WOOD Flash – KAZ Minerals: 3Q18 trading update – on track to meet or beat copper/silver/gold guidance, behind on zinc
KAZ has just announced its 3Q18 trading update. The company is well on track to meet its 2018E copper production guidance and should be at the top end of the guidance range for gold and silver, according to CEO Andrew Southam. Zinc production was below the guidance run-rate in 9M18 and management now expects to be 10-15% below the 2018E production target. The company noted, however, that production at Aktogay and Bozshakol in 4Q18E will be influenced by seasonally lower oxide output, scheduled mill maintenance and lower average sulphide copper grades, but its 2018E production guidance should still be achieved. We see the results as positive overall for the stock.
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