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Kazakhmys PLC (KAZ)

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Wednesday 30 January, 2008

Kazakhmys PLC

Q4 Production Results

Kazakhmys PLC
30 January 2008



30 January 2008


                        Kazakhmys PLC Production Summary
          for 12 Months and the Fourth Quarter Ended 31 December 2007
                                        

   •  Copper cathode production for the year ended 31 December 2007 is in
      line with the guidance outlined in the Q3 production report. Total copper
      cathode production for the period was 380* thousand tonnes, of which 341
      thousand tonnes was from own material.

         -    Cathode output from own material increased by 7% from the previous
              quarter to 92 thousand tonnes.


   •  By-product output over the full year was generally positive compared
      to 2006:

         -    Zinc in concentrate production rose 3% to 133 thousand tonnes, 
              due to the higher output of zinc bearing ores.

         -    Silver production declined by 12%, with decreased production of
              silver bearing ores in the Zhezkazgan region.

         -    Gold production increased by 6%, to 113 thousand ounces, reflecting
              ore grade increases.


   •  Improvements were seen towards the year end in the deliveries of ordered 
      equipment facilitating the availability, maintenance and repairs of
      mining equipment and facilities. Equipment availability and delivery 
      remains a key area of management focus.


   •  Mining started, as planned, in January 2008 at the re-opened Abyz mine 
      and the new Akbastau mine.


   •  Kazakhmys Gold and Kazakhmys Petroleum are included in the report for
      the first time.

         -    Kazakhmys Gold has received the extension of the licence to develop
              the major Bozymchak Deposit in Kyrgyzstan.

         -    Kazakhmys Petroleum has started drilling exploratory wells in the
              shallow northern area and seismic testing in the southern area.


Oleg Novachuk, Chief Executive Officer, said "2007 brought some production
challenges, especially in the supply of equipment and the flood at South Mine.
Improvements were seen in several areas towards the year end, along with the
introduction of a new concentrator, two concentrator upgrades and the recent
commencement of mining at Abyz and Akbastau. We are looking forward to a
positive year in 2008 with opportunities to grow production and to develop our
programme for operational improvements. There are several new projects and
upgrades to be carried out during 2008, along with further work on our major
growth assets and we will continue to focus on the success of our core business,
alongside the other areas of our strategy."

* Excludes tolled material


For further information please contact:

Kazakhmys PLC
John Smelt, Head of Corporate                          Tel: +44 20 7901 7882
Communications                                         Tel: +44 787 964 2675
Olga Nekrassova, Financial Analyst                     Tel: +44 20 7901 7814
                          
Merlin
David Simonson & Tom Randell (English language)        Tel: +44 20 7653 6620
Leonid Fink & Anastasia Ivanova (Russian language)     Tel: +44 20 7653 6620
 


Notes to Editors


Kazakhmys PLC is the largest copper producer in Kazakhstan and one of the
leading copper producers in the world.  Kazakhmys is a fully integrated copper
producer from mining ore through to the production of finished copper cathode
and rod.  The Group produces significant volumes of other metals as by-products,
including zinc, silver and gold.  Existing operations include 20 open pit and
underground mines, 9 concentrators, two copper smelting and refining complexes,
a copper rod plant, a zinc plant and a precious metals refinery.  Production is
backed by a captive power supply and significant rail infrastructure. Kazakhmys
also owns MKM, a copper products fabrication company in Germany, and has Gold
and Petroleum Divisions with assets in Kazakhstan and other parts of Central
Asia. The Group's strategic aim is to diversify and participate in the
development of the significant natural resource opportunities in Central Asia.



Copper Summary

Kazakhmys Copper Production
------------------------   ------  -------  -------  -------  -------  -------
                                     12m      12m       Q4       Q3       Q4
                                    2007     2006     2007     2007     2006
------------------------   ------  -------  -------  -------  -------  -------
Ore extraction           '000 t   33,968   39,240    7,729    8,242    8,986
----------------           ------  -------  -------  -------  -------  -------
Average copper grade          %     1.22     1.17     1.22     1.21     1.32
----------------           ------  -------  -------  -------  -------  -------
Average zinc grade1           %     3.87     4.28     4.19     3.96     4.47
----------------           ------  -------  -------  -------  -------  -------

Copper in concentrate    '000 t    389.9    433.5     96.8     91.6    119.5
----------------           ------  -------  -------  -------  -------  -------
own concentrate          '000 t    347.9    383.2     84.7     80.3     99.7
----------------           ------  -------  -------  -------  -------  -------
purchased concentrate    '000 t     42.0     50.3     12.1     11.3     19.8
----------------           ------  -------  -------  -------  -------  -------

Copper cathodes2         '000 t    381.2    407.0    103.1     86.9    111.8
----------------           ------  -------  -------  -------  -------  -------
own concentrate          '000 t    340.9    368.4     91.6     85.9    102.9
----------------           ------  -------  -------  -------  -------  -------
purchased concentrate    '000 t     39.0     36.8     11.3      0.7      8.7
----------------           ------  -------  -------  -------  -------  -------
tolling concentrate      '000 t      1.3      1.8      0.2      0.3      0.2
----------------           ------  -------  -------  -------  -------  -------
Copper rod               '000 t     35.7     28.5      8.8      9.0      6.1
----------------           ------  -------  -------  -------  -------  -------

1 Complex ores only

2 Includes copper used to produce copper rod


Total ore extraction in Q4 2007 of 7.7 million tonnes was 6% below the previous
quarter. The fourth quarter was mainly impacted by lower output in the Balkhash
and Karaganda regions due to stripping works taking place in preparation for
2008. Output in the Zhezkazgan and East regions was in line with Q3 production.
Output for the year of 34.0 million tonnes was 13% below 2006 figures, as ore
volumes fell, particularly in the Zhezkazgan region.

Copper grades in the fourth quarter 2007 have remained at the level seen in the
previous quarter.  Average grades of 1.22% in 2007 have generally been higher
than 2006. This is due to the significantly lower output from the Kounrad mine,
which has the lowest grade of all our operations, which raised the overall
average ore grade.

Previous production reports have noted the impact on ore extraction from
equipment availability and maintenance, including the effect of longer lead
times on the delivery of mining equipment. Towards the end of 2007 we have seen
some improvement in rates of delivery for new equipment and to a lesser extent
spare parts, but there is still a backlog, and equipment availability remains a
key area of focus for management.

Along with the major long term growth projects at the Boschekul and Aktogay,
there are a number of smaller near term projects being implemented in Zhezkazgan
and Karaganda regions to keep core production stable and offset grade declines
in the more mature mines. The North Nurkazgan open pit mine in the Karaganda
region and East Sary-Oba and Taskura mines (both open pit mines in the
Zhezkazgan region) are scheduled to commence production in 2008.

Production at the Akbastau mine in the Karaganda region with projected annual
capacity of 1.0 million tonnes started in January 2008.


Copper Summary

Kazakhmys Copper Production (cont)


The decrease of copper in own concentrate production from 2006 reflects the
reduction in ore extraction and the accumulation of approximately 1.3 million
tonnes of ore, containing approximately 15.3 thousand tonnes of copper, which is
stockpiled and waiting to be processed at the new Nurkazgan concentrator.

During 2007 two out of nine concentrators underwent scheduled upgrades and one
new concentrator has been constructed. The Nikolayevsky concentrator (East
Region) successfully completed works in Q4 2007. A new concentrator at Nurkazgan
is scheduled to ramp up production in 2008. The Karagaily concentrator underwent
the installation of an automated production line. The 1.3 million tonnes of
stockpiled ore at Nurkazgan will start to be processed in H1 2008, and there is
271 thousand tonnes of complex zinc-bearing Kosmurun ores at Karagaily which
will be processed in 2008.

During 2008 four other concentrators (Zhezkazgan, Orlovsky, Irtyshsky and
Belousovsky) will undergo planned upgrades, which will focus on improving
current recovery rates and increasing ore capacity by 900 thousand tonnes in
total.

Total cathode output in Q4 2007, at 103.1 thousand tonnes, represents 19%
increase from the previous quarter, due to processing greater levels of own and
purchased concentrate. In Q4 total copper cathode production from own
concentrate increased by 7% from the previous quarter to 91.6 thousand tonnes,
benefiting from a 4.2 thousand tonnes reduction of work in process material at
the Zhezkazgan smelter, which had accumulated during maintenance works in Q3.

The cathode production from own material in the full year 2007 was 7% lower than
2006, at 340.9 thousand tonnes, reflecting lower ore production.




By-products Summary

Kazakhmys copper By-products Production

----------------------   --------  -------  -------  -------  -------  -------
                                     12m      12m       Q4       Q3       Q4
                                    2007     2006     2007     2007     2006
----------------------   --------  -------  -------  -------  -------  -------
Zinc in concentrate      '000 t    132.8    129.1     31.6     30.0     22.0
--------------           --------  -------  -------  -------  -------  -------
Zinc metal               '000 t     45.2     59.5     12.1      5.7     13.6
--------------           --------  -------  -------  -------  -------  -------
 
Silver                  '000 oz   18,995   21,570    4,154    4,729    5,577
--------------           --------  -------  -------  -------  -------  -------
own production1         '000 oz   18,985   21,530    4,154    4,726    5,576
--------------           --------  -------  -------  -------  -------  -------
tolling2                '000 oz       10       40        0        3.       1
--------------           --------  -------  -------  -------  -------  -------

Gold                    '000 oz    136.9    165.5     33.7     32.6     44.9
--------------           --------  -------  -------  -------  -------  -------
own production1         '000 oz    113.4    106.9     32.2     29.8     27.7
--------------           --------  -------  -------  -------  -------  -------
tolling2                '000 oz     23.5     58.6      1.5      2.8     17.2
--------------           --------  -------  -------  -------  -------  -------

1 Includes slimes from purchased concentrate

2 Represents tolled materials provided via third parties


Q4 2007 zinc in concentrate production of 31.6 thousand tonnes was 5% ahead of
the previous quarter and the 2007 annual production of 132.8 thousand tonnes was
3% ahead of 2006. Production over the year benefited from a higher output of
zinc bearing ores, in particular, at the Kosmurun mine, which more than offset
the slight decline in grades from 4.28% to 3.87%. Zinc recovery rates at the
Nikolayevsky concentrator improved from 45% to 58% after its recent upgrade.
Demand for zinc in concentrate in our markets remains firm.

The sensitivity of the zinc smelter to external temperatures is clearly seen in
the improved output of 12.1 thousand tonnes in Q4, compared to just 5.7 thousand
tonnes in the previous quarter.  Zinc metal production over the full year was
below the 2006 level due to continued difficulties with the cooling equipment.

Silver production from own material in Q4 reduced by 12% to 4.2 million ounces,
compared to Q3 2007. Production for the full year reduced by the same
percentage, compared to 2006, to 19 million ounces. The lower silver production
is due to the decline in silver-bearing ore output at Zhezkazgan and East region
mines.

Gold output in Q4 2007 increased 3% to 33.7 thousand ounces of gold, compared to
Q3 2007. Excluding tolled material, 32.2 thousand ounces were produced, an 8%
increase compared to the third quarter of 2007. In Q4, and throughout the year,
gold production, excluding tolled material, benefited from the increase in the
gold grade as well as from the gold recovered from purchased copper concentrate.
This led own gold production to increase to 113.4 thousand ounces in 2007,
compared to 106.9 thousand ounces in 2006.

As previously reported, the gold-bearing Abyz mine was closed for major
stripping works for the entire year but resumed production in January 2008. This
should contribute to an increase in gold production in 2008.



Kazakhmys Copper Review by Region

Zhezkazgan Complex
----------------------     ------  -------  -------  -------  -------  -------
                                     12m      12m       Q4       Q3       Q4
                                    2007     2006     2007     2007     2006
----------------------     ------  -------  -------  -------  -------  -------
Ore extraction           '000 t   24,355   27,676    5,751    5,787    6,555
----------------           ------  -------  -------  -------  -------  -------
Average copper grade          %     0.82     0.82     0.83     0.81     0.84
----------------           ------  -------  -------  -------  -------  -------
       
Copper concentrate       '000 t    491.1    541.1    122.9    121.0    128.8
----------------           ------  -------  -------  -------  -------  -------
Copper in concentrate    '000 t    178.6    199.3     42.9     42.6     49.6
----------------           ------  -------  -------  -------  -------  -------
       
Copper cathodes1         '000 t    187.5    221.8     49.1     44.7     56.2
----------------           ------  -------  -------  -------  -------  -------
own concentrate          '000 t    183.7    214.9     49.0     44.7     55.2
----------------           ------  -------  -------  -------  -------  -------
purchased concentrate    '000 t      3.8      6.2      0.1       --      1.0
----------------           ------  -------  -------  -------  -------  -------
tolling2                 '000 t       --      0.7       --       --       --
----------------           ------  -------  -------  -------  -------  -------
Copper rod               '000 t     35.7     28.5      8.8      9.0      6.1
----------------           ------  -------  -------  -------  -------  -------

1 Includes copper used to produce copper rod

2 Represents tolled materials provided via third parties


Ore extraction at the Zhezkazgan complex in Q4 2007 was in line with Q3, at 5.8
million tonnes.  Production for the full year was 12% lower than 2006, at 24.4
million tonnes.

As announced in December, production at the South mine recovered during Q4 2007
from flooding which took place in September. The main mine shaft has recovered
to normal production, although further repair works will be required on the
lifting equipment of the support mine shaft. As previously reported, the North
mine was impacted during the year, and in Q4, by delays in delivery of equipment
- principally drilling, excavator and transportation. Shortages of equipment
interrupted mine development works which affected the region's overall output.

In Q4 2007, the copper grade increased due to slightly higher grades contributed
by the Stepnoy, North and West mines, which saw the development of richer copper
layers. The average copper grade for 2007 was 0.82%, the same as 2006. This was
due to the increased output volumes and improved grade at the relatively new
Zhomart mine of 1.27% in 2007 compared to 1.16% in 2006, compensating the modest
declines seen elsewhere. The underlying trend of declining grade is likely to
continue in 2008. However, this should be offset by increased ore extraction
volumes as result of the delivery of equipment.

The output of copper in concentrate in the Zhezkazgan region reflects the
reduction in ore extraction.  Copper in concentrate production in Q4 2007 was in
line with the Q3 figures, at 42.9 thousand tonnes.

Q4 copper cathode production, of 49.1 thousand tonnes, was 10% higher than the
previous quarter.  The increase is due to the ramp up after the maintenance
works performed at the smelter in September and October. This included the
processing of accumulated work in process materials at the smelting and
electrolysis shops, which was reduced by 4.2 thousand tonnes during Q4 2007.
Annual copper cathode production decreased by 15% from 214.9 thousand tonnes in
2006 to 183.7 thousand tonnes in 2007, again reflecting the lower level of ore
production. Copper rod is produced to customer order and output for the full
year 2007 grew by 25%, responding to continued strong demand from the Chinese
market.



Kazakhmys Copper Review by Region

Balkhash Complex
----------------------     ------  -------  -------  -------  -------  -------
                                     12m      12m       Q4       Q3       Q4
                                    2007     2006     2007     2007     2006
----------------------     ------  -------  -------  -------  -------  -------
Ore extraction           '000 t    2,127    4,371      419      616      833
----------------           ------  -------  -------  -------  -------  -------
Average copper grade          %     1.05     0.81     1.07     0.86     0.93
----------------           ------  -------  -------  -------  -------  -------
        
Copper concentrate1      '000 t    187.9    257.1     47.6     47.8     52.0
----------------           ------  -------  -------  -------  -------  -------
Copper in concentrate    '000 t     32.5     43.4      8.7      7.8      9.0
----------------           ------  -------  -------  -------  -------  -------
        
Copper cathodes          '000 t    193.7    185.2     54.0     42.2     55.6
----------------           ------  -------  -------  -------  -------  -------
own concentrate          '000 t    157.2    153.5     42.6     41.2     47.7
----------------           ------  -------  -------  -------  -------  -------
purchased concentrate    '000 t     35.2     30.6     11.2      0.7      7.7
----------------           ------  -------  -------  -------  -------  -------
tolling2                 '000 t      1.3      1.1      0.2      0.3      0.2
----------------           ------  -------  -------  -------  -------  -------
Copper rod               '000 t       --       --       --       --       --
----------------           ------  -------  -------  -------  -------  -------

1 Excludes concentrate processed by third parties

2 Represents tolled materials provided via third parties


The decreased ore extraction in Q4 2007 and for the 12 months of 2007 was due to
the scheduled major stripping works at Kounrad mine, which are expected to
continue during 2008, though accompanied with intermittent ore extraction.
Shatyrkul and Sayak mines saw lower ore output during Q4 due to delays in ore
preparation works, caused by equipment issues similar to those in Zhezkazgan. It
is anticipated that this equipment will start arriving during H1 2008.

The average copper grade over the year rose to 1.05% compared to 0.81% in 2006.
This was principally due to the reduced output at the Kounrad mine, which has
the lowest grade in the region, thereby increasing the overall average for the
region.

Output of copper in concentrate increased by 12% from 7.8 thousand tonnes in Q3
2007 to 8.7 thousand tonnes in Q4 2007 mainly as a result of processing greater
volumes from the Nurkazgan mine in the Karaganda region. The annual copper in
concentrate production was 32.5 thousand tonnes, 25% lower than in 2006 and in
line with the decrease in ore output.

The Balkhash smelter processes concentrates not only from the Balkhash
concentrator but also from the concentrators in the East and Karaganda regions.
Copper cathode production from own concentrate of 42.6 thousand tonnes in Q4
2007 was in line with the third quarter output of 41.2 thousand tonnes due to
consistent concentrate output levels during Q3 and Q4 by the contributing
regions. Annual copper cathode production in 2007 from own material of 157.2
thousand tonnes was in line with 2006.

The new sulphuric acid plant is expected to start production in H2 2008.
Sulphuric acid and by products produced from sulphur oxide gases will be sold to
third parties. The plant's expected annual capacity is 1.2 million tonnes of
sulphuric acid. This facility will bring environmental improvements to the
Balkhash region.


Kazakhmys Copper Review by Region

East Region
------------------------   ------  -------  -------  -------  -------  -------
                                     12m      12m       Q4       Q3       Q4
                                    2007     2006     2007     2007     2006
------------------------   ------  -------  -------  -------  -------  -------
Ore extraction           '000 t    4,140    4,441    1,005      960    1,049
----------------           ------  -------  -------  -------  -------  -------
Average copper grade          %     2.84     2.83     3.16     3.07     3.00
----------------           ------  -------  -------  -------  -------  -------

Copper concentrate1      '000 t    506.2    534.5    147.4    127.4    135.2
----------------           ------  -------  -------  -------  -------  -------
Copper in concentrate    '000 t     95.9     98.7     27.8     24.4     24.6
----------------           ------  -------  -------  -------  -------  -------

Copper cathodes          '000 t       --       --       --       --       --
----------------           ------  -------  -------  -------  -------  -------
Copper rod               '000 t       --       --       --       --       --
----------------           ------  -------  -------  -------  -------  -------

1 Excludes concentrate processed by third parties


Ore extraction in Q4, at 1 million tonnes, was 5% higher than the previous
quarter benefiting from the increased production volumes at Artemyevsky and
Orlovsky mines as result of the improved situation with spare parts.

Ore extraction in the East region in 2007 was 7% lower than in 2006, primarily
due to the lower production volumes at several mines caused by issues of
equipment availability reported in Q3.

The average copper grade rose in Q4 2007, due to higher grade and output at
Artemyevsky mine and the increased production at Orlovsky, which had a grade of
over 5%. The average copper grade in 2007 was 2.84%, in line with 2006.

Production of copper in concentrate during Q4 increased by 14% compared to the
previous quarter to 27.8 thousand tonnes. This was the result of the increase in
both ore output and copper grade. The annual 2007 copper in concentrate output
was 95.9 thousand tonnes, 3% below the 98.7 thousand tonnes produced in 2006
reflecting the lower ore production.

The Nikolayevsky concentrator successfully underwent a planned upgrade during
2007 replacing the automation and filter equipment in the flotation section.
This expected to improve recovery rates from the complex ores.



Kazakhmys Copper Review by Region

Karaganda Region
------------------------   ------  -------  -------  -------  -------  -------
                                     12m      12m       Q4       Q3       Q4
                                    2007     2006     2007     2007     2006
------------------------   ------  -------  -------  -------  -------  -------
Ore extraction           '000 t    3,346    2,752      554      879      549
----------------           ------  -------  -------  -------  -------  -------
Average copper grade          %     2.21     2.59     1.94     2.06     4.46
----------------           ------  -------  -------  -------  -------  -------

Copper concentrate       '000 t    231.6    230.8     38.9     34.0     93.8
----------------           ------  -------  -------  -------  -------  -------
Copper in concentrate    '000 t     33.3     33.7      4.2      4.5     15.7
----------------           ------  -------  -------  -------  -------  -------

Copper cathodes          '000 t       --       --       --       --       --
----------------           ------  -------  -------  -------  -------  -------
Copper rod               '000 t       --       --       --       --       --
----------------           ------  -------  -------  -------  -------  -------


The Karaganda region's ore output decreased during Q4 by 37% compared to Q3
2007.  This was due to stripping works for 2008 production at the Kosmurun and
West Nurkazgan mines. Despite that, annual output increased by 22% from 2.8
million tonnes in the year 2006, to 3.3 million tonnes for the full year of
2007. The ramped up production at the Kosmurun and West Nurkazgan mines
contributed to the higher volumes of ore extracted, with output of 1.5 million
tonnes and 1.8 million tonnes in 2007, compared to 0.9 million tonnes and 1.7
million tonnes in 2006, respectively. This was partly offset by the gold-rich
Abyz mine, which produced 210 thousand tonnes in 2006, but was closed for
planned stripping works throughout 2007 and resumed production in January 2008.

The new mine at Akbastau, with a projected annual capacity of 1.0 million tonnes
per annum, underwent major stripping works in 2007 and started production in
January 2008. Akbastau is one of several small new projects which will offset
the decrease in output from mature mines and maintain existing production
levels. In 2008 it will offset the declining output from the mature Kosmurun
mine.

The reduction in the average copper grade from 2.59% in 2006 to 2.21% in 2007
was caused by the decrease in the copper grade contributed by the Kosmurun mine
from 5.53% in 2006 to 3.55% in 2007. The Q4 2007 average copper ore grade of
1.94% also decreased from the grade reported in Q3. This was again due to a
decrease in copper grades at Kosmurun mine where there was a change in the
geological profile from copper ores, towards complex copper-zinc ores with
higher zinc content. Average grades were also affected by the decline in grades
at the West Nurkazgan, which fell to 0.88% from 1.12% in the previous quarter,
due to geological conditions which led to higher ore dilution. This trend is
likely to continue during 2008.

The stockpile of 1.4 million tonnes of ore from the West Nurkazgan mine,
containing approximately 16.8 thousand tonnes of copper was build up during H2
2007. A portion of the Nurkazgan stockpiles was processed at the Balkhash
concentrator. The remainder 1.3 million tonnes of ore containing approximately
15.3 thousand tonnes of copper is being kept to process at the new Nurkazgan
concentrator. The concentrator saw a trial processing in Q4 2007 and it is
anticipated that the production will be ramped up in two phases over 2008.

Tests were carried out to improve copper recovery from complex copper-zinc ore
from Kosmurun and production is expected to increase in Q1. At the year end 271
thousand tonnes of this ore was held at the Karagaily concentrator, which will
be processed during 2008.



Gold Review

kazakhmys gold Production

----------------------  --------     -------  -------  -------    -------     -------  -------
                                       12m     12 m     6 m*         Q4         Q3*       Q4
                                      2007     2006     2007       2007        2007     2006         
----------------------  --------     -------  -------  -------    -------     -------  -------
Ore extraction               t       2,061    2,058    1,206        479         728      499
----------------        --------     -------  -------  -------    -------     -------  -------
Gold ore grade             g/t        1.48     1.29     1.52       1.38        1.52     1.27
----------------        --------     -------  -------  -------    -------     -------  -------

Gold in ore to pads     ktr.oz         103      102       63         26          37       17
----------------        --------     -------  -------  -------    -------     -------  -------
Gold precipitation      ktr.oz          52       56       33         16          17       13
----------------        --------     -------  -------  -------    -------     -------  -------

Gold dore production    ktr.oz          52       53       33         15          17       13
----------------        --------     -------  -------  -------    -------     -------  -------
Silver production       ktr.oz          44       44       21         12           9       10
----------------        --------     -------  -------  -------    -------     -------  -------

* Period from acquisition on 4th July 2007


The decrease in production during Q4 compared to Q3 figures is due to standard
seasonal changes. Production is carried out using heap leaching which slows down
in line with the decreases in temperature of the solution. The optimal
temperature for the leaching solution is 15 degrees, compared with a maximum
achieved during the winter season of 5-6 degrees. The weather during Q4 2007 was
milder than anticipated in the beginning of the year allowing production to lift
above expectations.

Q1 2008 production is expected to be below Q4 2007, reflecting the likelihood of
lower temperatures.  Annual production for 12 months in 2007 was 52 ktroz, of
which 33 ktroz is attributable to Kazakhmys, having purchased the assets in July
2007. This was slightly ahead of management expectations, set at the start of
the year and time of acquisition.

The licence to develop the central part of the major Bozymchak gold-copper
deposit has been extended to 2027, by the State Agency for Geology and Mineral
Resources of the Government of Kyrgyzstan. The Bozymchak deposit of gold, copper
and silver is located in the Alabuka region Jalalabad district, Kyrgyzstan.

An update on the substantial development projects at Kazakhmys Gold will be
given at the time of the 2007 Annual Results.


Petroleum Review

kazakhmys Petroleum


Having completed the re-analysis of the available existing data on the
exploration area, Kazakhmys Petroleum has started its shallow well drilling
programme on the Northern Elimessai (suprasalt) section. This is expected to
continue through to the end of H1 2008.

The main focus of the exploration activity is the Southern Akzhar (subsalt)
section. This will be the subject of a 3D seismic survey over most of 2008. The
results of the survey will be used to plan the location of future new deep
wells. Whilst the 3D seismic work is taking place, an existing deep well may be
re-opened in 2008 to validate the results of earlier drilling programmes.

Further updates on the exploration will be provided as news arises.


Kazakhmys Copper

Copper Mining
-------------------------              -------  -------    -------  --------    -------
Zhezkazgan complex                       12m      12m          Q4       Q3         Q4 
                                        2007     2006        2007     2007       2006
                                       -------  -------    -------  --------    -------

North                   ore ('000 t)   2,375    3,143        478       552        714
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    0.65     0.66       0.70      0.58       0.69
                                       -------  -------    -------  --------    -------
East                    ore ('000 t)   5,615    5,501      1,428     1,434      1,252
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    0.82     0.88       0.82      0.82       0.87
                                       -------  -------    -------  --------    -------
South                   ore ('000 t)   5,220    6,819        967     1,117      1,692
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    0.69     0.72       0.63      0.74       0.72
                                       -------  -------    -------  --------    -------
West                    ore ('000 t)   2,054    2,585        488       519        571
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    0.37     0.41       0.41      0.33       0.43
                                       -------  -------    -------  --------    -------
Stepnoy                 ore ('000 t)   2,849    3,200        746       655        732
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    0.80     0.79       0.86      0.73       0.74
                                       -------  -------    -------  --------    -------
Annensky                ore ('000 t)   3,360    4,225        873       838        760
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    1.03     1.10       0.98      1.06       1.16
                                       -------  -------    -------  --------    -------
Zhomart                 ore ('000 t)   2,882    2,203        771       672        834
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    1.27     1.16       1.23      1.26       1.26
                                       -------  -------    -------  --------    -------


Complex total           ore ('000 t)  24,355   27,676      5,751     5,787      6,555
-----------------                      -------  -------    -------  --------    -------
Complex average            grade (%)    0.82     0.82       0.83      0.81       0.84
-----------------                      -------  -------    -------  --------    -------
                          



                                       -------  -------    -------  --------    -------
Balkhash complex                         12m      12m         Q4        Q3         Q4 
                                        2007     2006       2007      2007       2006
                                       -------  -------    -------  --------    -------
Kounrad                 ore ('000 t)     404    2,267         41       184        379
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    0.30     0.35       0.48      0.25       0.44
                                       -------  -------    -------  --------    -------
Sayak I, III            ore ('000 t)   1,372    1,663        338       333        376
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    1.02     1.11       1.03      0.95       1.16
                                       -------  -------    -------  --------    -------
Shatyrkul               ore ('000 t)     351      441         40        99         78
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    2.05     2.03       2.01      1.69       2.21
                                       -------  -------    -------  --------    -------


Complex total           ore ('000 t)   2,127    4,371        419       616        833
-----------------                      -------  -------    -------  --------    -------
Complex average            grade (%)    1.05     0.81       1.07      0.86       0.93
-----------------                      -------  -------    -------  --------    -------



                                       -------  -------    -------  --------    -------
East region                              12m      12m         Q4        Q3         Q4 
                                        2007     2006       2007      2007       2006
                                       -------  -------    -------  --------    -------

Nikolayevsky            ore ('000 t)     532      578        111       146         65
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    1.75     1.47       1.93      1.66       2.06
                                       -------  -------    -------  --------    -------
Artemyevsky             ore ('000 t)   1,395    1,281        313       280        382
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    1.65     1.74       1.70      1.41       1.72
                                       -------  -------    -------  --------    -------
Irtyshsky               ore ('000 t)     390      449         95        92        102
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    1.39     1.26       1.45      1.47       1.39
                                       -------  -------    -------  --------    -------
Belousovsky             ore ('000 t)     163      246         54        36         69
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    0.85     1.00       0.83      0.93       1.14
                                       -------  -------    -------  --------    -------
Orlovsky                ore ('000 t)   1,231    1,542        326       286        339
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    5.24     4.69       5.74      6.00       5.17
                                       -------  -------    -------  --------    -------
Yubileyno-
Snegirikhinsky          ore ('000 t)     429      345        106       120         92
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    3.31     4.20       3.52      3.51       4.21
                                       -------  -------    -------  --------    -------

Region total            ore ('000 t)   4,140    4,441      1,005       960      1,049
-----------------                      -------  -------    -------  --------    -------
Region average             grade (%)    2.84     2.83       3.16      3.07       3.00
-----------------                      -------  -------    -------  --------    -------


                                       -------  -------    -------  --------    -------
Karaganda region                         12m      12m         Q4        Q3         Q4
                                        2007     2006       2007      2007       2006
                                       -------  -------    -------  --------    -------

West Nurkazgan          ore ('000 t)    1,842    1,670        263       473        165
-----------------                      -------  -------    -------  --------    -------
                           grade (%)     1.11     1.17       0.88      1.12       1.09
                                       -------  -------    -------  --------    -------
Akbastau                ore ('000 t)      40        -          -        40          -
-----------------                      -------  -------    -------  --------    -------
                           grade (%)    3.91        -          -      3.91          -
                                       -------  -------    -------  --------    -------
Kosmurun                ore ('000 t)    1,464      872        291       366        384
-----------------                      -------  -------    -------  --------    -------
                           grade (%)     3.55     5.53       2.90      3.08       5.91
                                       -------  -------    -------  --------    -------
Abyz                    ore ('000 t)        -      210          -         -          -
-----------------                      -------  -------    -------  --------    -------
                           grade (%)        -     1.67          -         -          -
                                       -------  -------    -------  --------    -------


Region total            ore ('000 t)    3,346    2,752        554       879        549
-----------------                      -------  -------    -------  --------    -------
Region average             grade (%)     2.21     2.59       1.94      2.06       4.46
-----------------                      -------  -------    -------  --------    -------

-----------------                      -------  -------    -------  --------    -------
Total                  ore ('000 t)    33,968   39,240      7,729     8,242      8,986
-----------------                      -------  -------    -------  --------    -------

Average                    grade (%)     1.22     1.17       1.22      1.21       1.32
-----------------                      -------  -------    -------  --------    -------



Copper processing
       -------------------------   -------   -------  -------  --------  -------
                                      12m       12m        Q4      Q3       Q4
                                                       2007
                                    2007      2006               2007     2006
       -------------------------   -------   -------  -------  --------  -------

Zhezkazgan complex
-----------------      ---------   -------   -------  -------  --------  -------
Copper concentrate    '000 t       491.1     541.1    122.9     121.0    128.8
-----------------     ---------    -------   -------  -------  --------  -------
Copper in          
concentrate           '000 t       178.6     199.3     42.9      42.6     49.6
-----------------     ---------    -------   -------  -------  --------  -------
Balkhash complex
-----------------      ---------   -------   -------  -------  --------  -------
Copper concentrate    '000 t       187.9     257.1     47.6      47.8     52.0
-----------------     ---------    -------   -------  -------  --------  -------
Copper in           
concentrate           '000 t        32.5      43.4      8.7       7.8      9.0
-----------------     ---------    -------   -------  -------  --------  -------
East region
-----------------      ---------   -------   -------  -------  --------  -------
Copper concentrate    '000 t       506.2     534.5    147.4     127.4    135.2
-----------------     ---------    -------   -------  -------  --------  -------
Copper in           
concentrate           '000 t        95.9      98.7     27.8      24.4     24.6
-----------------     ---------    -------   -------  -------  --------  -------
Karaganda region
-----------------      ---------   -------   -------  -------  --------  -------
Copper concentrate    '000 t       231.6     230.8     38.9      34.0     93.8
-----------------     ---------    -------   -------  -------  --------  -------
Copper in           
concentrate           '000 t        33.3      33.7      4.2       4.5     15.7
-----------------     ---------    -------   -------  -------  --------  -------
-----------------     ---------    -------   -------  -------  --------  -------
Total own processed
-----------------      ---------   -------   -------  -------  --------  -------
Copper concentrate    '000 t     1,416.8   1,563.5    356.8     330.2    409.8
-----------------     ---------    -------   -------  -------  --------  -------
Copper in           
concentrate           '000 t       340.3     375.1     83.6      79.3     98.9
-----------------     ---------    -------   -------  -------  --------  -------
-----------------     ---------    -------   -------  -------  --------  -------
Own ore processed by
third parties        
-----------------     ---------    -------   -------  -------  --------  -------
Copper concentrate    '000 t        28.9      32.8      4.1       4.1      3.2
-----------------     ---------    -------   -------  -------  --------  -------
Copper in           
concentrate           '000 t         7.6       8.1      1.1       1.0      0.8
-----------------     ---------    -------   -------  -------  --------  -------
-----------------     ---------    -------   -------  -------  --------  -------
Total own
-----------------      ---------   -------   -------  -------  --------  -------
Copper concentrate    '000 t     1,445.7   1,596.3    360.9     334.3      413
-----------------     ---------    -------   -------  -------  --------  -------
Copper in           
concentrate           '000 t       347.9     383.2     84.7      80.3     99.7
-----------------     ---------    -------   -------  -------  --------  -------


Purchased
concentrate           
-----------------
Copper concentrate    '000 t       152.5     214.2     41.3      38.8     73.8
-----------------     ---------    -------   -------  -------  --------  -------
Copper in             
concentrate           '000 t        42.0      50.3     12.1      11.3     19.8
-----------------     ---------    -------   -------  -------  --------  -------
Total copper in      
concentrate           '000 t       389.9     433.5     96.8      91.6    119.5
-----------------     ---------    -------   -------  -------  --------  -------




COPPER SMELTER / REFINERY - Copper CATHODES Production
-----------------   ---------   --------  --------  --------  --------  --------
                                   12m       12m        Q4        Q3        Q4
                                  2007      2006      2007      2007      2006
-----------------   ---------   --------  --------  --------  --------  --------

Zhezkazgan
smelter              
-----------------
Own concentrate     '000 t       183.7     214.9      49.0      44.7      55.2
-----------------   ---------   --------  --------  --------  --------  --------
Purchased           '000 t         3.8       6.2       0.1       0.0       1.0
concentrate         ---------   --------  --------  --------  --------  --------
-----------------
Sub - total         '000 t       187.5     221.1      49.1      44.7      56.2
-----------------   ---------   --------  --------  --------  --------  --------
Tolling             '000 t           -       0.7         -         -         -
-----------------   ---------   --------  --------  --------  --------  --------
Total including    
tolling             '000 t       187.5     221.8      49.1      44.7      56.2
-----------------   ---------   --------  --------  --------  --------  --------


Balkhash smelter
-----------------    ---------  --------  --------  --------  --------  --------
Own concentrate     '000 t       157.2     153.5      42.6      41.2      47.7
-----------------   ---------   --------  --------  --------  --------  --------
Purchased           '000 t        35.2      30.6      11.2       0.7       7.7
concentrate         ---------   --------  --------  --------  --------  --------
-----------------
Sub - total         '000 t       192.4     184.1      53.8      41.9      55.4
-----------------   ---------   --------  --------  --------  --------  --------
Tolling             '000 t         1.3       1.1       0.2       0.3       0.2
-----------------   ---------   --------  --------  --------  --------  --------
Total including     
tolling             '000 t       193.7     185.2      54.0      42.2      55.6
-----------------   ---------   --------  --------  --------  --------  --------

Grand total         '000 t       381.2     407.0     103.1      86.9     111.8
-----------------   ---------   --------  --------  --------  --------  --------





Kazakhmys Copper

By-products Mining, Processing and SMELTER / REFINERY
-----------------           ---------  --------    --------  --------  --------  --------
ZINC                                      12m         12m        Q4        Q3        Q4
                                         2007        2006      2007      2007      2006
-----------------          ---------   --------    --------  --------  --------  --------
East region
-----------------           ---------  --------    --------  --------  --------  --------
Nikolayevsky               grade (%)     3.07        2.48      2.74      3.37      3.69
-----------------                      --------    --------  --------  --------  --------
                           ---------
Artemyevsky                grade (%)     5.19        6.91      4.91      4.78      6.52
-----------------                      --------    --------  --------  --------  --------
                           ---------
Irtyshsky                  grade (%)     3.24        2.80      3.25      3.60      3.26
-----------------                      --------    --------  --------  --------  --------
                           ---------
Belousovsky                grade (%)     2.87        3.52      2.67      3.24      3.96
-----------------                      --------    --------  --------  --------  --------
                           ---------
Orlovsky                   grade (%)     4.60        3.72      5.03      4.93      3.06
-----------------                      --------    --------  --------  --------  --------
                           ---------
Yubileyno-Snegirikhinsky   grade (%)     3.27        3.05      3.56      3.09      3.45
-----------------                      --------    --------  --------  --------  --------


Region average             grade (%)     4.27        4.32      4.29      4.23      4.47
-----------------                      --------    --------  --------  --------  --------


Karaganda region
-----------------           ---------  --------    --------  --------  --------  --------
Kosmurun                   grade (%)     2.77           -      3.88      3.38         -
-----------------                      --------    --------  --------  --------  --------
                           ---------
Akbastau                   grade (%)     2.84           -         -      2.84         -
-----------------                      --------    --------  --------  --------  --------
                           ---------
Abyz                       grade (%)        -        3.47         -         -         -
-----------------                      --------    --------  --------  --------  --------

-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (%)     2.77        3.47      3.87      3.32         -
-----------------                      --------    --------  --------  --------  --------

-----------------          ---------   --------    --------  --------  --------  --------
Overall average            grade (%)     3.87        4.28      4.19      3.96      4.47
-----------------                      --------    --------  --------  --------  --------

-----------------          ---------   --------    --------  --------  --------  --------
Zinc in concentrate        ('000 t)     132.8       129.1      31.6      30.0      22.0
-----------------          ---------   --------    --------  --------  --------  --------
Zinc metal                 ('000 t)      45.2        59.5      12.1       5.7      13.6
-----------------          ---------   --------    --------  --------  --------  --------



                                       --------    --------  --------  --------  --------
SILVER                                    12m        12m         Q4        Q3        Q4
                                         2007       2006       2007      2007      2006
                                       --------    --------  --------  --------  --------
Zhezkazgan complex
-----------------           ---------  --------    --------  --------  --------  --------
North                      grade (g/t)   8.25        7.36      8.79      6.81      8.86
-----------------           ---------  --------    --------  --------  --------  --------
East                       grade (g/t)  16.82       19.29     16.22     16.96     18.92
-----------------           ---------  --------    --------  --------  --------  --------
South                      grade (g/t)  16.86       14.08     14.48     17.16     17.95
-----------------           ---------  --------    --------  --------  --------  --------
West                       grade (g/t)  11.11       14.26     11.71     10.92     15.56
-----------------           ---------  --------    --------  --------  --------  --------
Stepnoy                    grade (g/t)  11.81       16.58     12.61     10.44     14.37
-----------------           ---------  --------    --------  --------  --------  --------
Annensky                   grade (g/t)  21.86       23.75     16.66     19.91     31.71
-----------------           ---------  --------    --------  --------  --------  --------
Zhomart                    grade (g/t)   8.15        5.78      6.86      7.66      6.92
-----------------           ---------  --------    --------  --------  --------  --------

-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (g/t)   14.6        15.5     13.27     14.09     16.73
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Balkhash complex
-----------------          ---------   --------    --------  --------  --------  --------
Kounrad                    grade (g/t)   0.86        1.81      0.07      1.10      1.50
-----------------          ---------   --------    --------  --------  --------  --------
Sayak I, III               grade (g/t)   5.22        6.12      5.17      4.81      6.04
-----------------          ---------   --------    --------  --------  --------  --------
Shatyrkul                  grade (g/t)   1.71        2.59      1.49      1.40      2.70
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (g/t)   3.82        3.53      4.32      3.15      3.66
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
East region
-----------------           ---------  --------    --------  --------  --------  --------
Nikolayevsky               grade (g/t)  38.60       24.50     50.37     46.06     33.90
-----------------          ---------   --------    --------  --------  --------  --------
Artemyevsky                grade (g/t)  95.99      143.23     69.00     88.69    140.20
-----------------          ---------   --------    --------  --------  --------  --------
Irtyshsky                  grade (g/t)  53.66       44.10     52.73     55.86     51.48
-----------------          ---------   --------    --------  --------  --------  --------
Belousovsky                grade (g/t)  47.89       52.60     47.95     57.59     55.31
-----------------          ---------   --------    --------  --------  --------  --------
Orlovsky                   grade (g/t)  55.90       52.35     56.22     58.79     47.71
-----------------          ---------   --------    --------  --------  --------  --------
Yubileyno-Snegirikhinsky   grade (g/t)  49.23       37.42     58.37     51.92     34.89
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (g/t)  65.97       72.98     58.99     64.39     80.30
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Karaganda region
-----------------           ---------  --------    --------  --------  --------  --------
Nurkazgan                  grade (g/t)   2.77        3.71      2.84      3.04      2.24
-----------------          ---------   --------    --------  --------  --------  --------
Akbastau                   grade (g/t)  33.43           -         -     33.43         -
-----------------          ---------   --------    --------  --------  --------  --------
Kosmurun                   grade (g/t)  36.72       31.97     55.34     40.77     33.64
-----------------          ---------   --------    --------  --------  --------  --------
Abyz                       grade (g/t)      -       47.88         -         -         -
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (g/t)  17.99       16.04     30.42     20.13     24.20
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Overall average            grade (g/t)  20.52       20.69     19.97     19.79     23.39
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Silver in concentrate      ('000 oz)   18,147      20,549     4,382     4,373     6,288
-----------------          ---------   --------    --------  --------  --------  --------
own concentrate            ('000 oz)   14,088      15,792     3,236     3,257     4,210
-----------------          ---------   --------    --------  --------  --------  --------
purchased concentrate      ('000 oz)    4,059       4,757     1,146     1,116     2,078
-----------------          ---------   --------    --------  --------  --------  --------
Silver metal1              ('000 oz)   18,985      21,530     4,154     4,726     5,576
-----------------          ---------   --------    --------  --------  --------  --------
                           


                                       --------    --------  --------  --------  --------
GOLD                                      12m         12m        Q4        Q3        Q4
                                         2007        2006      2007      2007      2006
-----------------          ---------   --------    --------  --------  --------  --------
Balkhash complex
-----------------           ---------  --------    --------  --------  --------  --------
Sayak I, III               grade (g/t)   0.34        0.27      0.52      0.29      0.27
-----------------          ---------   --------    --------  --------  --------  --------
Shatyrkul                  grade (g/t)   0.30        0.31      0.38      0.28      0.32
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (g/t)   0.33        0.28      0.50      0.29      0.28
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
East region
-----------------           ---------  --------    --------  --------  --------  --------
Nikolayevsky               grade (g/t)   0.71        0.26      0.68      0.94      0.31
-----------------          ---------   --------    --------  --------  --------  --------
Artemyevsky                grade (g/t)   1.28        1.66      0.79      1.25      1.62
-----------------          ---------   --------    --------  --------  --------  --------
Irtyshsky                  grade (g/t)   0.37        0.31      0.39      0.40      0.37
-----------------          ---------   --------    --------  --------  --------  --------
Belousovsky                grade (g/t)   0.46        0.50      0.47      0.43      0.51
-----------------          ---------   --------    --------  --------  --------  --------
Orlovsky                   grade (g/t)   0.59        0.58      0.63      0.57      0.59
-----------------          ---------   --------    --------  --------  --------  --------
Yubileyno-Snegirikhinsky   grade (g/t)   0.70        0.57      0.73      0.84      0.49
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (g/t)   0.83        0.82      0.67      0.84      0.91
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Karaganda region
-----------------           ---------  --------    --------  --------  --------  --------
Nurkazgan                  grade (g/t)   0.32        0.31      0.32      0.34      0.22
-----------------          ---------   --------    --------  --------  --------  --------
Akbastau                   grade (g/t)   1.80           -         -      1.80         -
-----------------          ---------   --------    --------  --------  --------  --------
Kosmurun                   grade (g/t)   2.46        1.87      4.52      2.65      1.72
-----------------          ---------   --------    --------  --------  --------  --------
Abyz                       grade (g/t)      -        3.67         -         -         -
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Region average             grade (g/t)   1.27        1.06      2.53      1.37      1.27
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Overall average            grade (g/t)   0.89        0.77      1.17      0.94      0.87
-----------------          ---------   --------    --------  --------  --------  --------
-----------------          ---------   --------    --------  --------  --------  --------
Gold in concentrate        ('000 oz)    116.4       111.4      47.4      27.8      43.6
-----------------          ---------   --------    --------  --------  --------  --------
own concentrate            ('000 oz)     80.8        72.5      24.6      17.1      21.5
-----------------          ---------   --------    --------  --------  --------  --------
purchased concentrate       ('000 oz)     35.6        38.9      22.8      10.7      22.1
-----------------          ---------   --------    --------  --------  --------  --------
Gold output1               ('000 oz)    113.4       106.9      32.2      29.8      27.7
-----------------          ---------   --------    --------  --------  --------  --------

1 Includes slimes from purchased concentrate




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