(Updates with closing share price in second paragraph.)
Jan. 26 (Bloomberg) -- Kazakhmys Plc, Kazakhstan’s biggest copper producer, gained to the highest in more than five months in London trading after beating its output target for last year and forecasting a similar figure for 2012.
Kazakhmys advanced 81 pence, or 7.3 percent, to 1,194 pence, the highest level since Aug. 3 by the close of trading. It produced 300,500 metric tons of copper in 2011, against a goal of 300,000 tons, according to a statement.
“We anticipate maintaining similar levels of copper output in 2012,” Chief Executive Officer Oleg Novachuk said in the statement. “Our sales contracts for the coming year have all been completed, reflecting continued strong demand for copper.”
Kazakhmys, developing the Bozshakol and Aktogay mines, plans to boost annual output by two-thirds to 500,000 tons in 2015. The company will provide details on progress in the $6 billion growth and investment program when it announces its full-year results on March 1, Novachuk said.
“Encouragingly, the company expects demand to remain strong, underpinning prices into 2012,” Ash Lazenby, an analyst at Liberum Capital Ltd., said in a note today. Completing copper sales contracts for 2012 is “a material positive for the company and further signal of healthy demand.”
Copper output from the company’s own raw materials dropped to 298,500 tons in 2011 from 303,300 tons, according to the statement. Production of zinc in concentrate, an intermediate product shipped to refineries, declined 17 percent to 139,600 tons, while silver output fell 7 percent to 13,115 ounces.
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