Kazakhmys Plc of 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% to 1,194 pence, the highest level since August 3 by the close of trading. It produced 300,500 tonnes of copper in 2011 against a goal of 300,000 tonnes.

Mr Oleg Novachuk CEO of Kazakhmys said that “We anticipate maintaining similar levels of copper output in 2012. Our sales contracts for the coming year have all been completed, reflecting continued strong demand for copper.”

Mr Novachuk said that Kazakhmys, developing the Bozshakol and Aktogay mines plans to boost annual output by two thirds to 500,000 tonnes in 2015. The company will provide details on progress in the USD 6 billion growth and investment program when it announces its full year results on March 1st 2012.

Mr Ash Lazenby an analyst at Liberum Capital Limited said that encouragingly, the company expects demand to remain strong, underpinning prices into 2012. 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 tonnes in 2011 from 303,300 tonnes. Production of zinc in concentrate, an intermediate product shipped to refineries, declined 17% to 139,600 tonnes while silver output fell 7% to 13,115 ounces.

(Sourced from Bloomberg.net)