Reuters reported that Kazakhmys Plc plans to boost copper cathode output to 500,000 tonnes in 2017 when two new large scale projects come onstream.
Mr Oleg Novachuk CEO of Kazakhmys Plc said that the company's copper production is expected to be between 285,000 tonnes and 295,000 tonnes in 2012 and growth projects are moving ahead on schedule.
Mr Novachuk said that Kazakhmys planned to invest up to USD 1 billion in its production next year compared with around USD 600 million in 2012. We plan to achieve the production level of 500,000 tonnes per year already in 2017.
He said that Kazakhstan based Kazakhmys would launch output at the Central Asian nation's Bozshakol deposit in 2015. The Aktogay project, Kazakhmys's second major project is set to be launched in 2016.
Bozshakol and Aktogay, taken together will add up around 180,000 tonnes in extra output by 2017. Kazakhmys will spend around $600 million on Bozshakol and Aktogay next year.
Mr Novachuk said that the company said last week that its board had approved the Aktogay project and development operations would start in the New Year funded by USD 1.5 billion facility provided by China Development Bank last year. At this stage, we do not need additional funds from China our own capacities are enough for financing.
