OREANDA-NEWS. March 09, 2011. Kazakhmys Group has published the Trading and financial results for twelve months of 2010 excluding contribution from ENRC PLC, in which Kazakhmys holds a 26% shareholding. An additional notice including this share will be released on 29 March 2011, reported the press-centre of KASE.

Segmental EBITDA for 2010 (excluding special items and 26% share of associate ENRC) increased by 60% compared to 2009 and amounted to USD 1,932 million, due to the recovery of prices in the metals world market and strict control by the Company of its operating expenses. Significant increase of copper prices resulted from the steady demand for metals in 2010. Copper price in the end of 2010 was USD 9,740 (the average price of one tonne of copper at LME.

Kazakhmys Group net debt decreased from USD 689 million as of 31 December 2009 to USD 350 million as of 31 December 2010 due to funds received from operating activities. All of the Group's businesses' production was in line or ahead of 2010 target. Thus, copper cathode equivalent production from own concentrate amounted to 303 thousand tonnes. Silver production amounted to 14,093 thousand oz, gold - 127 thousand oz. Compared to the results for 2009, zinc concentrate production increased by 12% and amounted to 167 thousand tons.

Ekibastuz GRES-1 showed excellent production performance facilitated by an increase in power demand from industrial customers. In 2010 net generation of electric power by Ekibastuz GRES-1 increased 14% and amounted to 11,065 GWh compared to 2009. The money earned was directed to the acceleration of implementation of the enterprise investment program on modernization of the major and auxiliary equipment, as well as restoration of the installed capacity of 4,000 MW by 2016 through rehabilitation of three non-operational power-generating units.

The Company enforces its exploration in Kazakhstan and continues to actively develop the Aktogai and Bozshakol deposits. Drilling operations are underway at Bozshakol deposit. Drilling will be finished in the first half of 2011, and the release of the feasibility study is planned for the fourth quarter of 2011.