli; Editing by David Holmes)