Reuters reported that, Kazakh copper producer Kazakhmys may cut copper output next year due to lower projected spending arising from global financial instability.

Mr John Smelt Kazakhmys spokesman said that "If we reduce our expenditures we will probably produce slightly less in 2009." where the London listed Kazakh Company is based. He said that "it has been running at about USD 500 million to USD 600 million a year and some of that is discretionary, and that's likely to be reduced. He added that it was reviewing its activities to take market volatility into account, marginal operations were being assessed for temporary closure during the period of price weakness.”

Mr Oleg Novachuk CEO of Kazakhmys said that "We are clearly in a challenging and volatile environment and we are reviewing our operations and capital expenditure to reflect current market conditions."

Kazakhmys said that its cathode production from its own material increased to 92,000 tonnes in the Q3 of this year from 82,000 tonnes in the Q2. It said that the increase brought production for the first 9th months of 2008 to 249,000 tonnes, adding that this was in line with the corresponding period of 2007.

Kazakhmys said in a statement that it would keep its previous cathode production guidance for 2008 unchanged, adding that output was likely to stay in line with that of 2007, when Kazakhmys produced 341,000 tonnes of copper cathode.

The Company said that demand for copper products has remained firm throughout the year in spite of financial market turbulence."