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Kaz Minerals lifts full-year copper, gold production guidance
8th Dec 2020 09:04
(Sharecast News) - Kaz Minerals lifted its full-year copper and gold production guidance on Tuesday, as it said Nova Resources has changed its £3bn offer for the company to a straight takeover offer.
The company, which is the largest copper producer in Kazakhstan, said in its third-quarter production report that annual output of copper and gold would be at the top end of its respective guidance ranges of 280,000-300,000 tons and 180,000-200,000 ounces.
It said on Tuesday that following the successful completion of maintenance in November, the absence of material disruption from the Covid-19 pandemic and taking into account production run rates, output of both metals is now expected to be 2-3% above the company's previous guidance ranges.
It also said that due to the timing of payments on the Aktogay expansion and Baimskaya projects, around $100m of capital expenditure planned for this year will be incurred in the first quarter of 2021.
In addition, Kaz announced that Nova Resources, a vehicle owned by chairman Oleg Novachuk and Kazakh billionaire Vladimir Kim, had changed its 640p a share in cash offer for the 60% of Kaz Minerals it does not already own to a straight takeover offer.
The initial offer was rejected by Kaz's biggest minority shareholders for undervaluing the business.
The company, which is the largest copper producer in Kazakhstan, said in its third-quarter production report that annual output of copper and gold would be at the top end of its respective guidance ranges of 280,000-300,000 tons and 180,000-200,000 ounces.
It said on Tuesday that following the successful completion of maintenance in November, the absence of material disruption from the Covid-19 pandemic and taking into account production run rates, output of both metals is now expected to be 2-3% above the company's previous guidance ranges.
It also said that due to the timing of payments on the Aktogay expansion and Baimskaya projects, around $100m of capital expenditure planned for this year will be incurred in the first quarter of 2021.
In addition, Kaz announced that Nova Resources, a vehicle owned by chairman Oleg Novachuk and Kazakh billionaire Vladimir Kim, had changed its 640p a share in cash offer for the 60% of Kaz Minerals it does not already own to a straight takeover offer.
The initial offer was rejected by Kaz's biggest minority shareholders for undervaluing the business.