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Our Business Model
Access to the essential inputs required for the mining and processing of copper is the source of KAZ Minerals’ competitive advantage. This foundation enables us to deliver long-term value to our stakeholders.
Our business activities
Development
We seek to develop copper assets in Kazakhstan and Kyrgyzstan, unlocking long-term value through resource-rich projects.
- Mineral Resources (measured and indicated): 2,959 Mt (2023: 3,033 Mt)
- Average copper grade: 0.35% (2023: 0.35%)
Production
The Group operates seven copper concentrators with a combined sulphide ore processing capacity of over 90 Mtpa. In 2024, we also placed 11 Mt of oxide ore onto heap leach pads.
- Sulphide ore processed: 97 Mt (2023: 91 Mt)
- Copper grade in sulphide ore: 0.46% (2023: 0.51%)
- Copper production: 380 kt (2023: 403 kt)
Our key inputs
Natural resources
We have access to 2,959 Mt of measured and indicated Mineral Resources, with an average copper grade of 0.35%. These resources also contain valuable by-products including gold, silver, molybdenum, and zinc.
Power
Operations in Kazakhstan benefit from competitive power tariffs, allowing us to run large scale facilities at low cost.
Water
We draw on readily available groundwater and surface water sources. Our modern plants are designed to be efficient in their water consumption.
Transport
Our operations are integrated with national rail networks, enabling efficient delivery of products to customers in China and Europe.
Labour
We employ more than 14,000 people, and benefit from a highly skilled mining workforce in Kazakhstan.
Finance
KAZ Minerals maintains a portfolio of debt facilities sourced from multiple jurisdictions to support ongoing investment and development.
Low-cost operations
In 2024, the Group’s net cash cost was 112 USc/lb, placing us among the most cost-efficient copper producers globally.
Sales
Delivering value for our stakeholders
Customers
We supply copper to customers in China and Europe for use in power and transport infrastructure, housing, clean energy, and consumer goods.
Suppliers
We prioritise local sourcing and expect all suppliers to meet our Supplier Charter standards.
Governments
We are a major contributor to the economies of Kazakhstan and Kyrgyzstan. Our tax contributions support public services and infrastructure.
Lenders
We maintain strong relationships with financial institutions to fund strategic, value-accretive projects.
Employees
We invest in professional development and uphold equality of opportunity.
Local communities
We create jobs and business opportunities, support social projects, and engage local communities to share the benefits of resource development.
Shareholders
We aim to deliver long-term shareholder value by developing and operating large scale, low cost copper mines with long lifespans that perform across commodity cycles.
How we run our business
Safety and health
Safety is our highest priority. We are working toward Goal Zero—no safety incidents across our business.
Environment
We aim to minimise our environmental impact and report all material impacts in our Sustainability Report.
Local communities
We operate responsibly and are committed to ensuring local communities benefit from natural resource development.
Employees
We respect the right to freedom of association and maintain regular consultation with employees and their trade unions.
Risk management
We closely monitor and manage risks across all areas of our operations.
Corporate governance
We adhere to high standards of corporate governance and transparency.