Kazakhstan to boost gold, steel output by 2015

June 30, 2011

Kazakhstan plans to boost gold production to more than 70 tonnes by 2015 from an expected 20 tonnes this year, said President Nursultan Nazarbayev.

“By 2015 we can achieve gold production of more than 70 tonnes and become one of the world’s larger producers of the metal,” he told an international conference.

Kazakhstan, a country five times the size of France, holds approximately 4 percent of world gold reserves and ranks seventh in the world in terms of reserves.

In 2010 and beyond, Kazakh gold production will be boosted by the May launch of a $700 million processing plant at the Vasilkovka mining complex in northern Kazakhstan – the largest gold deposit in the Central Asian state.

The plant, operated by Kazzinc, the Kazakh miner controlled by commodities trader Glencore , is expected to help Kazakhstan boost gold output by up to 75 percent to 35 tonnes in 2011.

Nazarbayev also said production of steel, dominated in the country by ArcelorMittal’s  unit, was forecast to reach 10 million tonnes by 2015, while ferrochrome should reach 440,000 tonnes.

Kazakhstan’s Eurasian Natural Resources Corporation (ENRC)   is the world’s largest producer of ferrochrome, a component of stainless steel used to prevent corrosion.

Source: Reuters.com
Sector: Economy
Date: 30 June 2011