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KAZAKHMYS (KAZ)
dai oldenrich - 20 Apr 2006 09:44
Kazakhyms plc is the tenth largest copper cathode producer and the tenth largest mined copper producer in the world. Its principal business is the mining, processing, smelting, refining and sale of copper and copper products, including copper cathode and copper rod. As by-products of it copper operations, the group also processes, refines and sells zinc, gold and silver.
SALES PER ACTIVITY (Data as of 31/12/2005)
Copper operations & others: 100%
Red = 25 day moving average. Green = 200 day moving average.
SALES PER ACTIVITY (Data as of 31/12/2005)
Copper operations & others: 100%
kaysmart - 21 Apr 2006 14:58 - 2 of 304
Goes xd on the 26th if anyone is interested !!!
cynic
- 21 Apr 2006 15:17
- 3 of 304
another share (like JKX) which is top class for those who like commodity stocks. However, as just posted for JKS, i would not be surprised to some consolidation for a while .... the recent rise has been stratospheric.
jaspals - 22 Jun 2006 12:44 - 4 of 304
Why is this falling, when the like of Antofagasta are flying?
Is something going on behind the screens?
Jas
Is something going on behind the screens?
Jas
dai oldenrich - 21 Aug 2006 08:50 - 5 of 304
14 August 2006 - Brian O'Connor, Investment Extra, Daily Mail
It's the Kaz way or the highway
IT is a long time since the Footsie 100 was a roll call of British industry. But even in an age of globalisation, miner Kazakhmys is one of its more exotic members.
When it floated in London ten months ago, it was the first company from any former Soviet state to win a full UK listing.
The world's tenth-largest miner and smelter of copper, with 65,000 staff, it joined the top 100 index in December.
When the Soviet Union broke up, Kazakhstan was sure to come to the fore. Stretching from the Caspian Sea to the Chinese border, it has just 15m people, but vast reserves of oil, gas, chrome, gold and uranium. Its president Nursultan Nazarbayev, in power since 1989, keeps an iron grip, but has welcomed foreign investors.
When Kazakhmys ('mys' means copper and is pronounced moose) floated, analysts dismissed its price range of up to 545p as 'unjustifiable'. But the shares hit 614p on day one. Now they are 1203p, valuing Kaz at 5.6bn. Broker Bear Stearns has set a target price of 1650p.
It has two large mining complexes at Balkhash and Zhezkazgan, each with its own smelter. It owns a power plant and two coal mines to supply it. It emerged from the Soviet era in poor shape, and Korea's Samsung came in to modernise it, but sold out in 2002.
Today chairman Vladimir Kim, 45, owns 40%, worth 2.2bn. Chief executive Yong Keu Cha and finance director Oleg Novachuk own another 26%. Western investors led by Standard Life, Barclays, Merrill Lynch and Scottish Widows own 20%. So, in contrast to most top 100 stocks, City funds do not call the shots.
Three of the seven strong board are Westerners; Lord Renwick of Clifton, David Munro and James Rutland, the 'SID' (senior independent director). Renwick and Munro had links with BHP Billiton, which is a role model for Kaz. A fourth non-executive may join.
Some governance issues have surfaced. At the last agm, fund manager F&C asked why Kaz's staff pension fund is invested in its own shares - not UK best practice. Renwick replied: 'We do have to respect traditions elsewhere'.
In March, chairman Kim took a 25% personal stake in ENRC, owner of Eurasia Natural Resources, for 395m. Its chrome, iron and alumina make it a natural diversification for Kaz. It has an option to buy Kim's stake during 2007 - at a 10% premium, plus costs. So he could make 39m by selling on to his own company.
Kaz says it could not have bought stake itself without due diligence, and any deal with Kim will independently valued. But this you that if you buy the shares, need to get used to the Kazakh of doing business.
There are other worries in the region. Newmont Mining, in Uzbekistan, got a demand for 26m back taxes last week. The local representative of Oxus Gold, in Kyrgyzstan, got shot. But Kazakhstan is much more stable, and Kaz is its shop window in the Footsie.
If the risks are clear, so are the rewards. In four years to 2005, sales soared from 430m to 1.4bn, pretax profits from 136m to 446m. The price has doubled since the float. In the May market shake-out, it slumped from 13 to 9, but soon bounced back.
This is an attempt to describe Kazakhmys, rather than tip it. Brokers think it could make more than 600m this year, for earnings per share of 155p, putting the shares at only 7.7 times. This looks cheap, but depends on metal prices staying high. The yield is a modest 1.9%, but could rise. It is well placed to pick up acquisitions in Kazakhstan. Eurasia, which could cost up to 2bn, may be the first of several, giving Kaz plenty of room for growth. Any deals need to be transparent.
UK investors will not have much say, so much depends on how Kim treats them. So far, they have done pretty well.
lanayel
- 16 Sep 2006 20:19
- 6 of 304
http://www.thebusinessonline.com/Stories.aspx?StoryId=55E56231-731C-4857-A9CB-9FFCAF7B6B22&page=0
A nice write up in tomorrow's Sunday Business !!!!
Ian
A nice write up in tomorrow's Sunday Business !!!!
Ian
cynic
- 16 Sep 2006 20:55
- 7 of 304
just be aware that the copper price is dropping as are those for hard commodities in general ...... copper is now down from $35k to about $31.5k a tonne, but is certainly unlikely to go back to the $8k that was seen perhaps 12/18 months ago .... $17k is probably around the bottom we shall see, but that may be a long way off, depending on how world economies perform, especially those of China and India
cynic
- 19 Sep 2006 10:23
- 8 of 304
Hmm! what to do now? ...... fantastic results with similarly bullish forecast ..... this morning's reflection is a very small downturn in line with other miners ..... Does one get on board this heavyweight now, or wait for further correction of the copper price and thus a lower sp?
dai oldenrich - 20 Sep 2006 08:28 - 9 of 304
The Questor column - By James Quinn - (Filed: 20/09/2006)
Time to wait for some better news after management hole opens up in the ground
Questor says Hold
No matter how hard the spinners spin, there is no news like bad news, even if it is not quite that bad, and so the surprise departure of Kazakhmys' chief exective YK Cha largely overshadowed a record set of interim results for the copper miner.
Cha's timing could have been better, particularly as the market had been hoping these results would kick-start a re-rating of the shares, which currently trade at a modest seven times current year earnings.
One of the main reason's for yesterday's price fall was the fact that Cha has led the company for a decade, starting from when it struggled to pay its wage bill in the mid-1990s through to joining the FTSE100 last October. Of course the market is surprised Cha is going, but it is more concerned he might sell his 15.6pc stake in the business. Of course, Cha is not cutting loose entirely, and his special skill, marketing copper products to big industrial businesses in China, will still be exploited through the time-honoured role of becoming a 'special adviser to the board.'
Maybe so, but Cha's full time, hands-on leadership should not be overlooked and a definite management gap has emerged. It was not just his commercial ties that Kazakhmys benefited from, but also his basic management skills. Kazakhmys has thus far escaped, for example, the industrial action that has blighted its FTSE 100 mining competitors in mines around the world. Kazakhmys' share price has more than doubled since last October's flotation, a solid return for investors who risked buying into an ex-Soviet turnaround story.
But many market watchers are convinced the share price still has legs. Clearly, the central Asian miner's profits are highly leveraged to the copper price, which has risen dramatically over the last year on the back of demand from China and supply worries. That demand shows few signs of abating and any slack might well be picked up by growth in India.
But profitability being so reliant on the copper price can be a curse as we as a blessing. For that very reason, Kazakhmys has long been scouring the plains of Kazakhstan to hopefully acquire miners of other metals that would diversify its production base. It was disappointing therefore not to hear more concrete news about how it was going to spend its cash pile, which topped $1.5bn (0.8bn) by the end of August. Unlike other big-league miners, Kazakhmys has no intention of paying a special dividend.
In April, Questor advised shareholders in Kazakhmys to sit tight and hold, since when the shares are virtually unchanged. Six months on, canny investors should continue to hold fire until the company has some better news.
dai oldenrich - 20 Sep 2006 08:29 - 10 of 304
Daily Telegraph - 20 September 2006
Kazakhmys fell 56p to 1,210p after news that its chief executive, Y K Cha, plans to step down sparked fears that a big chunk of his stake in the company could soon find itself on the market. He owns 15.6 per cent of the Kazakhstan copper miner. The lock-up governing his stake expires on 7 October. Kazakhmys also posted better-than-expected interim results. Earnings before interest, tax, depreciation and amortisation soared 124 per cent to more than $1bn (530m) for the six months to the end of June.
cynic
- 20 Sep 2006 08:38
- 11 of 304
thanks for that post Dai .... and easy decision now, especially with copper trending downwards at least for the time being
lanayel
- 20 Sep 2006 08:50
- 12 of 304
The Times also comment:
KAZAKHMYS, the copper miner and smelter, produced an excellent set of numbers yesterday. Revenues rose by
90 per cent and profits benefiting from enhanced economies of scale and a bigger contribution from the sale of gold and zinc by-products climbed even faster. At the pre-tax level they were 166 per cent higher at $956 million (508 million).
The company also turned the profits into hard cash. Nearly 350 million flowed into the companys coffers in the half.
Yet while results are impressive, there are concerns. First among these is the thought that most of the rise in sales and profits came about because of a rise in the price of copper. If the price of copper keeps rising, Kazakhmys will continue to post stunning financial results. But the company will soon suffer if the price of the metal starts to decline. It might.
Shares in the company would be a more enticing prospect if it was digging more ore out of the ground. Increased production volumes would protect Kazakhmys profits if copper prices fell. The company does have some good-looking assets under development its Boschekul venture is one but at present these are better classified as exciting prospects than guaranteed sources of ore.
That said, the cash collected by Kazakhmys courtesy of the sky-high price of copper furnishes the company with money to acquire new reserves and diversify away from copper. Yet the price of reserves moves in relation to the price of traded commodities. It is easier to talk about acquiring reserves than finding good ones on sale at reasonable prices.
The companys decision to spend on acquisitions also reduces the amount in the kitty available for distribution as dividends. Kazakhmys is paying divis, but the 1.7 per cent yield may be insufficient to protect the shares if the world price of copper weakens markedly.
Meanwhile, public investors, who own only 30 per cent of the stock, are in an uncomfortable minority postion. At the same time, a lock-in clause preventing sales by holders of the other 70 per cent expires in October. The market could soon be awash with stock. Sell.
Ian
KAZAKHMYS, the copper miner and smelter, produced an excellent set of numbers yesterday. Revenues rose by
90 per cent and profits benefiting from enhanced economies of scale and a bigger contribution from the sale of gold and zinc by-products climbed even faster. At the pre-tax level they were 166 per cent higher at $956 million (508 million).
The company also turned the profits into hard cash. Nearly 350 million flowed into the companys coffers in the half.
Yet while results are impressive, there are concerns. First among these is the thought that most of the rise in sales and profits came about because of a rise in the price of copper. If the price of copper keeps rising, Kazakhmys will continue to post stunning financial results. But the company will soon suffer if the price of the metal starts to decline. It might.
Shares in the company would be a more enticing prospect if it was digging more ore out of the ground. Increased production volumes would protect Kazakhmys profits if copper prices fell. The company does have some good-looking assets under development its Boschekul venture is one but at present these are better classified as exciting prospects than guaranteed sources of ore.
That said, the cash collected by Kazakhmys courtesy of the sky-high price of copper furnishes the company with money to acquire new reserves and diversify away from copper. Yet the price of reserves moves in relation to the price of traded commodities. It is easier to talk about acquiring reserves than finding good ones on sale at reasonable prices.
The companys decision to spend on acquisitions also reduces the amount in the kitty available for distribution as dividends. Kazakhmys is paying divis, but the 1.7 per cent yield may be insufficient to protect the shares if the world price of copper weakens markedly.
Meanwhile, public investors, who own only 30 per cent of the stock, are in an uncomfortable minority postion. At the same time, a lock-in clause preventing sales by holders of the other 70 per cent expires in October. The market could soon be awash with stock. Sell.
Ian
dai oldenrich - 28 Sep 2006 07:21 - 13 of 304
The Times - September 28, 2006
Kazakhmys's departing chief sells shares for nearly 500m - By David Robertson
YONG KEU CHA, the chief executive of the London-listed miner Kazakhmys, has sold shares in the company worth nearly 500 million believed to be the largest sale by a director.
The South Korean-born businessman is stepping down as head of Kazakhmys at the end of the year and is taking advantage of a strong share price to liquidate some of his holding now. He sold 2 per cent of Kazakhmyss stock, worth about 102 million, into the London market yesterday, and will sell a further 2 per cent to investors based in Kazakhstan when the company lists in its domestic market later this year.
The chief executive has sold a further 7.1 per cent, worth 383 million, to Vladimir Kim, Kazakhmyss chairman, who is to become chief executive. His remaining 4.5 per cent will not be sold until at least the end of the year, under an agreement with Kazakhmyss bankers.
Kazakhmys last night insisted that the sale was good for investors because it increased the FTSE 100 companys free float to 33 per cent. However, the size of the directors sale surprised the City. The 484 million of stock sold to the market and to Mr Kim is thought to be the biggest sale by a director in London. The shares rose 18p to 11.55.
In another transaction declared yesterday, Mr Kim gave 2.5 per cent of Kazakhmys stock, worth 135 million, to Vladimir Ni, its chairman in Kazakhstan. This gift was, the group said, a reward for Mr Nis longstanding business relationship with Mr Kim.
cynic
- 25 Jan 2007 14:29
- 14 of 304
chart quite reasonable so have switched from VED to here
red = 25 dma
green = 200 dma
red = 25 dma
green = 200 dma
cynic
- 26 Feb 2007 13:25
- 15 of 304
possible resistance about this level; shall be watching carefully
ateeq180 - 18 Mar 2008 15:57 - 16 of 304
whats the future of this company.
dealerdear - 18 Apr 2008 11:04 - 17 of 304
Currently being absolutly hammered along with potential partner ENRC.
Is this short sellers having fun or is there a problem?
Is this short sellers having fun or is there a problem?
hlyeo98 - 17 Sep 2008 17:18 - 18 of 304
KAZ is hammered...now 630p.
cynic
- 17 Sep 2008 17:26
- 19 of 304
commodity prices have been taking a bashing for the last 6/8 weeks or more ..... if you think KAZ has fared badly, take a look at XTA!
hlyeo98 - 17 Sep 2008 22:26 - 20 of 304
In terms of percentage fall, KAZ is more serious.
hlyeo98 - 06 Oct 2008 11:10 - 21 of 304
KAZ is hammered to 480p today.
dealerdear - 06 Oct 2008 11:16 - 22 of 304
Fully aware. ENRC the same.
Mind you, XTA only down 11%!!
Mind you, XTA only down 11%!!
dealerdear - 06 Oct 2008 14:48 - 23 of 304
now down 23%
hlyeo98 - 06 Oct 2008 14:51 - 24 of 304
Kazakhstan shares are showing more weakness than others.
dealerdear - 06 Oct 2008 15:43 - 25 of 304
down 30%
cynic
- 06 Oct 2008 16:42
- 26 of 304
well it is a miner after all ..... sorry for the gallows humour
justyi - 15 Oct 2008 13:36 - 27 of 304
Prepare for another massacre here in the next couple of days.
dealerdear - 15 Oct 2008 13:57 - 28 of 304
What a bright spark you are.
And what do you base your opinion on?
And what do you base your opinion on?
justyi - 15 Oct 2008 18:45 - 29 of 304
Thank you, you are as bright as me. I see KAZ at 200p.
hlyeo98 - 17 Oct 2008 09:38 - 30 of 304
Looks like merger talks did not materialise...wow
LONDON, Oct 17 (Reuters) - Kazakh mining firm Kazakhmys said on Friday it had halted negotiations about a possible merger, but gave no details.
In July, sources close to the discussions told Reuters that Russia's Metalloinvest was Kazakhmys' suitor and that a main driver for its interest in the Kazakh firm was as an alternative to its own plan to list its shares in London.
On Oct. 2, an official with Metalloinvest's holding company was quoted as saying the steel and iron ore firm had dropped plans for an initial public share offering this year due to market conditions.
'Discussions regarding a possible combination with a third party, first announced on 14 July 2008, have ended,' a Kazakhmys statement said.
LONDON, Oct 17 (Reuters) - Kazakh mining firm Kazakhmys said on Friday it had halted negotiations about a possible merger, but gave no details.
In July, sources close to the discussions told Reuters that Russia's Metalloinvest was Kazakhmys' suitor and that a main driver for its interest in the Kazakh firm was as an alternative to its own plan to list its shares in London.
On Oct. 2, an official with Metalloinvest's holding company was quoted as saying the steel and iron ore firm had dropped plans for an initial public share offering this year due to market conditions.
'Discussions regarding a possible combination with a third party, first announced on 14 July 2008, have ended,' a Kazakhmys statement said.
hlyeo98 - 04 Nov 2008 10:51 - 31 of 304
Justyi, I think you are wrong with saying KAZ is going down. The failed merger has turned the fate of KAZ. It is on the rise now. BUY at 360p.
hlyeo98 - 04 Nov 2008 10:57 - 32 of 304
Kazakhmys PLC Production Report for the Third Quarter Ended 30 September 2008 & Interim Management Statement
Increase in cathode production from own material to 92 kt in Q3 2008 from 82 kt in Q2 2008
Assisted by continued improvement in equipment availability
Increase in Q3 brings production for first 9 months of 2008 to 249 kt, in line with the corresponding period of 2007
Maintain previous guidance of full year 2008 copper cathode production from own material being at the same level as 2007
Demand for copper products has remained firm throughout the year in spite of financial market turbulence
By-product and gold output has generally been positive in the first 9 months of 2008
Gold by-product output increased by 13% to 92 koz, benefiting from higher gold content at two new mines
In addition, our gold division increased output 17% to 42 koz
Zinc in concentrate output increased by 3% to 105 kt
Silver production decreased by 18% to 12 moz reflecting lower mined ore output in Zhezkazgan region
Kazakhmys Power increased power generated by 29% to 7,900 GWh of electricity during first 9 months of 2008
Reflecting increased demand for electricity in Kazakhstan and significant growth potential of the power plant
A review of activities is underway to take account of current market conditions
Marginal operations are being assessed for temporary closure during period of price weakness
Pre-feasibility studies for the major projects at Aktogay and Boschekul will continue as they require limited capital spend in the near term
Discretionary capital expenditure is likely to be reduced until more attractive pricing materialises
Oleg Novachuk, Chief Executive Officer, said 'This is a sound set of results, with production increasing over the year. We are therefore on track with our outlook given at the start of the year, in spite of the severe winter weather in the first quarter. Demand from our customers has so far this year been solid and we are positive about the long term outlook for copper in light of potential supply demand dynamics. However, we are clearly in a challenging and volatile environment and we are reviewing our operations and capital expenditure to reflect current market conditions. We are pleased with the performance of our power business, which increased power generated by 29% over the first 9 months of 2008.'
Increase in cathode production from own material to 92 kt in Q3 2008 from 82 kt in Q2 2008
Assisted by continued improvement in equipment availability
Increase in Q3 brings production for first 9 months of 2008 to 249 kt, in line with the corresponding period of 2007
Maintain previous guidance of full year 2008 copper cathode production from own material being at the same level as 2007
Demand for copper products has remained firm throughout the year in spite of financial market turbulence
By-product and gold output has generally been positive in the first 9 months of 2008
Gold by-product output increased by 13% to 92 koz, benefiting from higher gold content at two new mines
In addition, our gold division increased output 17% to 42 koz
Zinc in concentrate output increased by 3% to 105 kt
Silver production decreased by 18% to 12 moz reflecting lower mined ore output in Zhezkazgan region
Kazakhmys Power increased power generated by 29% to 7,900 GWh of electricity during first 9 months of 2008
Reflecting increased demand for electricity in Kazakhstan and significant growth potential of the power plant
A review of activities is underway to take account of current market conditions
Marginal operations are being assessed for temporary closure during period of price weakness
Pre-feasibility studies for the major projects at Aktogay and Boschekul will continue as they require limited capital spend in the near term
Discretionary capital expenditure is likely to be reduced until more attractive pricing materialises
Oleg Novachuk, Chief Executive Officer, said 'This is a sound set of results, with production increasing over the year. We are therefore on track with our outlook given at the start of the year, in spite of the severe winter weather in the first quarter. Demand from our customers has so far this year been solid and we are positive about the long term outlook for copper in light of potential supply demand dynamics. However, we are clearly in a challenging and volatile environment and we are reviewing our operations and capital expenditure to reflect current market conditions. We are pleased with the performance of our power business, which increased power generated by 29% over the first 9 months of 2008.'
polska - 05 Nov 2008 09:07 - 33 of 304
is this this LONG you hark on about hyleo.............its going down quicker than a polish prostitutes panties
polska - 06 Nov 2008 13:17 - 34 of 304
great tip yhis long of yours hyleo, lol.......about only thing u tip and it plummets
cynic
- 06 Nov 2008 13:20
- 35 of 304
miners are a terrifying sector at the moment .... if you want to be scared, have a look at how RIO has performed over the last weeks
dealerdear - 06 Nov 2008 14:09 - 36 of 304
Don't worry. I'm well and truly scared which is very clever of the market because when the opportunities come along I'm too frightened to take them.
Maybe I'm just getting too paranoid ..
Maybe I'm just getting too paranoid ..
polska - 06 Nov 2008 14:21 - 37 of 304
rio up 55% in just over a week
cynic
- 06 Nov 2008 15:46
- 38 of 304
where did you get that?????? ...... you're right! ...... sp was about 20.00 in mid october; rocketed to just over 30.00 a couple of days ago but is now back to about 25.00
as i said, dead scary
as i said, dead scary
dealerdear - 06 Nov 2008 16:18 - 39 of 304
Can you believe these drops.
Kaz 13%, ENRC 20%, ANTO 15%, CFM 24%, IFL 36%, XTA 15%, VED (good results) 18%, SOLA 20%.
Tis like a war zone.
Kaz 13%, ENRC 20%, ANTO 15%, CFM 24%, IFL 36%, XTA 15%, VED (good results) 18%, SOLA 20%.
Tis like a war zone.
cynic
- 06 Nov 2008 16:39
- 40 of 304
what on earth has SOLA got to do with miners????
you also forgot RIO which is down 15% today
you also forgot RIO which is down 15% today
polska - 06 Nov 2008 16:41 - 41 of 304
u goy something with rio!!!!!
are u a brazilian boy, lol
are u a brazilian boy, lol
cynic
- 06 Nov 2008 16:43
- 42 of 304
polish ancestry like you!
dealerdear - 06 Nov 2008 19:17 - 43 of 304
Good question cynic.
No idea really. Just thought I'd throw SOLA in for good measure as it was also being hammered.
No idea really. Just thought I'd throw SOLA in for good measure as it was also being hammered.
bro - 11 Jan 2009 23:03 - 44 of 304
The miners need to come to the top here!
Just been re-weighted on the ftse index!
Any thoughts anybody?
Just been re-weighted on the ftse index!
Any thoughts anybody?
hlyeo98 - 09 Feb 2009 15:53 - 45 of 304
KAZ is a very STRONG BUY at 320p. BUY, BUY BUY!!!
HARRYCAT
- 10 Feb 2009 08:56
- 46 of 304
Down 24p to 297p this morning. Not such a strong buy after all!!!
hlyeo98 - 10 Feb 2009 13:36 - 47 of 304
Probably time to BUY more. Do u think, Harry?
cynic
- 10 Feb 2009 13:47
- 48 of 304
why buy? ..... copper is still heading south
if/when sp hits 240 support, then reconsider
if/when sp hits 240 support, then reconsider
HARRYCAT
- 10 Feb 2009 13:54
- 49 of 304
I can see no reason to buy at the moment. Other miners (Gold, Platinum, Silver) offering better returns.
mitzy - 19 Feb 2009 19:25 - 50 of 304
I'm buying tomorrow Harry.
justyi - 05 Mar 2009 08:02 - 51 of 304
Dividend all gone....
Kazakhmys omits final dividend - MoneyAM
Kazakhmys said today EBITDA for 2008, from managed businesses excluding special items, was down to $1.627bn from $2.336bn the previous year. Overall group revenue was down 2% to $5.151bn due to lower metal prices. No final dividend will be paid.
Net debt was $1.628bn at year end with cash and deposits of $572m and an undrawn revolving credit facility of $200m.
The group suffered impairment charges of $400m.
Kazakhmys said it had identified cost reductions of $200m and capital expenditure would be reduced by $250m.
Oleg Novachuk, CEO of Kazakhmys, said: '2008 was a solid year in production terms and also a year in which we made some significant strategic developments. Market conditions in 2009 are challenging but we are taking decisive action, across the Group, to conserve cash while at the same time preserving the underlying strength and potential of the business. We are positive on the long-term outlook for copper and on the potential for the electricity market in Kazakhstan, where there is a clear need for both capacity and tariffs to rise.'
Kazakhmys omits final dividend - MoneyAM
Kazakhmys said today EBITDA for 2008, from managed businesses excluding special items, was down to $1.627bn from $2.336bn the previous year. Overall group revenue was down 2% to $5.151bn due to lower metal prices. No final dividend will be paid.
Net debt was $1.628bn at year end with cash and deposits of $572m and an undrawn revolving credit facility of $200m.
The group suffered impairment charges of $400m.
Kazakhmys said it had identified cost reductions of $200m and capital expenditure would be reduced by $250m.
Oleg Novachuk, CEO of Kazakhmys, said: '2008 was a solid year in production terms and also a year in which we made some significant strategic developments. Market conditions in 2009 are challenging but we are taking decisive action, across the Group, to conserve cash while at the same time preserving the underlying strength and potential of the business. We are positive on the long-term outlook for copper and on the potential for the electricity market in Kazakhstan, where there is a clear need for both capacity and tariffs to rise.'
goldfinger
- 13 Mar 2009 11:13
- 52 of 304
Im looking for 350p plus after upbeat news on Reuters this morning re- to base metals price recovery especially Copper.
Stock trades on far too low a multiple IMHO....
Kazakhmys Forecasts
Year Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-10 2,382.10 407.54 72.28p 4.3 0.1 +76% 9.15p 3.4%
A forward P/E of just over 4 and EPS growth of 76% going into 2010, this rating is far too cheap.
Stock trades on far too low a multiple IMHO....
Kazakhmys Forecasts
Year Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-Dec-10 2,382.10 407.54 72.28p 4.3 0.1 +76% 9.15p 3.4%
A forward P/E of just over 4 and EPS growth of 76% going into 2010, this rating is far too cheap.
goldfinger
- 20 Mar 2009 09:27
- 53 of 304
Looks far too cheap given peers rating and the increased buying of base metals.
Recent broker Buy note and previous notes show its trading on a forward P/E of just over 6, miserly.
Kazakhmys PLC
FORECASTS
2008 2009
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Seymour Pierce
13-03-09 BUY 187.94 46.30 107.39 52.92
Recent broker Buy note and previous notes show its trading on a forward P/E of just over 6, miserly.
Kazakhmys PLC
FORECASTS
2008 2009
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)
Seymour Pierce
13-03-09 BUY 187.94 46.30 107.39 52.92
goldfinger
- 20 Mar 2009 09:35
- 54 of 304
RNS Number : 1782P
Kazakhmys PLC
20 March 2009
20 March 2009
KAZAKHMYS PLC ANNOUNCES EARLY COMPLETION OF THE AES MANAGEMENT CONTRACT AT EKIBASTUZ GRES-1 AND MAIKUBEN WEST COAL MINE
Kazakhmys PLC ('Kazakhmys' or the 'Group') today announces that it has agreed the early completion of the contract with AES, so that management of the Ekibastuz GRES-1 power plant and Maikuben Coal Mine will transfer to Kazakhmys.
The management contract was due to run until December 2010 and included earn out fees of up to $375 million, based on profitability and the successful delivery of the capital development programme. The early completion agreement includes an earn out of $80 million for the financial year 2008, payable in April 2009, and a single reduced payment of $102 million to be paid in January 2010.
Nikolai Korobovsky, a former AES employee at Ekibastuz GRES-1, has been appointed Head of Kazakhmys Power Division, to manage all of the Kazakhmys power businesses, including Ekibastuz GRES-1, Maikuben coal mine and the three power stations and two coal mines that are owned and operated within the Kazakhmys Copper Division.
Kazakhmys' Chief Executive Oleg Novachuk said, 'I should like to thank AES for their work with us over the past year and in helping the transition to Kazakhmys management. This agreement reduces our cash commitments, which is welcome in the current environment. It should also allow us to create a more integrated approach to all of our power facilities, which together represent over 20% of Kazakhstan's power output.'
For further information please contact:
Kazakhmys PLC
John Smelt
Kazakhmys PLC
20 March 2009
20 March 2009
KAZAKHMYS PLC ANNOUNCES EARLY COMPLETION OF THE AES MANAGEMENT CONTRACT AT EKIBASTUZ GRES-1 AND MAIKUBEN WEST COAL MINE
Kazakhmys PLC ('Kazakhmys' or the 'Group') today announces that it has agreed the early completion of the contract with AES, so that management of the Ekibastuz GRES-1 power plant and Maikuben Coal Mine will transfer to Kazakhmys.
The management contract was due to run until December 2010 and included earn out fees of up to $375 million, based on profitability and the successful delivery of the capital development programme. The early completion agreement includes an earn out of $80 million for the financial year 2008, payable in April 2009, and a single reduced payment of $102 million to be paid in January 2010.
Nikolai Korobovsky, a former AES employee at Ekibastuz GRES-1, has been appointed Head of Kazakhmys Power Division, to manage all of the Kazakhmys power businesses, including Ekibastuz GRES-1, Maikuben coal mine and the three power stations and two coal mines that are owned and operated within the Kazakhmys Copper Division.
Kazakhmys' Chief Executive Oleg Novachuk said, 'I should like to thank AES for their work with us over the past year and in helping the transition to Kazakhmys management. This agreement reduces our cash commitments, which is welcome in the current environment. It should also allow us to create a more integrated approach to all of our power facilities, which together represent over 20% of Kazakhstan's power output.'
For further information please contact:
Kazakhmys PLC
John Smelt
goldfinger
- 20 Mar 2009 10:15
- 55 of 304
BASE METALS
GLOBAL PORTFOLIO FLOWS
Copper in gold hunt
Over the past month, investors have switched heavily from listed gold and silver stocks into names specialising in copper, zinc, uranium and nickel.
Author: Barry Sergeant
Posted: Wednesday , 18 Mar 2009
http://www.mineweb.com/mineweb/view/mineweb/en/page36?oid=80470&sn=Detail
GLOBAL PORTFOLIO FLOWS
Copper in gold hunt
Over the past month, investors have switched heavily from listed gold and silver stocks into names specialising in copper, zinc, uranium and nickel.
Author: Barry Sergeant
Posted: Wednesday , 18 Mar 2009
http://www.mineweb.com/mineweb/view/mineweb/en/page36?oid=80470&sn=Detail
jkd - 23 Mar 2009 16:37 - 56 of 304
gf
as all who read my posts know i am a megga bear, still, i am long this since last week.(319) so thanks for drawing it to my attention, seems to now be at critical level.your target of 350p plus has now been met and exceeded.
ta again.you clearly know your onions. Master Chef? anyone watch it?
regards
jkd
as all who read my posts know i am a megga bear, still, i am long this since last week.(319) so thanks for drawing it to my attention, seems to now be at critical level.your target of 350p plus has now been met and exceeded.
ta again.you clearly know your onions. Master Chef? anyone watch it?
regards
jkd
Big Al
- 23 Mar 2009 16:57
- 57 of 304
12 by Xmas? ;-0
A few hurdles first, but this has broken out of a lovely bottom over the past few days.
A few hurdles first, but this has broken out of a lovely bottom over the past few days.
cynic
- 23 Mar 2009 16:59
- 58 of 304
nobody can beat your lovely bottom Al ..... actually, there are reports to the contrary!
Big Al
- 23 Mar 2009 17:24
- 59 of 304
.......... and I wonder where they were posted, cynic. LOL!
I stuck KAZ in my SIPP in 2 lots for the divi in January and have also traded them recently. Almost sold when the divi was abandoned, but it never hit my stop level, which was quite fortunate. Amazingly she goes from strength to strength so can't complain. Currently 71% to the good in the SIPP. ;-))
I stuck KAZ in my SIPP in 2 lots for the divi in January and have also traded them recently. Almost sold when the divi was abandoned, but it never hit my stop level, which was quite fortunate. Amazingly she goes from strength to strength so can't complain. Currently 71% to the good in the SIPP. ;-))
hlyeo98 - 23 Mar 2009 21:40 - 60 of 304
Yippee! Just BUY BUY BUY...nothing else now.
cynic
- 24 Mar 2009 08:16
- 61 of 304
have allowed myself to be sucked in at 405, so we'll see what happens next
jkd - 24 Mar 2009 16:08 - 62 of 304
cynic not a good day so far.
i think we may see a bit more of a pull back before any further rise so have sold half my holding today. good luck
regards
jkd
i think we may see a bit more of a pull back before any further rise so have sold half my holding today. good luck
regards
jkd
cynic
- 24 Mar 2009 16:24
- 63 of 304
it's no prob ..... have done execptionally well over the last couple of weeks and in fact FTSE seems very disinclined to break back down below 3900 .... long may it stay that way!
cynic
- 26 Mar 2009 16:42
- 64 of 304
unfortunately can't cut and paste the LME chart, but cash copper was just under $3100 pt on 1/1/09 and is now $3900, but remenber that at its height in mid 2008, price was $9000
nevertheless, this is still good news for Kaz, and perhaps strangely, also for the likes of WOS, as i think you'll find that housebuilding also uses lots of copper
nevertheless, this is still good news for Kaz, and perhaps strangely, also for the likes of WOS, as i think you'll find that housebuilding also uses lots of copper
justyi - 27 Mar 2009 16:26 - 65 of 304
Kazakhmys has been cut to sell from hold at Deutsche Bank, with target price 239p, down from 246p.
The recent rally could be dying now.
The recent rally could be dying now.
jkd - 30 Mar 2009 15:10 - 66 of 304
im glad i took profit on 50% of my holding.
just sitting tight now expecting to take a break even at cost on remaining 50%
may change my mind, may not,
difficult times. i am just trying to not to lose money whilst at the same time trying
to bank profits when they become available.
open, close half at profit, close remainder at cost. etc. and so it goes on.
heres what keeps me going, never give up, one day the market will turn,
open, profit, add, more profit, add etc. the break even close doesnt get hit. thats when i know market has changed.it will happen one day. in the mean time i just have to keep being in it.
regards
jkd
just sitting tight now expecting to take a break even at cost on remaining 50%
may change my mind, may not,
difficult times. i am just trying to not to lose money whilst at the same time trying
to bank profits when they become available.
open, close half at profit, close remainder at cost. etc. and so it goes on.
heres what keeps me going, never give up, one day the market will turn,
open, profit, add, more profit, add etc. the break even close doesnt get hit. thats when i know market has changed.it will happen one day. in the mean time i just have to keep being in it.
regards
jkd
justyi - 30 Mar 2009 16:21 - 67 of 304
KAZ will go back to 230p.
jkd - 30 Mar 2009 16:52 - 68 of 304
thanks j
any relation to H? i like his posts.
regards
jkd
any relation to H? i like his posts.
regards
jkd
cynic
- 30 Mar 2009 19:37
- 69 of 304
results out tomorrow, so it will be interesting to see whether today's sell-off has been overdone or inspired percipience
Big Al
- 30 Mar 2009 20:19
- 70 of 304
Stop hit today. Currently flat in KAZ.
cynic
- 31 Mar 2009 07:42
- 71 of 304
results look pretty underwhelming to me, but don't know what was expected, especially as sp is already pretty bombed out
cynic
- 31 Mar 2009 07:53
- 72 of 304
shares will almost certainly get whacked, though EDITDA was a bit better than forecast......
Kazakhmys posted a 25 percent fall in 2008 underlying earnings per share, lower than analyst expectations, hit by high costs and a collapse in copper prices.
London-listed Kazakhmys, the world's eighth-biggest copper producer, said 2008 underlying EPS fell to $2.27 from $3.02 the previous year.
The firm was expected to post EPS of $2.51, according the the average forecast of 11 analysts polled by Reuters Estimates.
Earnings before interest, tax, depreciation and amortisation (EDITDA) and excluding special items fell 12 percent to $2.06 billion, versus a consensus estimate of $1.81 billion, on 2 percent lower revenues of $5.15 billion.
Kazakhmys posted a 25 percent fall in 2008 underlying earnings per share, lower than analyst expectations, hit by high costs and a collapse in copper prices.
London-listed Kazakhmys, the world's eighth-biggest copper producer, said 2008 underlying EPS fell to $2.27 from $3.02 the previous year.
The firm was expected to post EPS of $2.51, according the the average forecast of 11 analysts polled by Reuters Estimates.
Earnings before interest, tax, depreciation and amortisation (EDITDA) and excluding special items fell 12 percent to $2.06 billion, versus a consensus estimate of $1.81 billion, on 2 percent lower revenues of $5.15 billion.
cynic
- 31 Mar 2009 09:55
- 73 of 304
phew! glad i got that wrong!!
Big Al
- 01 Apr 2009 15:55
- 74 of 304
Went back in this morning (not at the low, I hasten to add). Really couldn't believe the strength it showed after the results yesterday.
In fact, KAZ seems to want to rise even on "bad" news. Don't fight the market, I say. ;-))
In fact, KAZ seems to want to rise even on "bad" news. Don't fight the market, I say. ;-))
jkd - 01 Apr 2009 18:47 - 75 of 304
BA
im still sitting. havn't added back yet.
good luck
regards
jkd
im still sitting. havn't added back yet.
good luck
regards
jkd
Big Al
- 01 Apr 2009 18:54
- 76 of 304
jkd
The scarpping of the divi didn't hurt it and the results didn't hurt it either - in fact both events served to fuel a rise in the price. Can't complain.
The scarpping of the divi didn't hurt it and the results didn't hurt it either - in fact both events served to fuel a rise in the price. Can't complain.
jkd - 02 Apr 2009 00:10 - 77 of 304
BA
have to agree with you. this does look very much like accumulation at a bottom. unless it fails that is.who can say? stop losses and money management are the answer as you well know.;-)
regards
jkd
edit for new readers only please go to previous page for up to date chart. (mitzy's) critical level? please dyor.
have to agree with you. this does look very much like accumulation at a bottom. unless it fails that is.who can say? stop losses and money management are the answer as you well know.;-)
regards
jkd
edit for new readers only please go to previous page for up to date chart. (mitzy's) critical level? please dyor.
justyi - 03 Apr 2009 12:10 - 78 of 304
Keep on buying KAZ...still very cheap at 460p...undervalued.
cynic
- 03 Apr 2009 12:28
- 79 of 304
it's only cheap if the demand for copper and thus the price increases ...... meanwhile, it is somewhat debateable, even though i made (banked!) a decent profit from KAZ a day or two back
i guess it depends on whether or not you believe KAZ should be performing as well as ANTO and/or if there is good reason for it not to
the comparative chart with ANTO below may be useful
KAZ = blue
ANTO = red
i guess it depends on whether or not you believe KAZ should be performing as well as ANTO and/or if there is good reason for it not to
the comparative chart with ANTO below may be useful
KAZ = blue
ANTO = red
Big Al
- 20 Apr 2009 15:33
- 80 of 304
Out again today.She's had a decent run
jkd - 20 Apr 2009 19:44 - 81 of 304
well done BA
your right she has. i'm still hanging on to my remaining 50% holding for time being.
regards
jkd
your right she has. i'm still hanging on to my remaining 50% holding for time being.
regards
jkd
justyi - 11 May 2009 15:46 - 82 of 304
Time to get out of KAZ at 650p...Investor's Chronicle was spot on on Friday.
cynic
- 11 May 2009 16:34
- 83 of 304
depends how much of an active trader you are etc ...... a pullback and consolidation of the markets has been due for a good week or so ..... if i were a holder of KAZ i would only be concerned if there was a further drop of about 10% from today's closing level
jkd - 11 May 2009 22:46 - 84 of 304
my stop loss was hit today so am now out and flat at moment.the recent rise was far and fast so tightened stop to protect and bank profit.
regards
jkd
regards
jkd
justyi - 12 May 2009 08:10 - 85 of 304
Don't worry, it won't take long, cynic
jkd - 13 May 2009 13:17 - 86 of 304
blimey
an outside day reversal continuing into a weekly ditto? still 2 and a bit days before we find out. candlesticks same gravy different meat. i continue to just watch.
regards
jkd
an outside day reversal continuing into a weekly ditto? still 2 and a bit days before we find out. candlesticks same gravy different meat. i continue to just watch.
regards
jkd
jkd - 13 May 2009 15:29 - 87 of 304
i originally bought this at 320'sh level sold half at nice profit. and sold balance at nicer profit. i still think this may be in just retracement to uptrend and maybe i should have held on longer. only time will tell, but i am happy. no regrets.
regards
jkd
regards
jkd
justyi - 14 May 2009 08:19 - 88 of 304
It's 580p now and still looking very pricey. It was 300p just a month ago. It is a good price to take profit now.
jkd - 14 May 2009 23:12 - 89 of 304
j
the last time this was at 300p was back in march. that is 2 months ago.
regards
jkd
the last time this was at 300p was back in march. that is 2 months ago.
regards
jkd
jkd - 12 Jul 2009 17:24 - 90 of 304
i shorted these friday, (-6) closed -13 might add monday if it moves into positive and my stop loss holds and it then starts to weaken, might not. dyor.
regards
jkd
regards
jkd
cynic
- 12 Jul 2009 17:52
- 91 of 304
that was a definite maybe then - lol!
jkd - 12 Jul 2009 18:17 - 92 of 304
LOL to you cynic.
it is not a maybe i am short it is a definite,yes i am short. that is definite,
it is a maybe i will add to my short on monday. that is a maybe. unfortunately i dont know what is going to happen tomorrow so unable to state a definitely maybe, LoL
may change my mind of course, as always lets all do our own research and make our own minds up. dont listen to me,lets all do our own research.
regards to you
jkd
it is not a maybe i am short it is a definite,yes i am short. that is definite,
it is a maybe i will add to my short on monday. that is a maybe. unfortunately i dont know what is going to happen tomorrow so unable to state a definitely maybe, LoL
may change my mind of course, as always lets all do our own research and make our own minds up. dont listen to me,lets all do our own research.
regards to you
jkd
ptholden
- 12 Jul 2009 19:23
- 93 of 304
Haven't been keeping up with this thread, but I certainly popped a rib when reading these posts (incidentally Justyi is Hyleo's alter ego) PMSL :))
justyi - 27 Mar 2009 16:26 - 65 of 92
Kazakhmys has been cut to sell from hold at Deutsche Bank, with target price 239p, down from 246p.
justyi - 30 Mar 2009 16:21 - 67 of 92
KAZ will go back to 230p.
justyi - 03 Apr 2009 12:10 - 78 of 92
Keep on buying KAZ...still very cheap at 460p...undervalued
justyi - 27 Mar 2009 16:26 - 65 of 92
Kazakhmys has been cut to sell from hold at Deutsche Bank, with target price 239p, down from 246p.
justyi - 30 Mar 2009 16:21 - 67 of 92
KAZ will go back to 230p.
justyi - 03 Apr 2009 12:10 - 78 of 92
Keep on buying KAZ...still very cheap at 460p...undervalued
marni - 12 Jul 2009 21:28 - 94 of 304
hi pt
yes i know hi leo has alter ego names.....does anyone take notice of his pathetic valuations on no substance
yes i know hi leo has alter ego names.....does anyone take notice of his pathetic valuations on no substance
jkd - 12 Jul 2009 22:19 - 95 of 304
i hope he is right, dont mind which one,;-)))
regards
jkd
regards
jkd
jkd - 14 Jul 2009 17:24 - 96 of 304
well that was short and sweet thus far, although not so sweet. stopped out of half my position today at a loss. still holding the other half, not sure for how long though, just going to let my stop run. lets see what happens.
regards
jkd
regards
jkd
jkd - 21 Jul 2009 20:13 - 97 of 304
just for the record . i did allow my stop loss to run and i took a hit. it happens.such is life. some we get right others we dont. mostly mine are of the other kind, i.e. i am wrong more often than i am right.could say a lot more but shall refrain.
regards and good luck to all.
jkd
regards and good luck to all.
jkd
required field - 15 Oct 2009 12:08 - 98 of 304
Anybody apart from jkd looking at this....as I'm in POG, I have not been following progress here, but the graph is just as good...wondering if it would be worth getting in here...trouble is that it will have to move up a lot to be worthwhile !.
required field - 15 Oct 2009 12:23 - 99 of 304
Kaz...sounds like a good daughters name or a failed contestant on that Xfactor marvel thingy program !...come to think of it, isn't there some pop group called jkd or such...?.
jkd - 15 Oct 2009 14:04 - 100 of 304
rf
i have harped on about the importance of stop losses and the need for good money management in the past. i think this is a good working current example for all of how it works, at least it did for me in this instance. Phew, lucky escape? or planned escape?
as for a pop group? i have no idea. LoL
regards and good luck.
jkd
i have harped on about the importance of stop losses and the need for good money management in the past. i think this is a good working current example for all of how it works, at least it did for me in this instance. Phew, lucky escape? or planned escape?
as for a pop group? i have no idea. LoL
regards and good luck.
jkd
required field - 15 Oct 2009 14:19 - 101 of 304
Incredible increase in value from 2 up to 13....will it go further ? before year's end.....tempted to come in on a dip...but there are others to look at as well....cheers...
HARRYCAT
- 30 Aug 2011 13:44
- 102 of 304
Seems to have bounced nicely, like many other miners. 1200p target?
riviera1069 - 27 Oct 2011 15:32 - 103 of 304
Decent RNS today.
HARRYCAT
- 27 Oct 2011 17:02
- 104 of 304
StockMarketWire.com
Kazakhmys is on track to meet all its production targets and has seen constant demand for its copper despite volatility in financial markets.
A production report the at the end of the third quarter shows copper cathode production from the company's own concentrate of 227 kt which is in line with the annual target of 300 kt.
It also says that by-product output is on track to meet full year targets in all metals with zinc in concentrate production of 114 kt and gold and silver production of 111 koz and 9.9 moz respectively.
The company said that precious metal sales had been disrupted by government restrictions on exports during the quarter.
CEO Oleg Novachuk said: "Our mining and power operations continue to perform in line with expectations and we anticipate once again meeting all of our production targets.
"In spite of the considerable volatility in financial markets, we have seen consistent demand for our copper.
"Continuing demand for copper is reflected in the current negotiations for our 2012 off-take agreements, which as in previous years should be completed in the next few months.
"Our growth projects and efficiency programmes also continue to show good progress and we approach 2012 with optimism."
Kazakhmys is on track to meet all its production targets and has seen constant demand for its copper despite volatility in financial markets.
A production report the at the end of the third quarter shows copper cathode production from the company's own concentrate of 227 kt which is in line with the annual target of 300 kt.
It also says that by-product output is on track to meet full year targets in all metals with zinc in concentrate production of 114 kt and gold and silver production of 111 koz and 9.9 moz respectively.
The company said that precious metal sales had been disrupted by government restrictions on exports during the quarter.
CEO Oleg Novachuk said: "Our mining and power operations continue to perform in line with expectations and we anticipate once again meeting all of our production targets.
"In spite of the considerable volatility in financial markets, we have seen consistent demand for our copper.
"Continuing demand for copper is reflected in the current negotiations for our 2012 off-take agreements, which as in previous years should be completed in the next few months.
"Our growth projects and efficiency programmes also continue to show good progress and we approach 2012 with optimism."
riviera1069 - 28 Oct 2011 19:18 - 105 of 304
28-Oct-11 UBS Buy 1,017.00p 1,450.00p 1,380.00p Reiteration
27-Oct-11 Evolution Securities Add 1,016.00p 1,590.00p 1,260.00p Reiteration
11-Oct-11 Numis Securities Hold 883.50p 1,200.00p 900.00p DownGrade
04-Oct-11 HSBC Overweight 730.00p - 1,500.00p New Coverage
27-Oct-11 Evolution Securities Add 1,016.00p 1,590.00p 1,260.00p Reiteration
11-Oct-11 Numis Securities Hold 883.50p 1,200.00p 900.00p DownGrade
04-Oct-11 HSBC Overweight 730.00p - 1,500.00p New Coverage
HARRYCAT
- 17 Jan 2012 14:45
- 106 of 304
I wonder if it is time to be looking at the miners again? Hoping for an upward trend soon.
dreamcatcher
- 08 Aug 2012 22:11
- 107 of 304
Kazakhmys Kazakhstan's largest copper producer. Kazahkmys is relatively unusual in that it is a fully-integrated producer -- it mines, refines and sells its own copper. It also produces gold, silver and zinc.
Kazakhmys' low P/E rating is partly a reflection of the current weakness in mining shares, which have all fallen this year thanks to fears of weakening demand in China and the associated hit to commodity prices.
Yet Kazakhmys is a fairly low-cost copper producer and is quite robustly profitable, even with lower copper prices. The miner is expected to deliver pre-tax profits of £747 million on revenues of £2.2 billion this year and is on course to increase its copper production by more than 65% over the next six years, increasing its annual output from 300,000 to 500,000 tonnes.
Miners are not known for their generous dividend policies but Kazakhmys isn't too bad in this respect, with a current yield of 2.4%.
Kazakhmys' low P/E rating is partly a reflection of the current weakness in mining shares, which have all fallen this year thanks to fears of weakening demand in China and the associated hit to commodity prices.
Yet Kazakhmys is a fairly low-cost copper producer and is quite robustly profitable, even with lower copper prices. The miner is expected to deliver pre-tax profits of £747 million on revenues of £2.2 billion this year and is on course to increase its copper production by more than 65% over the next six years, increasing its annual output from 300,000 to 500,000 tonnes.
Miners are not known for their generous dividend policies but Kazakhmys isn't too bad in this respect, with a current yield of 2.4%.
hlyeo98 - 28 Aug 2012 11:20 - 108 of 304
Shorting KAZ now at 645p... looks like it will have the same fate as ENRC.
hlyeo98 - 30 Aug 2012 08:26 - 109 of 304
600p now.
HARRYCAT
- 30 Aug 2012 11:19
- 110 of 304
Part of Jefferies note on KAZ:
"Kaz's stake in ENRC is not helpful: Kaz's 26% stake in ENRC has a market value of $1.8bn. Unfortunately, Kaz is only receiving a small dividend from ENRC, and this stake is highly illiquid and probably impossible to monetise for now. We are concerned that this investment may continue to be a drag on Kaz as ENRC is highly exposed to steelmaking raw materials (ferroalloys and iron ore), which have been extremely weak recently and may remain weak in the near-term.
Lowering estimates: We are significantly cutting our Kazakmhys EPS estimates as we are now assuming much higher costs for the company. We are also lowering our NPV-based target price for shares of Kazakhmys from 900p to 650p, and we are downgrading our rating on these shares from Buy to Hold.
"Kaz's stake in ENRC is not helpful: Kaz's 26% stake in ENRC has a market value of $1.8bn. Unfortunately, Kaz is only receiving a small dividend from ENRC, and this stake is highly illiquid and probably impossible to monetise for now. We are concerned that this investment may continue to be a drag on Kaz as ENRC is highly exposed to steelmaking raw materials (ferroalloys and iron ore), which have been extremely weak recently and may remain weak in the near-term.
Lowering estimates: We are significantly cutting our Kazakmhys EPS estimates as we are now assuming much higher costs for the company. We are also lowering our NPV-based target price for shares of Kazakhmys from 900p to 650p, and we are downgrading our rating on these shares from Buy to Hold.
hlyeo98 - 30 Aug 2012 12:49 - 111 of 304
Keep shorting KAZ, Harry.
rekirkham
- 29 Nov 2012 11:00
- 112 of 304
Gone short 10,000 KAZ sold at 701 - very dodgy this shorting business
Balerboy
- 10 Apr 2013 10:11
- 113 of 304
Gone into kaz this am, as it looks to have hit bottom, miners in general are on the up and kaz has a 12p div on the 24th april. in at 404p with a poss, of getting back to 700p got to be worth a punt.
skinny
- 10 Apr 2013 10:23
- 114 of 304
BB - looks enticing!
;MA(50);MA(200)&IND=VOLMA(60);RSI(14);MTM(6,6)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=%22/)
skinny
- 10 Apr 2013 15:54
- 115 of 304
BB - I think the dividend is 8p not 12p.
Balerboy
- 10 Apr 2013 19:46
- 116 of 304
another mam mistake then.,. all went back this pm....what happened?
edit: could have sworn it said 12p yesterday.,.
edit: could have sworn it said 12p yesterday.,.
halifax - 10 Apr 2013 21:46 - 117 of 304
correction final dividend is 8 US cents per share (lets try to get our facts right) , payable on 21st may.
Balerboy
- 11 Apr 2013 08:34
- 118 of 304
Quite correct halifax, sorry, but at the mo looks like all the wheels have come off miners including pog and ernc which looked like it was on the way up according to the charts. back to the drawing board.,.
skinny
- 19 Apr 2013 15:15
- 119 of 304
BB - happier?
HARRYCAT
- 19 Apr 2013 15:20
- 120 of 304
This is something to do with a possible private equity buyout of ENRC??? Complicated russian manouvering.
Balerboy
- 19 Apr 2013 19:37
- 121 of 304
only just come in, and yes looking better skinny. I also bought enrc at the same time so fingers crossed.,.
skinny
- 25 Apr 2013 07:02
- 122 of 304
Q1 2013 Production Report & IMS
l Copper cathode output of 73 kt
§ On track to meet annual production target of between 285 kt and 295 kt
§ Production assisted by uninterrupted ore output and processing
§ Extraction of ore increased by 3% and 17% compared to Q4 2012 and Q1 2012, respectively
l By-product output on track to meet annual production targets
§ Silver output of 3,361 koz, benefited from higher than anticipated grade and a release of work in progress
§ Gold production of 24 koz and zinc in concentrate production of 32 kt
l Kazakhmys Power
§ Net power generation by Ekibastuz GRES-1 of 3,681 GWh, down 7% compared to Q1 2012
§ Reflecting lower domestic demand impacted by warmer weather
§ Average realised tariff rose to 6.54 KZT/kWh in Q1 2013
l Interim Management Statement highlights
§ 75.6 kt of cathode equivalent sales assisted by higher production
§ Net debt in continuing operations of $956 million as at 31 March 2013
§ Reflecting continued investment in major growth projects
l Copper cathode output of 73 kt
§ On track to meet annual production target of between 285 kt and 295 kt
§ Production assisted by uninterrupted ore output and processing
§ Extraction of ore increased by 3% and 17% compared to Q4 2012 and Q1 2012, respectively
l By-product output on track to meet annual production targets
§ Silver output of 3,361 koz, benefited from higher than anticipated grade and a release of work in progress
§ Gold production of 24 koz and zinc in concentrate production of 32 kt
l Kazakhmys Power
§ Net power generation by Ekibastuz GRES-1 of 3,681 GWh, down 7% compared to Q1 2012
§ Reflecting lower domestic demand impacted by warmer weather
§ Average realised tariff rose to 6.54 KZT/kWh in Q1 2013
l Interim Management Statement highlights
§ 75.6 kt of cathode equivalent sales assisted by higher production
§ Net debt in continuing operations of $956 million as at 31 March 2013
§ Reflecting continued investment in major growth projects
skinny
- 25 Apr 2013 08:04
- 123 of 304
Extended auction.
rekirkham
- 16 Aug 2013 12:01
- 124 of 304
Kaz is not followed much in "Investors Room" - surprisingly no posts since April.
Kaz is big Co. and I think results are due next week. The take over of its shares in ENRC at a poorish price has dragged KAZ down, but I see it as freeing up KAZ from ENRC, and putting cash in KAZ bank which may be used more advantageously by assisting to open more of their own mines etc. Plus they will have millions of their own shares in treasury, which could perhaps be cancelled, sold, or issued as bonus shares - subject to Company law - which may be a plus for KAZ shareholders ?
I would hope KAZ may recover very strongly soon, as shown by very recent share price movements, even in weak markets. ( I am in KAZ at 335p ).
Nice day here in Benidorm today, the sea is calm and clear, plus it is not as hot as it has been. There seem to be fewer British holiday makers this year, but still many more Spanish holiday makers by far. I may go for a swim soon.
Kaz is big Co. and I think results are due next week. The take over of its shares in ENRC at a poorish price has dragged KAZ down, but I see it as freeing up KAZ from ENRC, and putting cash in KAZ bank which may be used more advantageously by assisting to open more of their own mines etc. Plus they will have millions of their own shares in treasury, which could perhaps be cancelled, sold, or issued as bonus shares - subject to Company law - which may be a plus for KAZ shareholders ?
I would hope KAZ may recover very strongly soon, as shown by very recent share price movements, even in weak markets. ( I am in KAZ at 335p ).
Nice day here in Benidorm today, the sea is calm and clear, plus it is not as hot as it has been. There seem to be fewer British holiday makers this year, but still many more Spanish holiday makers by far. I may go for a swim soon.
rekirkham
- 20 Sep 2013 11:18
- 125 of 304
I understand that next Wednesday 25 Sept is the last day for acceptances of the
ENRC private offer for ENRC plc, of which KAZ holds many shares.
I suspect the offer close may generate plenty of press comment re KAZ and some
movement in KAZ shares.
I think KAZ will be much better off without being tied to ENRC plc.
I can not guess what will happen to KAZ over coming months ..., but am hopeful.
Any ideas ???????
ENRC private offer for ENRC plc, of which KAZ holds many shares.
I suspect the offer close may generate plenty of press comment re KAZ and some
movement in KAZ shares.
I think KAZ will be much better off without being tied to ENRC plc.
I can not guess what will happen to KAZ over coming months ..., but am hopeful.
Any ideas ???????
cynic
- 20 Sep 2013 11:36
- 126 of 304
take a position, probably long, but with a guaranteed stop of some kind ...... that way, your exit price is guaranteed (as it says on the tin), and therefore not subject to any nasty "slump spike" to coin an ugly phrase.
if you are happy to take the pain, then don't bother with the stop
if you are happy to take the pain, then don't bother with the stop
Balerboy
- 20 Sep 2013 22:34
- 127 of 304
That doesn't encourage me when I'm in at £4 :(
cynic
- 21 Sep 2013 09:00
- 128 of 304
may well have a little dabble on monday as market is likely to open following wall street last night - just a bit of nonsense that with no real reason other than book closing of various option etc
jemadi - 23 Oct 2013 10:39 - 129 of 304
Have a look at CAML - an AIM stock, just gone ex div today but a solid copper producer albeit in smaller quantities at a fraction of the production costs of the big boys. Surprised it's never been mentioned as I've been holding them since Aug 2012 and collected some healthy dividends en route.
halifax - 23 Oct 2013 11:17 - 130 of 304
cynic are you in this one?
cynic
- 23 Oct 2013 11:26
- 131 of 304
neither
KAZ has potential with luck
CAML looks far too thinly traded to make a comfortable place to be
of the majors, RIO is probably the one i'ld at, but have avoided the whole sector for a while
KAZ has potential with luck
CAML looks far too thinly traded to make a comfortable place to be
of the majors, RIO is probably the one i'ld at, but have avoided the whole sector for a while
halifax - 23 Oct 2013 12:10 - 132 of 304
just have the gut feel some miners have hit rock bottom!
rekirkham
- 23 Oct 2013 13:06
- 133 of 304
CAML looks like nice Company, but on AIM and with a share dealing spread of 4.5%,
it is no use for me using CFD's. It could be a nice place to park some cash for the longer term, if could be bought on a slump.
it is no use for me using CFD's. It could be a nice place to park some cash for the longer term, if could be bought on a slump.
northerly1 - 11 Dec 2013 21:41 - 134 of 304
KAZ not looking that strong at present maybe a repeat drop down to the 2009 lows around £1.70 to form a bottom? as this needs to be above £2.50 to be going back up again! and most brokers/ MM are still negative at present with lower targets still in place.
maestro - 27 Jan 2014 07:54 - 135 of 304
DIPPED MY TOE..LOOKS A GOOD BET AT THIS LOW PRICE...TARGET 1000P
Balerboy
- 27 Jan 2014 08:55
- 136 of 304
I wish.,.
rekirkham
- 11 Feb 2014 08:11
- 137 of 304
What is happening - why up nearly 20% today ??
cynic
- 11 Feb 2014 08:27
- 138 of 304
very very odd indeed .... HUGE volume = already 3.5x the daily norm, but no news of any kind ..... further, L2 shows buyers as just small PIs or similar
rekirkham
- 11 Feb 2014 08:32
- 139 of 304
I am staying in for now with 5,000 shares - hope I am correct.
Must be some announcement coming ?????
Must be some announcement coming ?????
halifax - 11 Feb 2014 08:37 - 140 of 304
maybe reaction to Glencore Xstrata production news?
cynic
- 11 Feb 2014 08:42
- 141 of 304
no idea at all, but i have rashly had a small dabble (208) and note that sp continues to forge ahead .... are they all blind lemmings like me or is there indeed something interesting afoot?
jimmy b
- 11 Feb 2014 08:55
- 142 of 304
I can't stand the suspense !
robstuff - 11 Feb 2014 09:02 - 143 of 304
Tenge is devalued by 19%
cynic
- 11 Feb 2014 09:13
- 144 of 304
why would that be of benefit?
Balerboy
- 11 Feb 2014 09:14
- 145 of 304
need a lot more for me to get excited.,.
jimmy b
- 11 Feb 2014 09:20
- 146 of 304
I know but it's 9 am Bb !
cynic
- 11 Feb 2014 09:43
- 147 of 304
thoroughly agree BB, which is why i have banked a nice little profit at 220.8
goldfinger
- 11 Feb 2014 09:55
- 148 of 304
All explained here...........
http://www.sharesmagazine.co.uk/news/devaluation-to-lower-kazakhmys-costs#.UvnyOGJ_tVd
http://www.sharesmagazine.co.uk/news/devaluation-to-lower-kazakhmys-costs#.UvnyOGJ_tVd
cynic
- 11 Feb 2014 09:58
- 149 of 304
thanks sticky ... hence this little bit from that article ....
Remember that this stock is heavily shorted, so lots of people will be forced to close out their positions amid margin calls today – hence the big share price reaction.
thus, i think it unlikely that this massive rally has lasting legs
Remember that this stock is heavily shorted, so lots of people will be forced to close out their positions amid margin calls today – hence the big share price reaction.
thus, i think it unlikely that this massive rally has lasting legs
goldfinger
- 11 Feb 2014 10:01
- 150 of 304
Hence all the small PI buys you mentioned. Shorters closing.
BUT dont forget mining sector looks to be recovering in last couple of weeks so this MAY be a catalyst here for recovery.
See chart thread for others that look in good nick.
BUT dont forget mining sector looks to be recovering in last couple of weeks so this MAY be a catalyst here for recovery.
See chart thread for others that look in good nick.
goldfinger
- 11 Feb 2014 10:07
- 151 of 304
KAZ Daily chart.......
goldfinger
- 11 Feb 2014 10:15
- 152 of 304
Support at 220p. Spread small enough to day trade here???.
goldfinger
- 11 Feb 2014 10:17
- 153 of 304
Daily High 231.82.
cynic
- 11 Feb 2014 10:19
- 154 of 304
you can trade it if you like, though it is now much more risky than it was first thing when i jumped in (where angels fear to tread)
i certainly don't much fancy KAZ as a portfolio stock, but then for hard commodities, i have long favoured the likes of BLT and RIO
i certainly don't much fancy KAZ as a portfolio stock, but then for hard commodities, i have long favoured the likes of BLT and RIO
goldfinger
- 11 Feb 2014 10:22
- 155 of 304
What alerted you??
cynic
- 11 Feb 2014 10:24
- 156 of 304
rekirkham - post 137
goldfinger
- 11 Feb 2014 10:42
- 157 of 304
Very astute. Mind you seem to like miners.
cynic
- 11 Feb 2014 10:47
- 158 of 304
my name's not jimmy!
goldfinger
- 11 Feb 2014 11:02
- 159 of 304
hey Jimmy.
jimmy b
- 11 Feb 2014 11:35
- 160 of 304
You'v lost me ?
cynic
- 11 Feb 2014 11:36
- 161 of 304
that looks like the end of that excitement, and indeed the foolhardy may now choose to go short rather than long
cynic
- 11 Feb 2014 12:35
- 162 of 304
as has been the case all morning, sellers book far heavier than buyers
with that in mind, it is getting ever more tempting to dabble short
with that in mind, it is getting ever more tempting to dabble short
cynic
- 11 Feb 2014 13:20
- 163 of 304
now modestly short at 219.2
goldfinger
- 11 Feb 2014 13:29
- 164 of 304
Jimmy Saville.
jimmy b
- 11 Feb 2014 14:07
- 165 of 304
oh i get it (very slow) ,i thought cynic was implying i bought lots of mining stocks ,i'll have to have another sleep and wake back up .
goldfinger
- 11 Feb 2014 14:39
- 166 of 304
he he.
cynic
- 11 Feb 2014 17:41
- 167 of 304
pretty smiley on this one ..... successful long banked earlier and now a similar size short showing a profit of +10.5 ..... i'll prob encash that one tomorrow
cynic
- 12 Feb 2014 08:13
- 168 of 304
not selling (buying back) yet, that's for sure :-)
cynic
- 12 Feb 2014 08:34
- 169 of 304
shame i only took diddy positions in both directions, but really shouldn't grizzle
very many thanks to rek!
===================
out at 204.1
there's probably more to go for judging by the order books, but with my small holding, not really worth gunning for
very many thanks to rek!
===================
out at 204.1
there's probably more to go for judging by the order books, but with my small holding, not really worth gunning for
rekirkham
- 13 Feb 2014 09:58
- 170 of 304
Thanks Cynic - Can I send you my invoice.
KAZ seems to be holding on today -
They must have loads of cash in the bank now and shares in Treasury.
One to watch although low margin miner, but with plans to expand to other new mines.
I am staying in for longer term news etc
KAZ seems to be holding on today -
They must have loads of cash in the bank now and shares in Treasury.
One to watch although low margin miner, but with plans to expand to other new mines.
I am staying in for longer term news etc
cynic
- 14 Feb 2014 14:23
- 171 of 304
looks like some hefty bear closing today .... wouldn't want to be on the wrong side :-)
Balerboy
- 14 Feb 2014 14:31
- 172 of 304
looks to me like a lot more buying than pog.,.
goldfinger
- 14 Feb 2014 14:40
- 173 of 304
KAZ.....................WOW.
Really like it when Cyners sells out and I buy in and duff him over.
Grand lad though , grand lad.
Really like it when Cyners sells out and I buy in and duff him over.
Grand lad though , grand lad.
cynic
- 14 Feb 2014 14:43
- 174 of 304
just be careful with this one ...... i think it's a bit of a one trick pony (copper) and has caught cold badly in the past due to local rampaging inflation quickly eliminating the advantage of devaluation
goldfinger
- 14 Feb 2014 14:49
- 175 of 304
Youve got that from the Shares Magazine article yesterday.
Coppers well up today 145p at the moment.
Great to be on holiday havent enjoyed myself as much on this board for ages. Just goes to show plenty of energy.
Coppers well up today 145p at the moment.
Great to be on holiday havent enjoyed myself as much on this board for ages. Just goes to show plenty of energy.
cynic
- 14 Feb 2014 14:53
- 176 of 304
last week's in part ..... anyway, i was happy enough to bank several shekels working AC/DC so assuredly no complaints
goldfinger
- 14 Feb 2014 15:03
- 177 of 304
AC/DC loved their Albums.
The Dutch love the group.
The Dutch love the group.
goldfinger
- 14 Feb 2014 15:21
- 179 of 304
Could be BB but look at that volume.
off down pub.
See ya next week mate.
cheers.
off down pub.
See ya next week mate.
cheers.
Balerboy
- 14 Feb 2014 15:30
- 180 of 304
pub at 3.30pm......you gotta problem??
cynic
- 27 Feb 2014 08:24
- 181 of 304
i was only into this one short (very nice) and then long (gobsmacked!) for a punt .... thus, with this morning's great excitement, i was very pleased and indeed thankful to have banked a juicy profit with +58.5p at 294.8
i don't care if that proves premature, for at the moment, i suspect an awful lot of forced bear closing
i don't care if that proves premature, for at the moment, i suspect an awful lot of forced bear closing
jimmy b
- 27 Feb 2014 08:52
- 182 of 304
:~))
cynic
- 05 Jun 2014 15:17
- 183 of 304
friend sticky wrote elsewhere this morning, "KAZ looks like its the next miner that could do well"
i confess i do not share that optimism, though i did very well out of it back in february ..... however, and as has happened in the past, the knee-jerk north following the devaluation, looks to me to have run its course
i confess i do not share that optimism, though i did very well out of it back in february ..... however, and as has happened in the past, the knee-jerk north following the devaluation, looks to me to have run its course
rekirkham
- 06 Jun 2014 07:26
- 184 of 304
I agree with Cynic, as is usual, - The price of copper has recovered from recent February lows, but has recently dropped back a little and shows little ongoing strength.
When copper begins to strengthen, probably as a result of improving Chinese demand, then KAZ which is a high cost and low margin producer may only then begin to show renewed strength. ?
Probably Antofagasta is a better bet as it is a low cost high margin producer with lots of copper reserves. I am presently out of KAZ and into ANTO.
I am also into FRES, as silver prices may now be recovering and they have gold, so is a more defensive share.
When copper begins to strengthen, probably as a result of improving Chinese demand, then KAZ which is a high cost and low margin producer may only then begin to show renewed strength. ?
Probably Antofagasta is a better bet as it is a low cost high margin producer with lots of copper reserves. I am presently out of KAZ and into ANTO.
I am also into FRES, as silver prices may now be recovering and they have gold, so is a more defensive share.
Balerboy
- 18 Jun 2014 09:14
- 185 of 304
Broken through the £3 barrier...... on my way back...... at last.,. sorry about pog skinners.
cynic
- 18 Jun 2014 09:22
- 187 of 304
Kazakh government had agreed to reduce tax rates on some older assets which it plans to spin off in a move seen as a sign of support to the company's restructuring plan.
doesn't sound to me that the recovery here will be long-lived
however, I've been wrong in everything else of late so ....
btw, chart above say +27p today which is nonsense
doesn't sound to me that the recovery here will be long-lived
however, I've been wrong in everything else of late so ....
btw, chart above say +27p today which is nonsense
Balerboy
- 18 Jun 2014 09:26
- 188 of 304
think thats probably to do with the bar chart, but your right has been creeping up over last few days.,.
HARRYCAT
- 23 Jul 2014 11:39
- 189 of 304
Liberum note today:
"Kazakhmys have now entered into a definitive agreements to transfer mature assets to Vladimir Kim's Cuprum Holding with an effective working capital payment of $240m (expectations between $300-$400m). Given the lower liquidity concerns and the more certain outlook (we assume minority shareholder approval is given), the investibility of the stock is significantly improved.
The working capital payment comprises of $150m in cash, $80m of unspent sustaining capex, and $10m of tax refunds. The total of $240m compares to $770m of negative free cash flow we estimate that the disposal assets would have generated over the next three years at current prices. It is evident from the differences in gross revenue per tonne that the large, low grade deposits in Zhezkazgan and Central regions are likely to be cash destructive at today’s prices and are being cross subsidised by the small more profitable mines in the Eastern regions.
Disposal of the Zhezkazgan and central regions remove 61% of copper equivalent production, but 87% of the throughput. Using very rough assumptions on uniform throughput costs, EBITDA margins in 2012 would have been 79% instead of 35% at the mining operations without those mines. Processing and auxillary services will be provided on arm's length and cost plus basis (typically 5-10%). Smelting services will be charged at 2014 TC/RC of $124/t and 12¢/lb,
The effective economic separation is stated as the 31 July 2014 and proposed shareholder vote for 15 August 2014. Our expectation is for the minority shareholders will vote the transaction through, given the lack of alternatives. Licensing and regulatory approvals will then be needed and expected completion by Q4 2014."
"Kazakhmys have now entered into a definitive agreements to transfer mature assets to Vladimir Kim's Cuprum Holding with an effective working capital payment of $240m (expectations between $300-$400m). Given the lower liquidity concerns and the more certain outlook (we assume minority shareholder approval is given), the investibility of the stock is significantly improved.
The working capital payment comprises of $150m in cash, $80m of unspent sustaining capex, and $10m of tax refunds. The total of $240m compares to $770m of negative free cash flow we estimate that the disposal assets would have generated over the next three years at current prices. It is evident from the differences in gross revenue per tonne that the large, low grade deposits in Zhezkazgan and Central regions are likely to be cash destructive at today’s prices and are being cross subsidised by the small more profitable mines in the Eastern regions.
Disposal of the Zhezkazgan and central regions remove 61% of copper equivalent production, but 87% of the throughput. Using very rough assumptions on uniform throughput costs, EBITDA margins in 2012 would have been 79% instead of 35% at the mining operations without those mines. Processing and auxillary services will be provided on arm's length and cost plus basis (typically 5-10%). Smelting services will be charged at 2014 TC/RC of $124/t and 12¢/lb,
The effective economic separation is stated as the 31 July 2014 and proposed shareholder vote for 15 August 2014. Our expectation is for the minority shareholders will vote the transaction through, given the lack of alternatives. Licensing and regulatory approvals will then be needed and expected completion by Q4 2014."
goldfinger
- 23 Jul 2014 13:55
- 190 of 304
UPDATE 2-Copper miner Kazakhmys to split in two to boost performance
Wed, 23rd Jul 2014 13:21
* Shares jump 10 pct after announcement
* Production costs post-demerger to fall to 120-140 cents/lb -company
* Working capital payment lower than expected
* Demerged mines could get more support from government (Adds comments from company and analyst, adds details)
By Silvia Antonioli
LONDON, July 23 (Reuters) - Copper producer Kazakhmys will transfer some of its less-profitable assets to a private company owned by two of its shareholders as the company is broken up in an attempt to improve its performance.
The Kazakh mining company has been grappling with rising production costs, falling copper grades and weaker prices in the last few years and proposed in February to split the company in two.
It said on Wednesday it had entered into a definitive agreement to transfer its older mines and processing facilities in the Zhezkazgan and central regions to Cuprum Holding - a new vehicle owned by Kazakhmys' largest shareholder and former chairman Vladimir Kim and by the company's chief operating officer Eduard Ogay.
London-listed Kazakhmys would be renamed KAZ Minerals after the demerger. It has agreed to pay Cuprum about $240 million so the private firm can operate the assets it will receive. That figure was below analysts' expectations of $300-400 million.
"Given the lower liquidity concerns and the more certain outlook, the investibility of the stock is significantly improved," Liberum analysts said in a note.
Kazakhmys shares jumped almost 10 percent after the announcement and were up 7.5 percent by 1041 GMT.
"With the spin-off you create one group of assets that will run probably better within a private entity, where you don't have the pressure of returning cash to shareholders," said Kazakhmys head of investor relations John Smelt.
"A private firm can be run slightly differently, perhaps getting more government support and do projects that create employment but don't necessarily make much money."
TWO BETTER THAN ONE
In June the Kazakh government agreed to reduce tax rates on Kazakhmys' older assets that are being spun off, in a move seen as a sign of support for the company's restructuring plan.
A spin-off of the more capital and labour-intensive assets represents a more acceptable option for the government than the shutdown of some operations and consequent job cuts, analysts have said.
Following the demerger Kazakhmys plans to focus on its assets in the east region of the country and the Bozymchak mine in Kyrgyzstan, and on its Aktogay and Koksay growth projects, to become an initially smaller but more cost-efficient producer.
Thanks to such growth projects, it plans to increase its output 32 percent by 2018, compared with last year, to reach production of about 350,000 tonnes of copper equivalent, mostly from open-pit mines.
After the demerger, Kazakhmys' production costs would fall to about 120-140 cents per pound of copper equivalent from 220 cents for the group last year, it said.
The transaction is conditional on shareholders' approval and regulatory consent. Kazakhmys expects the split to be concluded by the end of the year.
Kim has indicated he intends to keep his stake in Kazakhmys once the demerger is completed. Ogay - who has a stake of less than 1 percent in the company - did not specify whether he would keep his holding, but Kazakhmys said he would be leaving his executive role to take a management job at Cuprum. (Editing by Erica Billingham and Pravin Char)
cynic
- 14 Nov 2014 11:56
- 191 of 304
just noticed .... sp now challenging 200 dma ..... worth keeping an eye on especially if copper improves
==============
very curious
copper price has been drifting south but warehouse stocks look low (Kitco)
why the jump in Kaz sp?
==============
very curious
copper price has been drifting south but warehouse stocks look low (Kitco)
why the jump in Kaz sp?
mitzy - 15 Jan 2015 08:44 - 192 of 304
Big faller Wednesday due to falling copper prices.
mitzy - 15 Jan 2015 10:50 - 193 of 304
Suspect it has further to fall.
jimmy b
- 15 Jan 2015 11:03
- 194 of 304
Watching this too mitzy
cynic
- 15 Jan 2015 11:03
- 195 of 304
good call i think and ANTO would be another candidate
cynic
- 15 Jan 2015 11:14
- 196 of 304
copper
an analysts thoughts this morning for what their worth ....
The biggest loser was copper, which is often interpreted as a red flag for the markets regarding a deflationary environment, and in turn is bearish for gold prices. However, currently trading at $1,228, price action is being supported by an intermediate area of support at $1,224. If this is held we may see a third attempt at rallying through $1,244 – a move supported by gold’s relative strength index at 60.6.
Should its intermediate downside of $1,224 fail, the next clear downside target could come into play at gold’s 200-period moving average at $1,218.
an analysts thoughts this morning for what their worth ....
The biggest loser was copper, which is often interpreted as a red flag for the markets regarding a deflationary environment, and in turn is bearish for gold prices. However, currently trading at $1,228, price action is being supported by an intermediate area of support at $1,224. If this is held we may see a third attempt at rallying through $1,244 – a move supported by gold’s relative strength index at 60.6.
Should its intermediate downside of $1,224 fail, the next clear downside target could come into play at gold’s 200-period moving average at $1,218.
Balerboy
- 04 Feb 2015 10:37
- 197 of 304
On a roll last few days, things looking up.,.
cynic
- 04 Feb 2015 11:18
- 198 of 304
this is probably the reason for the recovery here, though i don't think i wish to venture down the road .....
from today's FT
Bearish bets on copper begin to fade
Chinese copper speculators appear to be heading for the exit
from today's FT
Bearish bets on copper begin to fade
Chinese copper speculators appear to be heading for the exit
Balerboy
- 04 Feb 2015 11:49
- 199 of 304
another 50p and i could be out b/e???
Balerboy
- 09 Feb 2015 10:19
- 200 of 304
KAZ in free fall.............. up wards.,. going well today.
jimmy b
- 02 Jul 2015 10:57
- 201 of 304
mitzy - 27 Jul 2015 19:20 - 202 of 304
Falling back to 150p.
jimmy b
- 19 Aug 2015 10:50
- 203 of 304
Up 10% today when all other miners are getting hammered ?
This could be the reason .
BUZZ-Kaz Minerals: Weakness in Kazakh's tenge boosts stock
Wed, 19th Aug 2015 10:13
** Copper miner's shares up 8.4 pct, top midcap gainer, after the Kazakh tenge weakens against the dollar
** Kazakhstan's tenge currency was trading at 197.07-197.12 to the dollar on the interbank market on Wednesday
This could be the reason .
BUZZ-Kaz Minerals: Weakness in Kazakh's tenge boosts stock
Wed, 19th Aug 2015 10:13
** Copper miner's shares up 8.4 pct, top midcap gainer, after the Kazakh tenge weakens against the dollar
** Kazakhstan's tenge currency was trading at 197.07-197.12 to the dollar on the interbank market on Wednesday
jimmy b
- 20 Aug 2015 08:12
- 204 of 304
HARRYCAT
- 20 Aug 2015 08:17
- 205 of 304
StockMarketWire.com
KAZ Minerals' underlying profit fell to $2m in the six months to the end of June - down from $71m a year ago.
Revenues fell to $341m from $425m and EBITDA excluding special items dropped to $88m from $195m. Thew group posts a pre-tax profit of $2m compared with a loss of $104m a year ago.
Chief executive Oleg Novachuk said: "Bozshakol and Aktogay progressed well in the first half of 2015, with pre-production mining activities underway and Aktogay on course for initial copper cathode production from oxide ore later this year.
"At Bozshakol, our preliminary assessment following the fire that occurred in the concentrator building on 14 August is that commissioning is currently expected to be delayed to the first quarter of 2016, with no change to the capital budget.
"As a result of the East Region's solid operational performance and cost control measures we are on track to achieve our full year copper production guidance at a reduced gross cash cost."
KAZ Minerals' underlying profit fell to $2m in the six months to the end of June - down from $71m a year ago.
Revenues fell to $341m from $425m and EBITDA excluding special items dropped to $88m from $195m. Thew group posts a pre-tax profit of $2m compared with a loss of $104m a year ago.
Chief executive Oleg Novachuk said: "Bozshakol and Aktogay progressed well in the first half of 2015, with pre-production mining activities underway and Aktogay on course for initial copper cathode production from oxide ore later this year.
"At Bozshakol, our preliminary assessment following the fire that occurred in the concentrator building on 14 August is that commissioning is currently expected to be delayed to the first quarter of 2016, with no change to the capital budget.
"As a result of the East Region's solid operational performance and cost control measures we are on track to achieve our full year copper production guidance at a reduced gross cash cost."
jimmy b
- 21 Aug 2015 10:50
- 206 of 304
Take your pick ...
21 Aug Exane BNP... 210.00 Neutral
21 Aug Deutsche Bank 291.00 Buy
21 Aug Jefferies... 190.00 Hold
21 Aug JP Morgan... N/A Overweight
20 Aug Liberum Capital 155.00 Hold
21 Aug Exane BNP... 210.00 Neutral
21 Aug Deutsche Bank 291.00 Buy
21 Aug Jefferies... 190.00 Hold
21 Aug JP Morgan... N/A Overweight
20 Aug Liberum Capital 155.00 Hold
jimmy b
- 09 Sep 2015 12:57
- 207 of 304
Source: Dow Jones News
LONDON—Glencore PLC Chief Executive Ivan Glasenberg's rescue plan for his company could hinge on the fortunes of a single metal: copper.
The company's decision to close two unprofitable African copper mines would take 400,000 tons of copper production out of the market over the next 18 months, and helped send prices for the industrial metal up 5% in the U.S. and nearly 4% in London on Tuesday. Copper's gain was also attributed to new data out of China showing stronger-than-expected demand from the world's largest consumer of the metal.
LONDON—Glencore PLC Chief Executive Ivan Glasenberg's rescue plan for his company could hinge on the fortunes of a single metal: copper.
The company's decision to close two unprofitable African copper mines would take 400,000 tons of copper production out of the market over the next 18 months, and helped send prices for the industrial metal up 5% in the U.S. and nearly 4% in London on Tuesday. Copper's gain was also attributed to new data out of China showing stronger-than-expected demand from the world's largest consumer of the metal.
rekirkham
- 22 Sep 2015 08:51
- 208 of 304
.
rekirkham
- 22 Sep 2015 09:21
- 209 of 304
Copper price today down 1.93% or $ / ton 5,161 - was even lower this past August.
KAZ shares down heavily today at multi year low - touched 115 before recovering.
I do not have any but am watching.
KAZ shares down heavily today at multi year low - touched 115 before recovering.
I do not have any but am watching.
rekirkham
- 22 Sep 2015 09:51
- 210 of 304
JimmyB -
My private information from copper producer - Zambia.
The Kariba dam is very low on water causing significant electricity rationing in Zambia.
Zambia Govt is due for re-election and do not want to curtail the forthcoming budget.
El Nino situation said to be threatening near term rainfalls and probably water supplies.
Does KAZ have interests in Zambia or is it all Kazakstan ? I do not know how Zambia situation will affect anything.
My private information from copper producer - Zambia.
The Kariba dam is very low on water causing significant electricity rationing in Zambia.
Zambia Govt is due for re-election and do not want to curtail the forthcoming budget.
El Nino situation said to be threatening near term rainfalls and probably water supplies.
Does KAZ have interests in Zambia or is it all Kazakstan ? I do not know how Zambia situation will affect anything.
jimmy b
- 22 Sep 2015 10:04
- 211 of 304
rekirkam ,it's Kazakhstan ,have a look at their website .
I don't know why they have taken a bigger hit than any of the other miners this morning ,time will tell .
http://www.kazminerals.com/en/
I don't know why they have taken a bigger hit than any of the other miners this morning ,time will tell .
http://www.kazminerals.com/en/
cp1 - 22 Sep 2015 10:08 - 212 of 304
Monster fall. Where is the news?
cynic
- 22 Sep 2015 10:28
- 213 of 304
one trick pony is no doubt a clue
jimmy b
- 22 Sep 2015 10:30
- 214 of 304
Do you want to explain that cynic
cynic
- 22 Sep 2015 10:31
- 215 of 304
copper only
jimmy b
- 22 Sep 2015 10:39
- 216 of 304
Actually they also produce and sell significant quantities of zinc, silver and gold as by-products.
However look at Glencore and some of the others ,in the same boat.
However look at Glencore and some of the others ,in the same boat.
robstuff - 23 Sep 2015 08:55 - 217 of 304
Tenge 262/$
Copper 230
Short 3.71%
Copper 230
Short 3.71%
jimmy b
- 28 Sep 2015 15:34
- 218 of 304
Getting trounced here the same as GLEN and LMI ..
cynic
- 28 Sep 2015 18:11
- 219 of 304
hope you don't hold this one jimmy - nor GLEN!
jimmy b
- 29 Sep 2015 08:29
- 220 of 304
Sure do ..
cynic
- 29 Sep 2015 08:36
- 221 of 304
bad luck m8 :-(
cp1 - 29 Sep 2015 08:40 - 222 of 304
aghh GLEN n KAZ
a couple you sure don't want to friends with..
a couple you sure don't want to friends with..
mitzy - 29 Sep 2015 08:55 - 223 of 304
No friends best selling.
jimmy b
- 01 Oct 2015 09:28
- 224 of 304
Take your pick .
30 Sep Deutsche Bank 240.00 Buy
24 Sep Goldman Sachs 130.00 Neutral
22 Sep Credit Suisse 150.00 Neutral
21 Sep Nomura 100.00 Reduce
30 Sep Deutsche Bank 240.00 Buy
24 Sep Goldman Sachs 130.00 Neutral
22 Sep Credit Suisse 150.00 Neutral
21 Sep Nomura 100.00 Reduce
robstuff - 01 Oct 2015 13:16 - 225 of 304
Tenge 271/$
Copper 236
Short 4.77
Copper 236
Short 4.77
jimmy b
- 05 Oct 2015 23:19
- 226 of 304
Good day here as well ..
jimmy b
- 06 Oct 2015 15:15
- 227 of 304
5 Oct Deutsche Bank N/A Buy
30 Sep Deutsche Bank 240.00
30 Sep Deutsche Bank 240.00
jimmy b
- 06 Oct 2015 15:16
- 228 of 304
Averaged down here glad i did ,this has flown the last few days .
jimmy b
- 07 Oct 2015 09:48
- 229 of 304
Great few days here. Best buying mitzy !
jimmy b
- 07 Oct 2015 13:21
- 230 of 304
jimmy b
- 08 Oct 2015 11:57
- 231 of 304
This won't stop going up even when the others take a breather.
jimmy b
- 09 Oct 2015 10:45
- 232 of 304
And still we march on !!!
jimmy b
- 29 Oct 2015 12:10
- 233 of 304
KAZ well positioned to meet targets
StockMarketWire.com
KAZ Minerals reports another solid quarter of production from its East Region operations and Bozymchak leaves it well positioned to meet its 2015 copper and by-product targets.
Highlights:
Copper cathode production of 58 kt for the nine months
- Underlying copper in concentrate production of 67 kt
- On target to achieve 80-85 kt full year cathode guidance, supported by expected release of copper work in progress in Q4 2015
Good zinc and silver by-product output
- Zinc in concentrate output for the nine months of 73 kt, expected to be at the upper end of full year guidance (90-95 kt)
- Silver granule output of 2,450 koz benefited from the release of work in progress, full year output now forecast to exceed FY 2015 guidance (2,250-2,500 koz) by around 10%
- Gold output of 28 koz for the nine months, supported by 25% higher output in Q3. On course to achieve full year guidance (34-38 koz)
Bozshakol and Aktogay pre-production activities
- Stripping and mining of clay ore and waste material at Bozshakol continued throughout Q3, opening access to sulphide ore ahead of the concentrator commissioning in Q1 2016
- Oxide ore output commenced at Aktogay in June, with 2,125 kt of ore at a grade of 0.37% placed on leach pads by 30 September. Acid irrigation of the leach pads commenced on 26 September
Chief executive Oleg Novachuk said: "Another solid quarter of production from our East Region operations and Bozymchak leaves us well positioned to meet our 2015 copper and by-product targets. At Bozshakol, the replacement of equipment damaged in the fire on 14 August 2015 is progressing well, with the concentrator on track for commissioning in Q1 2016. Acid irrigation of oxide ore at Aktogay began in late September and we expect the first copper cathode output from the project this year."
At 10:00am: (LON:KAZ) Kaz Minerals PLC share price was -6.4p at 113.2p
StockMarketWire.com
KAZ Minerals reports another solid quarter of production from its East Region operations and Bozymchak leaves it well positioned to meet its 2015 copper and by-product targets.
Highlights:
Copper cathode production of 58 kt for the nine months
- Underlying copper in concentrate production of 67 kt
- On target to achieve 80-85 kt full year cathode guidance, supported by expected release of copper work in progress in Q4 2015
Good zinc and silver by-product output
- Zinc in concentrate output for the nine months of 73 kt, expected to be at the upper end of full year guidance (90-95 kt)
- Silver granule output of 2,450 koz benefited from the release of work in progress, full year output now forecast to exceed FY 2015 guidance (2,250-2,500 koz) by around 10%
- Gold output of 28 koz for the nine months, supported by 25% higher output in Q3. On course to achieve full year guidance (34-38 koz)
Bozshakol and Aktogay pre-production activities
- Stripping and mining of clay ore and waste material at Bozshakol continued throughout Q3, opening access to sulphide ore ahead of the concentrator commissioning in Q1 2016
- Oxide ore output commenced at Aktogay in June, with 2,125 kt of ore at a grade of 0.37% placed on leach pads by 30 September. Acid irrigation of the leach pads commenced on 26 September
Chief executive Oleg Novachuk said: "Another solid quarter of production from our East Region operations and Bozymchak leaves us well positioned to meet our 2015 copper and by-product targets. At Bozshakol, the replacement of equipment damaged in the fire on 14 August 2015 is progressing well, with the concentrator on track for commissioning in Q1 2016. Acid irrigation of oxide ore at Aktogay began in late September and we expect the first copper cathode output from the project this year."
At 10:00am: (LON:KAZ) Kaz Minerals PLC share price was -6.4p at 113.2p
jimmy b
- 18 Nov 2015 14:22
- 234 of 304
Lots of director buying here today ........
KAZ Minerals upgraded by Goldman Sachs
StockMarketWire.com
Goldman Sachs has upgraded its investment rating on copper miner KAZ Minerals (LON:KAZ) to neutral from sell following the recent share price decline, stating that the valuation now fairly reflects the concerns which predicated its sell rating.
The broker pointed out that the shares have fallen 48 per cent since it added the stock to its sell list on October 12, 2015.
"We also believe KAZ's announcement that it will reschedule US$300 mn of contractual payments to 2018 is a move in the right direction; it will result in less pressure on FCF (2016-17E) and paves the way for further restructuring," analysts added.
The broker left its price target unchanged at 110 pence per share.
Separately, Deutsche Bank repeated its upbeat buy recommendation and 240 pence target.
Commenting on payment deferral agreement in respect of the Aktogay project, the Deutsche Bank said: "The US$300m deferral will provide some much needed breathing space. Importantly, it is a clear indication of China's desire/interest in getting the copper projects delivered."
KAZ Minerals upgraded by Goldman Sachs
StockMarketWire.com
Goldman Sachs has upgraded its investment rating on copper miner KAZ Minerals (LON:KAZ) to neutral from sell following the recent share price decline, stating that the valuation now fairly reflects the concerns which predicated its sell rating.
The broker pointed out that the shares have fallen 48 per cent since it added the stock to its sell list on October 12, 2015.
"We also believe KAZ's announcement that it will reschedule US$300 mn of contractual payments to 2018 is a move in the right direction; it will result in less pressure on FCF (2016-17E) and paves the way for further restructuring," analysts added.
The broker left its price target unchanged at 110 pence per share.
Separately, Deutsche Bank repeated its upbeat buy recommendation and 240 pence target.
Commenting on payment deferral agreement in respect of the Aktogay project, the Deutsche Bank said: "The US$300m deferral will provide some much needed breathing space. Importantly, it is a clear indication of China's desire/interest in getting the copper projects delivered."
jimmy b
- 18 Dec 2015 16:46
- 235 of 304
jimmy b
- 28 Jan 2016 09:24
- 236 of 304
KAZ Minerals on target
StockMarketWire.com
KAZ Minerals' copper and by-product guidance met or exceeded in 2015.
Full year copper cathode production totalled 81.1 kt - in line with guidance of 80-85 kt. The group reports strong underlying copper in concentrate production of 89.4 kt. Production from oxide ore at Aktogay began in December, contributed 0.4 kt cathode Other highlights:
By-product output in line or ahead of guidance:
- Zinc in concentrate (94.3 kt) and gold bar (34.6 koz) in line with guidance
- Silver output of 3,135 koz, 25% ahead of guidance, supported by high grades and release of work in progress
Major projects production update
- Over 10 million tonnes of ore mined at Bozshakol and Aktogay in 2015
- Aktogay oxide commenced production on 1 December 2015
- Bozshakol copper concentrate production imminent
Chief executive Oleg Novachuk said: "I am pleased to report that in 2015 the East Region and Bozymchak mines met or exceeded production guidance across all metals. We also achieved the first output of copper cathode from Aktogay oxide in December and copper concentrate from Bozshakol is expected shortly. We are now focused on the ramp up of Bozshakol which, together with Aktogay, will deliver the highest growth rate in the sector over the next three years."
At 8:26am: (LON:KAZ) Kaz Minerals PLC share price was +8.75p at 116.25p
StockMarketWire.com
KAZ Minerals' copper and by-product guidance met or exceeded in 2015.
Full year copper cathode production totalled 81.1 kt - in line with guidance of 80-85 kt. The group reports strong underlying copper in concentrate production of 89.4 kt. Production from oxide ore at Aktogay began in December, contributed 0.4 kt cathode Other highlights:
By-product output in line or ahead of guidance:
- Zinc in concentrate (94.3 kt) and gold bar (34.6 koz) in line with guidance
- Silver output of 3,135 koz, 25% ahead of guidance, supported by high grades and release of work in progress
Major projects production update
- Over 10 million tonnes of ore mined at Bozshakol and Aktogay in 2015
- Aktogay oxide commenced production on 1 December 2015
- Bozshakol copper concentrate production imminent
Chief executive Oleg Novachuk said: "I am pleased to report that in 2015 the East Region and Bozymchak mines met or exceeded production guidance across all metals. We also achieved the first output of copper cathode from Aktogay oxide in December and copper concentrate from Bozshakol is expected shortly. We are now focused on the ramp up of Bozshakol which, together with Aktogay, will deliver the highest growth rate in the sector over the next three years."
At 8:26am: (LON:KAZ) Kaz Minerals PLC share price was +8.75p at 116.25p
HARRYCAT
- 28 Jan 2016 09:31
- 237 of 304
The miners are starting to draw a certain amount of interest from brokers now. Not sure of we have reached the bottom of the commodity cycle yet, but ANTO, VED and KAZ all worth watching imo. There's no doubt the divi yield has been drastically cut, but at some point when the market starts to take an interest again, the sp's of most of the miners should recover quickly.
jimmy b
- 28 Jan 2016 09:36
- 238 of 304
Your right HARRY a bit like the oilers ,the big ones will be ok .
Sold some this morning i bought lower down and still holding some i bought higher up waiting for more of a recovery.
Sold some this morning i bought lower down and still holding some i bought higher up waiting for more of a recovery.
Stan
- 28 Jan 2016 09:53
- 239 of 304
Agree and the good thing is at these very low levels there should be a long climb back upwards, so plenty of opportunity to get in when we feel it's not a DCB.
One point of caution though as I have not been following Miners for a while, which ones have cut their divis "already"? as that action might cause their SP to dip.
In Harry's post Ved's the only one I have traded in the past, but not the other 2.
One point of caution though as I have not been following Miners for a while, which ones have cut their divis "already"? as that action might cause their SP to dip.
In Harry's post Ved's the only one I have traded in the past, but not the other 2.
cynic
- 28 Jan 2016 09:57
- 240 of 304
ANTO may be less volatile but it's certainly a much more solid company, and also of course majors in copper - keystone for the direction of other hard commodities
HARRYCAT
- 28 Jan 2016 10:32
- 241 of 304
On this thread (below) I posted the graphs and yield for most of the mining companies a year ago. Might be worth having a look to see how they fare now. I suspect most of the yields are cut by at least 50%.
http://www.moneyam.com/InvestorsRoom/posts.php?tid=10245#lastread
http://www.moneyam.com/InvestorsRoom/posts.php?tid=10245#lastread
cynic
- 28 Jan 2016 10:37
- 242 of 304
attached is also interesting, comparing ANTO (blue), KAZ (red) and VED (green) over the last year
currently nothing to choose between them
currently nothing to choose between them
Stan
- 28 Jan 2016 10:39
- 243 of 304
Thanks both very interesting.
HARRYCAT
- 03 Feb 2016 09:12
- 244 of 304
Peel Hunt today reaffirms its sell investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 95p (from 85p).
jimmy b
- 03 Feb 2016 09:15
- 245 of 304
Take your pick ....
Funny how Peel raise their target as the price has moved up and these people get paid for this !
3 Feb Peel Hunt 95.00 Sell
29 Jan Deutsche Bank 197.00 Buy
29 Jan Credit Suisse 115.00 Neutral
18 Jan JP Morgan... 85.00 Neutral
15 Jan Nomura 90.00 Reduce
15 Jan Liberum Capital 155.00 Hold
Funny how Peel raise their target as the price has moved up and these people get paid for this !
3 Feb Peel Hunt 95.00 Sell
29 Jan Deutsche Bank 197.00 Buy
29 Jan Credit Suisse 115.00 Neutral
18 Jan JP Morgan... 85.00 Neutral
15 Jan Nomura 90.00 Reduce
15 Jan Liberum Capital 155.00 Hold
jimmy b
- 04 Feb 2016 16:19
- 246 of 304
What's up with this one today , up 15% !
cynic
- 04 Feb 2016 16:25
- 247 of 304
i think ANTO was up much the same, and have now cashed in
jimmy b
- 04 Feb 2016 16:29
- 248 of 304
Copper is not up much today so i was wondering if it was currency fluctuation but ANTO operate in a different part of the world to KAZ so i doubt it's that .
cynic
- 04 Feb 2016 16:32
- 249 of 304
all on the back of anglo i think
Stan
- 04 Feb 2016 16:35
- 250 of 304
Been out all day, are Miners in general up today as well?
cynic
- 04 Feb 2016 16:40
- 251 of 304
think so ...... i am also not really around
jimmy b
- 04 Feb 2016 16:41
- 252 of 304
Well you are your both here .
cynic
- 04 Feb 2016 16:42
- 253 of 304
only because it's 17:45 in europe and i'm now back at my hotel b4 going out to dinner
Stan
- 04 Feb 2016 16:50
- 254 of 304
Not for long in my case, I'm being taken out to dinner apparently.. how very very kind of you Alf I didn't know you cared.
jimmy b
- 04 Feb 2016 16:53
- 255 of 304
You've got some hopes Stan , cynic take out a left winger ,i don't think so .
Stan
- 04 Feb 2016 16:56
- 256 of 304
Oh your so reactionary JB, unlike the very generous Alf.
jimmy b
- 04 Feb 2016 17:09
- 257 of 304
There you go ,that explains it ..
Britain's top share index rallied on Thursday, rebounding from the previous session's falls after a drop in the dollar boosted commodity prices and gave a lift to mining and oil shares.
Britain's FTSE 100 was up 1.1 percent at 5,898.76 points at its close, snapping a three-day losing streak that had seen the index shed 4 percent.
The rally came as expectations for a rate hike from the U.S. Federal Reserve evaporated. That sent the dollar tumbling, making dollar-priced crude oil and metals cheaper for holders of other currencies.
Britain's top share index rallied on Thursday, rebounding from the previous session's falls after a drop in the dollar boosted commodity prices and gave a lift to mining and oil shares.
Britain's FTSE 100 was up 1.1 percent at 5,898.76 points at its close, snapping a three-day losing streak that had seen the index shed 4 percent.
The rally came as expectations for a rate hike from the U.S. Federal Reserve evaporated. That sent the dollar tumbling, making dollar-priced crude oil and metals cheaper for holders of other currencies.
jimmy b
- 17 Feb 2016 15:13
- 258 of 304
This has done well of late ...
jimmy b
- 22 Feb 2016 13:47
- 259 of 304
Again having another good run here , results on the 25th Feb.
jimmy b
- 22 Feb 2016 16:10
- 260 of 304
Up more than 16% today.
kimoldfield
- 22 Feb 2016 17:18
- 261 of 304
Wait for me! Darn, too late! :o)
HARRYCAT
- 25 Feb 2016 10:22
- 262 of 304
StockMarketWire.com
KAZ Minerals posts a pre-tax profit of $12m for the year to the end of December against a loss of $169m last time.
Revenues of $665m were down from $846m and EBITDA (excluding special items) fell to $202m from $355m.
The group posts an underlying loss of $10m against a profit of $86m a year ago.
Chief executive Oleg Novachuk said: "In 2015 we made excellent progress in the delivery of our major growth projects, Bozshakol and Aktogay, and the operating mines in the East Region and Bozymchak hit their production targets at a first quartile net cash cost of 109 USc/lb. Our immediate priorities in 2016 are the ramp up of Bozshakol, the construction of Aktogay and to keep operating costs low across the Group. The delivery of our world class projects will enable us to de-gear the balance sheet and complete our transformation into a low-cost operator of large scale, open pit copper mines in Kazakhstan."
KAZ Minerals posts a pre-tax profit of $12m for the year to the end of December against a loss of $169m last time.
Revenues of $665m were down from $846m and EBITDA (excluding special items) fell to $202m from $355m.
The group posts an underlying loss of $10m against a profit of $86m a year ago.
Chief executive Oleg Novachuk said: "In 2015 we made excellent progress in the delivery of our major growth projects, Bozshakol and Aktogay, and the operating mines in the East Region and Bozymchak hit their production targets at a first quartile net cash cost of 109 USc/lb. Our immediate priorities in 2016 are the ramp up of Bozshakol, the construction of Aktogay and to keep operating costs low across the Group. The delivery of our world class projects will enable us to de-gear the balance sheet and complete our transformation into a low-cost operator of large scale, open pit copper mines in Kazakhstan."
jimmy b
- 01 Mar 2016 11:03
- 263 of 304
Still going up .
cynic
- 01 Mar 2016 11:22
- 264 of 304
KAZ has certainly outstripped ANTO of late, though i'm happier that ANTO is of far higher quality
there's a 6-month comparison chart below which highlights this, but over the last 12 months, there's now nothing between them ...... lies, damned lies and statistics!
there's a 6-month comparison chart below which highlights this, but over the last 12 months, there's now nothing between them ...... lies, damned lies and statistics!
HARRYCAT
- 01 Mar 2016 11:37
- 265 of 304
Looks like KAZ will go into the FTSE 250 this week.
cynic
- 01 Mar 2016 12:02
- 266 of 304
hence the surge i guess
jimmy b
- 02 Mar 2016 09:14
- 267 of 304
Up we go again , no stopping this one at the moment
kimoldfield
- 02 Mar 2016 09:33
- 268 of 304
I hate this share. Just sour grapes because I was too chicken to buy and still am! :o)
jimmy b
- 07 Mar 2016 16:14
- 269 of 304
Here we go again up 5% on a bad day.
dreamcatcher
- 07 Mar 2016 16:16
- 270 of 304
:-))
jimmy b
- 08 Mar 2016 15:51
- 271 of 304
Well we nearly made it to £2 ,bugger .
HARRYCAT
- 17 Mar 2016 10:37
- 272 of 304
Nomura today reaffirms its reduce investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 100p (from 90p).
jimmy b
- 17 Mar 2016 10:58
- 273 of 304
What a stupid rating they are 173p today .
HARRYCAT
- 23 Mar 2016 09:13
- 274 of 304
Deutsche Bank today downgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to hold (from buy) and cut its price target to 170p (from 197p).
HARRYCAT
- 17 May 2016 22:18
- 275 of 304
Macquarie today reaffirms its outperform investment rating on Kaz Minerals PLC (LON:KAZ) and set its price target at 200p.
HARRYCAT
- 09 Jun 2016 11:57
- 276 of 304
Merrill Lynch note today:
"Volume growth drives value transfer from debt to equity We upgrade KAZ Minerals from Underperform to Buy, increasing our PO to GBp 300. We see execution risks falling after the Bozshakol project launch in February 2016. We shift our target valuation year to 2018, when both the Bozshakol and Aktogay projects should be ramped up, driving rapid deleveraging and thus unlocking equity value. 2018E FCF yield jumps to 16%. Potential near-term catalysts are: successful ramp-up of Bozshakol (boosting confidence in execution), renegotiation of debt covenants, and launch of Aktogay in 2017E.
New PO set at 5x 2018E EBITDA, when key projects ramp up In 2018 KAZ approaches its medium term “steady-state”. By then, copper production should more than triple vs. 2015 to c.300ktpa copper, as Bozhakol and Aktogay deliver 100kt and 105kt copper, respectively. EBITDA increases c. 5x to $1.1bn by 2018E, ND/EBITDA drops from 11x to 2.9x. Our target EV/EBITDA multiple represents a c.30% discount to peer average of 7x, reflecting our 2018 target year, as well as potential country and execution risk.
Bozhakol launch in February 2016 reduced execution risks The next growth project for KAZ is Aktogay. Construction is under way, commissioning planned for 2017. We see Aktogay as lower risk as the design is similar to Bozshakol and it is being built by the same contractor. Bozshakol should be a low-cost asset (first quartile) with C1 cost 70 USc/lb on average for the first 10 years, thanks to by product credits from gold (120koz pa). Aktogay’s net cash costs are modelled at 107 USc/lb.
Financing risks look manageable (thanks to China) The company is liquid near term with $1.3bn cash at end-2015 vs $682mn capex and $312mn repayments. We expect that the PXF/CAT’s ND/EBITDA covenant, tested for H2 2016, will be waived. In 2017 we expect KAZ to be able to postpone short term liquidity requirements. By then, we think execution risks will be lower (Aktogay is slated to launch that year) and operating cashflow generation should be stronger thanks to Bozshakol ramping up. More generally, we see copper growth story of KAZ as sponsored by China on several dimensions (providing debt and technical expertise for construction, guaranteeing off-take for the product), and see the risk of this sponsorship being pulled as very low."
"Volume growth drives value transfer from debt to equity We upgrade KAZ Minerals from Underperform to Buy, increasing our PO to GBp 300. We see execution risks falling after the Bozshakol project launch in February 2016. We shift our target valuation year to 2018, when both the Bozshakol and Aktogay projects should be ramped up, driving rapid deleveraging and thus unlocking equity value. 2018E FCF yield jumps to 16%. Potential near-term catalysts are: successful ramp-up of Bozshakol (boosting confidence in execution), renegotiation of debt covenants, and launch of Aktogay in 2017E.
New PO set at 5x 2018E EBITDA, when key projects ramp up In 2018 KAZ approaches its medium term “steady-state”. By then, copper production should more than triple vs. 2015 to c.300ktpa copper, as Bozhakol and Aktogay deliver 100kt and 105kt copper, respectively. EBITDA increases c. 5x to $1.1bn by 2018E, ND/EBITDA drops from 11x to 2.9x. Our target EV/EBITDA multiple represents a c.30% discount to peer average of 7x, reflecting our 2018 target year, as well as potential country and execution risk.
Bozhakol launch in February 2016 reduced execution risks The next growth project for KAZ is Aktogay. Construction is under way, commissioning planned for 2017. We see Aktogay as lower risk as the design is similar to Bozshakol and it is being built by the same contractor. Bozshakol should be a low-cost asset (first quartile) with C1 cost 70 USc/lb on average for the first 10 years, thanks to by product credits from gold (120koz pa). Aktogay’s net cash costs are modelled at 107 USc/lb.
Financing risks look manageable (thanks to China) The company is liquid near term with $1.3bn cash at end-2015 vs $682mn capex and $312mn repayments. We expect that the PXF/CAT’s ND/EBITDA covenant, tested for H2 2016, will be waived. In 2017 we expect KAZ to be able to postpone short term liquidity requirements. By then, we think execution risks will be lower (Aktogay is slated to launch that year) and operating cashflow generation should be stronger thanks to Bozshakol ramping up. More generally, we see copper growth story of KAZ as sponsored by China on several dimensions (providing debt and technical expertise for construction, guaranteeing off-take for the product), and see the risk of this sponsorship being pulled as very low."
HARRYCAT
- 06 Jul 2016 09:35
- 277 of 304
Deutsche Bank today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and cut its price target to 163p (from 170p).
jimmy b
- 28 Jul 2016 08:45
- 278 of 304
KAZ Minerals increases copper cathode production
StockMarketWire.com
KAZ Minerals said copper cathode equivalent production was 52.6 kt in H1 2016, an increase of 43%.
There was a rise in copper output due to commissioning of new mines and continued production growth is expected in the second half.
The group said it's on track to meet 2016 guidance of 130-155 kt copper cathode equivalent.
HIGHLIGHTS
- Bozshakol commissioning progressing well, FY guidance maintained
- 100% load tests successfully performed on key equipmenT
- Copper in concentrate production of 9.5 kt in Q2 (Q1: 1.1 kt)
- Q2 throughput limited by 17 day scheduled shutdown in May and commissioning works in June
- Throughput increasing in Q3, 2016 guidance maintained at 45-65 kt copper cathode equivalent
- Aktogay oxide cathode output of 3.9 kt in Q2 (Q1: 1.5 kt)
- Ramp up progressing, on track for 15 kt full year guidance KAZ Minerals reported a significant increase in gold production. Gold bar equivalent output1 of 39.1 koz in H1 2016 (H1 2015: 16.1 koz).
Bozymchak operated at design capacity throughout the first half, producing 17.9 koz of gold bar equivalent1 (H1 2015: 5.1 koz).
East Region and Bozymchak produced 30 koz of gold bar equivalent, now on course to meet or exceed top of 2016 guidance range (40-50 koz).
Bozshakol contributed 9.1 koz of gold bar equivalent in H1 2016, with 8.8 koz in Q2.
At 8:38am: (LON:KAZ) Kaz Minerals PLC share price was +8.65p at 150.45p
StockMarketWire.com
KAZ Minerals said copper cathode equivalent production was 52.6 kt in H1 2016, an increase of 43%.
There was a rise in copper output due to commissioning of new mines and continued production growth is expected in the second half.
The group said it's on track to meet 2016 guidance of 130-155 kt copper cathode equivalent.
HIGHLIGHTS
- Bozshakol commissioning progressing well, FY guidance maintained
- 100% load tests successfully performed on key equipmenT
- Copper in concentrate production of 9.5 kt in Q2 (Q1: 1.1 kt)
- Q2 throughput limited by 17 day scheduled shutdown in May and commissioning works in June
- Throughput increasing in Q3, 2016 guidance maintained at 45-65 kt copper cathode equivalent
- Aktogay oxide cathode output of 3.9 kt in Q2 (Q1: 1.5 kt)
- Ramp up progressing, on track for 15 kt full year guidance KAZ Minerals reported a significant increase in gold production. Gold bar equivalent output1 of 39.1 koz in H1 2016 (H1 2015: 16.1 koz).
Bozymchak operated at design capacity throughout the first half, producing 17.9 koz of gold bar equivalent1 (H1 2015: 5.1 koz).
East Region and Bozymchak produced 30 koz of gold bar equivalent, now on course to meet or exceed top of 2016 guidance range (40-50 koz).
Bozshakol contributed 9.1 koz of gold bar equivalent in H1 2016, with 8.8 koz in Q2.
At 8:38am: (LON:KAZ) Kaz Minerals PLC share price was +8.65p at 150.45p
jimmy b
- 01 Aug 2016 09:36
- 279 of 304
Nice rise here over the last week.
HARRYCAT
- 18 Aug 2016 08:10
- 280 of 304
KAZ Minerals increased its earnings and operating profits in the six months to the end of June despite weaker commodity prices as copper cathode equivalent production rose by 43% to 52.6 kt.
EBITDA rose to $115 million (H1 2015: $88 million) and gross EBITDA increased to $147 million (H1 2015: $94 million); including $28 million of capitalised EBITDA from Bozshakol and $4 million from Aktogay oxide.
Operating profit of $68 million (H1 2015: $15 million).
Chief executive Oleg Novachuk said: "We have continued to deliver on our strategy of high growth, low-cost copper in the first half of 2016 with production increasing by 43%, including the first significant contributions from Bozshakol and Aktogay.
"We have also been able to further reduce our operating costs with 34% lower gross cash costs in the East Region and Bozymchak supporting an improved EBITDA despite weaker commodity prices. Our growth is set to accelerate as Bozshakol continues its ramp up in the second half of the year followed by the commissioning of Aktogay sulphide in the first half of 2017."
jimmy b
- 18 Aug 2016 09:41
- 281 of 304
Good results and a nice rise in the sp.
HARRYCAT
- 19 Aug 2016 08:28
- 282 of 304
Credit Suisse today upgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to outperform (from neutral) and raised its price target to 250p (from 165p).
Deutsche Bank today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 189p (from 183p).
Deutsche Bank today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 189p (from 183p).
jimmy b
- 19 Aug 2016 11:48
- 283 of 304
Here we go again another good day ,i wonder if we can push over 2 quid next week .
HARRYCAT
- 23 Aug 2016 10:04
- 284 of 304
Jefferies International today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 200p (from 150p).
jimmy b
- 15 Sep 2016 17:56
- 285 of 304
Macquarie today reaffirms its outperform investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 260p (from 200p)
HARRYCAT
- 27 Oct 2016 08:51
- 286 of 304
KAZ Minerals reports 'sector-leading production growth' with copper output growing by 66% in the first nine months of this year.
The group said copper cathode equivalent production rose to 44.5 kt (Q2: 31.1 kt). Production growth continues as Bozshakol and Aktogay oxide ramp up and ggroup guidance for 2016 is maintained at 135-145 kt copper cathode equivalent (FY 2015: 81.1 kt)/
Other highlights:
- Bozshakol more than doubled copper output in Q3 to 16.9 kt (Q2: 7.5 kt)
* Ore throughput has steadily increased in Q3
* Concentrator has now operated at ore throughput levels above 60% for three months, declared commercial today
- Aktogay oxide increase dcopper cathode output by 69% to 6.6 kt in Q3 (Q2: 3.9 kt)
* Oxide production benefited from seasonally warmer conditions in the third quarter
* On track to produce around 15 kt in 2016, in line with guidance
Chief executive Oleg Novachuk said: "KAZ Minerals continues to deliver sector-leading production growth, with our copper output growing by 66% in the first nine months of this year. Given the progress made in ramping up Bozshakol, our first major growth project, we have declared it a commercially producing asset from today. We are also making good progress on the construction of the Aktogay sulphide project, which will deliver the next phase of our production growth in 2017."
Balerboy
- 27 Oct 2016 13:28
- 287 of 304
I'm back in profit...... taken about 5 years lol.
jimmy b
- 27 Oct 2016 16:19
- 288 of 304
I sold out for a small profit just before the big rise :(
HARRYCAT
- 01 Dec 2016 13:22
- 289 of 304
Exane BNP Paribas today upgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to outperform (from neutral) and set its price target at 450p.
Peel Hunt today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 365p (from 275p).
Credit Suisse today downgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to neutral (from outperform) and raised its price target to 370p (from 275p)
Barclays Capital today (09/01/17) reaffirms its equal weight investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 390p (from 210p).
Peel Hunt today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 365p (from 275p).
Credit Suisse today downgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to neutral (from outperform) and raised its price target to 370p (from 275p)
Barclays Capital today (09/01/17) reaffirms its equal weight investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 390p (from 210p).
HARRYCAT
- 10 Jan 2017 11:42
- 290 of 304
Comment from Canaccord today:
"Upgrade to BUY
Production increases to continue from late 2016 to 2018
In KAZ's 3Q16 production results, the company delivered substantially increased production levels as the Bozshakol mine continued its commissioning. Commercial production was declared from late October and we expect Bozshakol to be running near production capacity in the coming quarters. In December, KAZ also announced the commissioning of Aktogay some 3-6 months ahead of our forecasts. We forecast continued production growth at KAZ through 2018.
Profit to significantly pick up from 2017
Despite our forecast for a strong yoy EBITDA recovery in 2016, we are forecasting continued strength in 2017, when we forecast EBITDA to double YoY. With our stronger copper price forecasts and also our continued production growth, we see 2017 as the second year where KAZ leads in EBITDA growth of all the copper companies we cover from London, but unlike 2016 we believe 2017 should include lower balance sheet risk.
Net debt to decrease from 2018
Beyond completion of the Bozshakol and Aktogay projects in 2017, we see 2018 as the first year of positive free cash flow for KAZ and also the first year of net debt reduction post project completion. While we do anticipate a modest decrease in gearing by year end 2017, CG forecasts 2018 as the first full year of net debt reduction.
Capex falls off from 2019, with a step up in free cash
The free cash story should further improve from 2019 as project capex (including deferred capex) starts to fall away after 2018. From 2019 we see a substantial increase in free cash generation and decreases in both net debt and gearing. We forecast 2019 as the first year where KAZ capex/OCF comes in below 50%.
Most of our debt concerns addressed in late 2016
Over 2016 we highlighted the attractive growth profile of KAZ but the high risk balance sheet and debt maturity profile. In mid December, KAZ announced an additional debt facility of US$300mn with more flexible convenants and an extended maturity. At the same time, KAZ announced covenant waivers for the PXF and CAT facilities, with further negotiations to take place on maturities beyond year end 2016 reporting. These announcements address the vast majority of our debt profile issues, and re-align deleveraging with profit growth. We see this as a significant positive.
Upgrade to BUY rating, raising target to 475p
We have significantly increased our target on KAZ to reflect stronger production growth from Bozshakol (and potentially Aktogay), higher copper prices and a much improved cash generation profile to match revised maturities. Our revised target comes out to 475p (based on 2017 P/E, EV/EBITDA and NPV), over triple our previous 155p target. With over 20% potential upside to our target we upgrade to a BUY rating. While this upside is much more muted than KAZ equity gains in the past year, we still expect KAZ's growth story to continue into 2018."
"Upgrade to BUY
Production increases to continue from late 2016 to 2018
In KAZ's 3Q16 production results, the company delivered substantially increased production levels as the Bozshakol mine continued its commissioning. Commercial production was declared from late October and we expect Bozshakol to be running near production capacity in the coming quarters. In December, KAZ also announced the commissioning of Aktogay some 3-6 months ahead of our forecasts. We forecast continued production growth at KAZ through 2018.
Profit to significantly pick up from 2017
Despite our forecast for a strong yoy EBITDA recovery in 2016, we are forecasting continued strength in 2017, when we forecast EBITDA to double YoY. With our stronger copper price forecasts and also our continued production growth, we see 2017 as the second year where KAZ leads in EBITDA growth of all the copper companies we cover from London, but unlike 2016 we believe 2017 should include lower balance sheet risk.
Net debt to decrease from 2018
Beyond completion of the Bozshakol and Aktogay projects in 2017, we see 2018 as the first year of positive free cash flow for KAZ and also the first year of net debt reduction post project completion. While we do anticipate a modest decrease in gearing by year end 2017, CG forecasts 2018 as the first full year of net debt reduction.
Capex falls off from 2019, with a step up in free cash
The free cash story should further improve from 2019 as project capex (including deferred capex) starts to fall away after 2018. From 2019 we see a substantial increase in free cash generation and decreases in both net debt and gearing. We forecast 2019 as the first year where KAZ capex/OCF comes in below 50%.
Most of our debt concerns addressed in late 2016
Over 2016 we highlighted the attractive growth profile of KAZ but the high risk balance sheet and debt maturity profile. In mid December, KAZ announced an additional debt facility of US$300mn with more flexible convenants and an extended maturity. At the same time, KAZ announced covenant waivers for the PXF and CAT facilities, with further negotiations to take place on maturities beyond year end 2016 reporting. These announcements address the vast majority of our debt profile issues, and re-align deleveraging with profit growth. We see this as a significant positive.
Upgrade to BUY rating, raising target to 475p
We have significantly increased our target on KAZ to reflect stronger production growth from Bozshakol (and potentially Aktogay), higher copper prices and a much improved cash generation profile to match revised maturities. Our revised target comes out to 475p (based on 2017 P/E, EV/EBITDA and NPV), over triple our previous 155p target. With over 20% potential upside to our target we upgrade to a BUY rating. While this upside is much more muted than KAZ equity gains in the past year, we still expect KAZ's growth story to continue into 2018."
HARRYCAT
- 11 Jan 2017 09:27
- 291 of 304
Peel Hunt today upgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to add (from hold) and raised its price target to 450p (from 395p).
Peel Hunt today (31/01/17) reaffirms its add investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 500p (from 450p)
Peel Hunt today (31/01/17) reaffirms its add investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 500p (from 450p)
HARRYCAT
- 23 Feb 2017 09:44
- 292 of 304
StockMarketWire.com
KAZ Minerals posts pre-tax profits of $220m for the year to the end of December - up from $12m in 2015.
Gross revenues rose by 43% to $969m and gross EBITDA increased to $492m from $208m driven by the Bozshakol copper-gold mine in Kyrgyzstan and the Aktogay open pit copper mine in Kazakhstan.
Chief executive Oleg Novachuk said: "The successful launch of our major growth projects has increased copper output by 73% at an industry leading net cash cost of 59 USc/lb.
"Following the recent commencement of production at the Aktogay sulphide concentrator both Aktogay and Bozshakol are operational.
"KAZ Minerals is now well positioned to achieve its target of 300 kt of copper production in 2018, delivering significant copper growth with low operating costs into a strengthening market."
KAZ Minerals posts pre-tax profits of $220m for the year to the end of December - up from $12m in 2015.
Gross revenues rose by 43% to $969m and gross EBITDA increased to $492m from $208m driven by the Bozshakol copper-gold mine in Kyrgyzstan and the Aktogay open pit copper mine in Kazakhstan.
Chief executive Oleg Novachuk said: "The successful launch of our major growth projects has increased copper output by 73% at an industry leading net cash cost of 59 USc/lb.
"Following the recent commencement of production at the Aktogay sulphide concentrator both Aktogay and Bozshakol are operational.
"KAZ Minerals is now well positioned to achieve its target of 300 kt of copper production in 2018, delivering significant copper growth with low operating costs into a strengthening market."
HARRYCAT
- 27 Feb 2017 09:41
- 293 of 304
Citigroup today reaffirms its buy investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 670p (from 520p).
black bird - 27 Feb 2017 17:08 - 294 of 304
down grade to 400 27.2.17 450 looks like my entry. meanwhile looking for a
cobalt mine on LSE bb
cobalt mine on LSE bb
HARRYCAT
- 20 Mar 2017 09:34
- 295 of 304
StockMarketWire.com
KAZ Minerals has started to receive the refund of VAT paid during the construction of the Bozshakol and Aktogay projects.
The group said that following the completion of audit and other administrative procedures, it had received $166 million in VAT refunds to date this year.
The recoverable VAT paid during the construction of the two projects was included within non-current receivables as at 31 December 2016.
KAZ Minerals has started to receive the refund of VAT paid during the construction of the Bozshakol and Aktogay projects.
The group said that following the completion of audit and other administrative procedures, it had received $166 million in VAT refunds to date this year.
The recoverable VAT paid during the construction of the two projects was included within non-current receivables as at 31 December 2016.
HARRYCAT
- 04 Apr 2017 10:17
- 296 of 304
Peel Hunt today upgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to buy (from add) and left its price target at 555p.
HSBC today (18/04/17) upgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to hold (from reduce) and raised its price target to 450p (from 400p).
Peel Hunt today (24/04/17) reaffirms its buy investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 590p (from 555p).
Peel Hunt today (05/05/17) reaffirms its buy investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 600p (from 590p).
HSBC today (18/04/17) upgrades its investment rating on Kaz Minerals PLC (LON:KAZ) to hold (from reduce) and raised its price target to 450p (from 400p).
Peel Hunt today (24/04/17) reaffirms its buy investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 590p (from 555p).
Peel Hunt today (05/05/17) reaffirms its buy investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 600p (from 590p).
HARRYCAT
- 09 Jun 2017 10:15
- 297 of 304
StockMarketWire.com
KAZ Mineral has completed an amendment and extension of its pre-export finance loan facility which includes an increase in the facility commitments to $600m.
KAZ said the new PXF extended the maturity profile of the existing facility by 2.5 years from December 2018 until June 2021.
It said that under the revised repayment profile, principal repayments would commence in July 2018 and then continue in equal monthly instalments over a three-year period until final maturity in June 2021.
It added: "The facility amount has been increased to $600m reflecting strong support from the market during syndication.
"The balance of the $600m commitments over the $224m outstanding under the existing facility as at 31 May 2017 will be available for drawing over a six month availability period until December 2017."
The refinancing was coordinated by Deutsche Bank AG, ING Bank and Societe Generale Corporate and Investment Banking acting as coordinating mandated lead arrangers and bookrunners.
Other lenders in the facility are ABN AMRO Bank NV, Bank of China Limited, Citibank NA, Credit Agricole Corporate and Investment Bank, ICBC London, JP Morgan Chase Bank NA, Natixis, Rabobank London and UniCredit SpA.
Deutsche Bank AG continues as the agent bank and ING Bank is the security trustee.
Chief financial officer Andrew Southam said: "We are pleased to announce the signing of the amendment and extension of the PXF facility with an enlarged syndicate of 12 banks participating.
"The amended facility demonstrates continuing support for the Group from its lenders, with all existing banks maintaining or increasing their participation and four new banks joining the syndicate.
"The new PXF will enhance our financial flexibility as we complete the ramp up of output from our new mines at Bozshakol and Aktogay."
KAZ Mineral has completed an amendment and extension of its pre-export finance loan facility which includes an increase in the facility commitments to $600m.
KAZ said the new PXF extended the maturity profile of the existing facility by 2.5 years from December 2018 until June 2021.
It said that under the revised repayment profile, principal repayments would commence in July 2018 and then continue in equal monthly instalments over a three-year period until final maturity in June 2021.
It added: "The facility amount has been increased to $600m reflecting strong support from the market during syndication.
"The balance of the $600m commitments over the $224m outstanding under the existing facility as at 31 May 2017 will be available for drawing over a six month availability period until December 2017."
The refinancing was coordinated by Deutsche Bank AG, ING Bank and Societe Generale Corporate and Investment Banking acting as coordinating mandated lead arrangers and bookrunners.
Other lenders in the facility are ABN AMRO Bank NV, Bank of China Limited, Citibank NA, Credit Agricole Corporate and Investment Bank, ICBC London, JP Morgan Chase Bank NA, Natixis, Rabobank London and UniCredit SpA.
Deutsche Bank AG continues as the agent bank and ING Bank is the security trustee.
Chief financial officer Andrew Southam said: "We are pleased to announce the signing of the amendment and extension of the PXF facility with an enlarged syndicate of 12 banks participating.
"The amended facility demonstrates continuing support for the Group from its lenders, with all existing banks maintaining or increasing their participation and four new banks joining the syndicate.
"The new PXF will enhance our financial flexibility as we complete the ramp up of output from our new mines at Bozshakol and Aktogay."
HARRYCAT
- 25 Jul 2017 13:19
- 298 of 304
RBC Capital Markets today reaffirms its sector performer investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 650p (from 470p).
HARRYCAT
- 03 Nov 2017 11:32
- 299 of 304
StockMarketWire.com
KAZ Minerals said full production had resumed at Bozymchak.
The company said that it had received notification today from the government of Kyrgyzstan that the suspension of operations at Bozymchak announced on 2 Nov had been cancelled.
Bozymchak produced 7 kt of copper cathode and 38 koz of gold bar in 2016.
KAZ Minerals said full production had resumed at Bozymchak.
The company said that it had received notification today from the government of Kyrgyzstan that the suspension of operations at Bozymchak announced on 2 Nov had been cancelled.
Bozymchak produced 7 kt of copper cathode and 38 koz of gold bar in 2016.
HARRYCAT
- 26 Jan 2018 10:17
- 300 of 304
Citigroup today reaffirms its buy investment rating on Kaz Minerals PLC (LON:KAZ) and set its price target at 1020p.
HARRYCAT
- 22 Feb 2018 09:55
- 301 of 304
StockMarketWire.com
KAZ Minerals reported pre-tax profits of $580m for the year to the end of December, up from $220m in 2016 amid strong copper and growth production.
Gross revenues rose doubled to $1,938m and gross EBITDA increased to $1235m, up from $492m, benefiting from a greater proportion of output from the lower cost operations of Bozshakol and Aktogay.
Copper production increased by 80% and gold production was 40% higher compared to prior year.
The miner guided copper production for 2018 of 270-300kt as higher throughput is expected to be offset by slightly lower average copper grades.
Andrew Southam, Chief Executive Officer, said: 'The Group has delivered high production growth and low operating costs in 2017.'
'Following the successful ramp up to date of Bozshakol and Aktogay our asset base is now dominated by large scale, low cost, modern copper mines which are set to generate significant cash flows in the future.'
'We have established a strong platform to deliver further growth in 2018 and from the expansion of Aktogay, which leaves us well positioned to benefit from the expected tightness in the copper market, as declining global supply coincides with continued growth in demand.'
KAZ Minerals reported pre-tax profits of $580m for the year to the end of December, up from $220m in 2016 amid strong copper and growth production.
Gross revenues rose doubled to $1,938m and gross EBITDA increased to $1235m, up from $492m, benefiting from a greater proportion of output from the lower cost operations of Bozshakol and Aktogay.
Copper production increased by 80% and gold production was 40% higher compared to prior year.
The miner guided copper production for 2018 of 270-300kt as higher throughput is expected to be offset by slightly lower average copper grades.
Andrew Southam, Chief Executive Officer, said: 'The Group has delivered high production growth and low operating costs in 2017.'
'Following the successful ramp up to date of Bozshakol and Aktogay our asset base is now dominated by large scale, low cost, modern copper mines which are set to generate significant cash flows in the future.'
'We have established a strong platform to deliver further growth in 2018 and from the expansion of Aktogay, which leaves us well positioned to benefit from the expected tightness in the copper market, as declining global supply coincides with continued growth in demand.'
cynic
- 17 Aug 2018 12:58
- 302 of 304
the pain piles on .....
* Shares of copper miner Kaz Minerals -10.6 pct after brokerages cite further problems with Kaz's Aug. 2 acquisition of under-developed copper mine Baimskaya; bottom of FTSE midcap
* Credit Suisse downgrades stock to "neutral" from "outperform", cuts TP to 630p from 1050p, citing that outlook for Kaz "completely changed" after the acquisition of Baimskaya
* Barclays further cut TP by 5 pct to 760p on Friday; It cut it by 21 pct from 1,015p to 800p on Aug. 6 after saying Baimskaya deal is a "fundamental de-rating event" for Kaz
* Broker cuts come a day after Kaz announced its first interim dividend in six years, and said it expects to make a similar payment for H2 as it boosted output and kept costs low in H1, sending shares up 7 pct on Thursday
* "What we had liked in KAZ was low cost operations driving strong FCF, a rapid balance sheet delevering and resultant debt to equity shift. This has now been turned on its head" - CS
* CS: "Including the Baimskaya project means capex will remain very elevated for the next 8 years and on our free cash flow estimates will remain negative over the period"
* Barclays said on Friday it remained unconvinced after Kaz tried to reassure on progress of Russian government at Baimskaya
* On Aug. 2, Kaz shares plunged 30 pct after it said it was expanding into Russia with a deal to buy a copper project in Baimskaya for $900 million from a group of investors including Chelsea soccer club owner Roman Abramovich...
* Shares of copper miner Kaz Minerals -10.6 pct after brokerages cite further problems with Kaz's Aug. 2 acquisition of under-developed copper mine Baimskaya; bottom of FTSE midcap
* Credit Suisse downgrades stock to "neutral" from "outperform", cuts TP to 630p from 1050p, citing that outlook for Kaz "completely changed" after the acquisition of Baimskaya
* Barclays further cut TP by 5 pct to 760p on Friday; It cut it by 21 pct from 1,015p to 800p on Aug. 6 after saying Baimskaya deal is a "fundamental de-rating event" for Kaz
* Broker cuts come a day after Kaz announced its first interim dividend in six years, and said it expects to make a similar payment for H2 as it boosted output and kept costs low in H1, sending shares up 7 pct on Thursday
* "What we had liked in KAZ was low cost operations driving strong FCF, a rapid balance sheet delevering and resultant debt to equity shift. This has now been turned on its head" - CS
* CS: "Including the Baimskaya project means capex will remain very elevated for the next 8 years and on our free cash flow estimates will remain negative over the period"
* Barclays said on Friday it remained unconvinced after Kaz tried to reassure on progress of Russian government at Baimskaya
* On Aug. 2, Kaz shares plunged 30 pct after it said it was expanding into Russia with a deal to buy a copper project in Baimskaya for $900 million from a group of investors including Chelsea soccer club owner Roman Abramovich...
Balerboy
- 17 Aug 2018 21:26
- 303 of 304
Thought it had bottomed out at 620p... .. doh.
Balerboy
- 17 Aug 2018 21:27
- 304 of 304
.
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