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Kaz Minerals lifts production outlook following no material pandemic-related disruption in November
StockMarketWire.com
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Mining company Kaz Minerals lifted its annual production guidance after taking into account production run rates and the absence of material disruption from the Covid-19 pandemic impact in November.
Copper and gold output were now expected to be 2-to-3% above their guidance ranges of 200,000-to-300,000 tonnes and 180,000-to-200,000 ounces, respectively, the company said.
'Due to the timing of payments on the Aktogay expansion and Baimskaya projects, in the region of $100 million of capital expenditure planned for 2020 will be incurred in the first quarter of 2021,' the company said.
Kaz Minerals also said that a bid from Nova Resources had switched from a cash offer for the company to a takeover offer of 640p per share.
The takeover of Kaz Minerals was expected to become effective in the first half of 2021.
'The independent committee believes that switching to a takeover Offer allows accepting Kaz Minerals Shareholders to benefit from the takeover offer (subject to the acceptance condition being met), in contrast to a scheme of arrangement which provides the same outcome for all shareholders,' the company said.
Story provided by StockMarketWire.com
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