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.

            Red = 25 day moving average.           Green = 200 day moving average.

SALES PER ACTIVITY (Data as of 31/12/2005)

Copper operations & others: 100%

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).

Macquarie today reaffirms its outperform investment rating on Kaz Minerals PLC (LON:KAZ) and set its price target at 200p.

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."

Deutsche Bank today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and cut its price target to 163p (from 170p).

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

Nice rise here over the last week.

StockMarketWire.com
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."

Good results and a nice rise in the sp.

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).

Here we go again another good day ,i wonder if we can push over 2 quid next week .

Jefferies International today reaffirms its hold investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 200p (from 150p).

Macquarie today reaffirms its outperform investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 260p (from 200p)

StockMarketWire.com
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."

I'm back in profit...... taken about 5 years lol.

I sold out for a small profit just before the big rise :(

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).

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."

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)

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."

Citigroup today reaffirms its buy investment rating on Kaz Minerals PLC (LON:KAZ) and raised its price target to 670p (from 520p).