Sectorial ranking 2015 Ranking 2014 Ranking Company Sector Revenue, mln USD Revenue, mln KZT Net profit, mln KZT Assets at the beginning of the year, mln KZT Assets at the end of the year, mln KZT Equity at the beginning of the year, mln KZT Equity at the end of the year, mln KZT ROS, % ROA, % ROE, %15 4 ERG Ferrous and non-ferrous 4,561.4 817,36228 9 Kazzinc metallurgy 2,501.6 448,255 540 922,378 1,127,030 741,454 848,563 0.12 0.05 0.07 Non-ferrous metallurgy39 Kazakhmys Corporation Non-ferrous metallurgy 2,177.7 390,222 -32 1,091,710 459,070 934,828 292,085 -0.01 0.00 -0.014 10 10 ArcelorMittal Temirtau Ferrous metallurgy 2,129.1 381,517 -7,950 452,120 541,494 321,795 365,038 -2.08 -1.60 -2.315 12 11 Kazatomprom Uranium industry 1,801.1 322,745 17,329 603,747 665,997 406,791 418,753 5.37 2.73 4.206 24 8 KAZ Minerals PLC Non-ferrous metallurgy 846.0 151,595 -423,247 1,544,439 1,024,608 756,361 377,016 -279.20 -32.95 -74.697 45 57 Kazfosfat Chemical industry 391.6 70,176 4,294 70,411 70,293 31,186 33,507 6.12 6.10 13.288 48 47 KATCO Kazakh-French JV Uranium industry 349.5 62,634 16,057 105,572 112,759 87,120 91,370 25.64 14.71 17.999 51 58 Bogatyr Komir Coal mining 341.0 61,111 14,474 53,090 58,385 27,924 30,668 23.68 25.97 49.4010 54 64 Aktobe Copper Company Non-ferrous metallurgy 333.6 59,781 5,231 62,401 75,114 7,167 12,398 8.75 7.61 53.4711 61 69 Betpak-Dala JV Uranium industry 294.9 52,837 20,882 49,710 53,898 43,543 49,573 39.52 40.31 44.8512 81 Kazakhmys Smelting Metalworking 217.3 38,93013 90 81 Karatau Uranium industry 192.0 34,413 8,721 40,956 34,214 17,289 17,705 25.34 23.20 49.8514 97 117 Inkai JV Uranium industry 183.2 32,827 7,869 78,346 94,512 37,009 49,344 23.97 9.10 18.2215 134 126 Copper Technology Non-ferrous metallurgy 134.7 24,135 5,401 31,089 33,881 8,103 13,504 22.38 16.63 49.9916 136 182 Baiken-U Uranium mining 133.1 23,855 2,160 45,204 47,497 18,002 20,163 9.06 4.66 11.3217 143 129 Aktobe Chromium Compounds Plant Non-ferrous metallurgy 127.5 22,849 -739 19,515 19,382 7,351 6,538 -3.23 -3.80 -10.6418 145 139 Karazhyra Ltd Coal mining 125.4 22,472 2,831 5,831 6,839 4,477 5,051 12.60 44.69 59.4319 148 124 Akbastau JV Uranium industry 122.1 21,886 7,992 35,242 32,074 25,888 29,421 36.52 23.75 28.9020 150 98 Varvarinskoe Gold mining 119.4 21,400 -912 30,986 38,139 3,874 529 -4.26 -2.64 -41.4121 157 184 Voskhod Chrome Concentration of minerals 112.3 20,12022 178 152 Alel Financial and Investment Corporation Gold mining 98.3 17,618 3,464 39,348 40,328 23,350 26,814 19.66 8.70 13.8123 187 138 Kazakhaltyn Gold mining 94.5 16,927 -12,477 32,667 38,104 -25,116 -37,593 -73.71 -35.26 39.7924 194 145 Ust-Kamenogorsk Titanium-Magnesium Non-ferrous metallurgy 91.3 16,361 229 43,177 52,793 16,792 17,002 1.40 0.48 1.36 Plant25 215 300 Stepnogorsk Mining and Chemical Complex Uranium industry 82.2 14,733 774 12,778 15,524 4,580 4,940 5.26 5.47 16.2726 226 231 Kyzylkum Uranium mining 78.2 14,007 -1,982 39,569 44,135 16,177 14,172 -14.15 -4.74 -13.0627 256 254 Kounrad Copper Company Copper mining 69.1 12,38028 272 183 Zarechnoe JV Uranium industry 65.2 11,676 -2,808 21,562 20,972 3,930 13,862 -24.05 -13.20 -31.5729 275 381 Gamma Coal mining 63.8 11,438 285 12,410 10,836 5,692 5,961 2.49 2.45 4.8930 278 246 Kostanay Minerals Mining of non-metallic minerals 63.1 11,301 169 12,783 12,803 6,801 6,963 1.49 1.32 2.4531 304 295 Nova Zinc Non-ferrous metallurgy 57.3 10,274 1,707 8,806 10,639 7,982 9,669 16.61 17.56 19.3432 306 272 Yubileynoye Gold mining 57.0 10,214 2,635 9,878 12,095 6,414 7,859 25.80 23.99 36.9333 318 283 Vostok-Oriel Chromite mining 53.5 9,59034 319 216 SAT & Company Holding 53.5 9,587 -18,361 93,180 75,853 33,891 15,531 -191.51 -21.72 -74.3035 337 319 Bapy Mining Iron ore mining 49.4 8,853 700 9,458 12,556 -76 468 7.90 6.36 357.0336 370 370 SKZ-U Chemical industry 42.9 7,691 -917 26,920 25,622 7,820 6,903 -11.92 -3.49 -12.4537 373 Orion Minerals Gold mining 42.6 7,638 -96 11,726 11,639 8,145 8,049 -1.26 -0.82 -1.1938 387 310 AK Altynalmas Gold mining 40.9 7,336 -5,698 39,089 52,612 7,747 2,017 -77.68 -12.43 -116.7139 399 Kazpolymetal Field development 39.3 7,05040 400 Lad-Komir Coal mining 39.3 7,04041 431 Angrensor Energo Bituminous coal mining 35.9 6,43042 438 401 Vostochnoe Rudoupravlenie Barite mining 35.0 6,27043 455 484 Mining and Minerals Technologies Development of mineral 32.5 5,830 depositsCONTENT 49
N B 5 0 0 R A N KI N G | MI N I N G & M E TALSFigure 2. Zinc. LME price dynamics, $ per ton increase annual copper production2,479 to 300,000 tons, with the new sites accounting for 80% of output.2,303 In November 2015, KAZ Minerals produced the first batch of copper2,127 cathode at its Aktogai field. By June, the oxidized ore processing facility1,951 will reach its annual capacity of 15,0001,775 tons. Production of copper concentrate will begin in 2017. To achieve better1,599 2015 liquidity during the investment periods, a payment of $300 mln to Non1,423 2014 Ferrous China, the main contractor,jan. mar. may jul. sep. nov. jan. mar. may jul. sep. nov. was delayed. The company plans to pay the cost of the Aktogai field in 2018. The total project budget is $2.3 bn, and Bozshakol costs $2.2 bn: the companyclimate. Since the beginning of 2015, Since the beginning of expects to increase production in 2016LME prices have fallen by 26% to about 2015 LME copper price and reach the maximum capacity$4,500 per ton. Over the past year, the have fallen 26%. of 115,000 tons of copper cathodedecline has reached 15.4% with the equivalent in 2018.average price down by 6%. bn, or about 77% of its output. The company plans to produce 300 tons The success of the projects depends For Kazakhmys PLC, Kazakhstan’s of silver (11.5%) and about 2.5 tons on China, as Chinese customerscopper giant, the most important event of gold (almost 4%). With annual account for a substantial part of KAZof 2014 was the group’s reorganization revenues of KZT 151.6 bn in 2014, Minerals’ revenue. However, China’sinto two divisions. The public company KAZ Minerals finished in sixth place, imports have been falling for the pastchanged its name to KAZ Minerals Plc but its revenues are bound to grow several years. In 11 months of 2015,and was given production facilities in considerably. By 2018, Bozshakol and China imported 4.2% less copper, butEast Kazakhstan and the Bozymchak Aktogai will allow the company to 9.4% more copper concentrate. Themine in Kyrgyzstan, as well as major weakening demand and increasingexpansion projects - Bozshakol, production inside China could causeAktogai and the Koksai field - that problems for the Kazakh company,were purchased in April 2014. The forcing it to cut production or to lookfacilities at the Karaganda, Zhezkazgan for new markets. Yet Oleg Novachuk,and Balkhash production sites, whichare unlikely to ever regain sufficientprofitability, were transferred to a Figure 3. Copper. LME price dynamics, $ per tonprivate company that kept the nameKazakhmys. By separating the assets, 7,655the shareholders have ditched thedeadweight from the public company,i.e. the excessively high load on the 6,970ongoing large investment projects. Asa reminder, Kazakhmys previously 6,285raised nearly $4 bn in loans from ChinaDevelopment Bank and the Samruk- 5,600Kazyna sovereign wealth fund.Kazakhmys Corporation’s revenuein 2014 totaled KZT 390.2 bn, putting 4,915it in third place in the NB500 industryranking. This year, the company 4,230 2014 2015expects to produce 200,000 tons ofcathode copper worth more than $1 jan. mar. may jul. sep. nov. jan. mar. may jul. sep. nov.5 0 National Business, №11 (20) 2015 CONTENT
Chairman of the Executive Board at Figure 3. Copper. LME price dynamics, $ per ton Construction 30%KAZ Minerals, strongly believes thatChina’s copper consumption will grow Consumerrapidly in the medium term. According and generalto him, China has recently decidedto build a railway, a highway and a 28% purpose goodsnatural gas pipeline through Pakistanto a seaport in the Persian Gulf. And Vehicles Electrical networks 19%because hauling copper from the centerof the country to its western regions 12%would be expensive, Kazakhstan maywell become the main supplier of the Industrialraw materials. machineryLean times 11% and equipment Although 2014 was a tough year For the first time since tons. In fact, the WSA already says thatfor the ferrous metals industry, 1995, China’s demand European steel manufacturers shouldArcelorMittal Temirtau (AMT) posted for steel declined, cut production to survive the crisis.a year-over-year revenue growth figure falling to 710 million According to the WSA, productionof 25.2%. Net losses amounted to tons (3.3% down). capacity should be scaled back by 50%KZT 7.95 bn. Crude steel production over the next 15 years.increased by 16.7% to 3.5 mln tons, steel in 2014 declined for the first timeiron by 23% to 3.2 mln tons, and rolled since 1995, falling 3.3% to 710 mln With today’s global challengesproducts by 24% to 3.1 mln tons. The tons. It is expected that it will decrease and volatile commodity prices,company plans to further increase its by a further 0.5% in 2015 and remain in ArcelorMittal Temirtau faces a numberoutput and produce 3.7 mln tons of steel the range of 700-720 mln tons per year of internal problems, such as regularby the end of 2015. Production plans for the next 5 years. Global demand strikes by miners and metalworkers.for 2016 and 2017 are 3.9 mln tons for steel in 2015 is expected to remain According to the company’s seniorand 4.1 mln tons respectively. Clearly, unchanged at approximately 1.54 bn management, AMT had to cut 700the company’s goals have become less positions in 2014. By the end of 2015,ambitious: back in 2010, AMT said its over 500 employees of the steel divisionannual steel production would be 6 will have agreed to a voluntary layoff.mln tons in 2015 and eventually reach In 2016, the company will cut its payroll10 mln tons. costs by more than KZT 4 bn. The plant produces nearly 70% Table 3. Production and consumption of steel, mln tonsof all sheet metal and approximately40% of all steel bars and rods made in Geography Production 2014 Consumption 2014Kazakhstan. Iran is the primary foreign 2012 2013 169.2 2012 2013 138buyer of the company’s steel products. EU 162.9 160.4Metal sales to Iran resumed in 2014 and Europe without EU 140 135amounted to 981,000 tons, with the countriesexpectation that it will reach 1.1 mln CIS 38.7 37.6 36.2 35 37 38tons in 2015. ArcelorMittal Temirtau’s NAFTAexports to China in 2008 were on a Central and South 82.1 80.4 105.1 57 59 61similar scale. Yet as a result of today’s America 118.6 116 119.9 132 132 136low steel prices in China, exports to Africathat country fell to 26,000 tons in 2014 Middle East 46.1 45.9 45.2 47 49 51and 25,000 tons in 2015. Asia and Oceania Total 15.2 15.8 15.6 27 28 30 Moreover, China’s downward China 22.1 23.4 28.1 49 49 53pressure on prices continues: The whole world 989.4 1043.3 1116.3 943 986 1016excess capacity is pushing Chinese without China 1480.9 1528.4 1637 1430 1475 1523manufacturers to export large volumes 731 822 822.7 660 700 721of products. According to the World Source: World Steel AssociationSteel Association, China’s demand for 749.9 706.4 814.3 770 775 803CONTENT 51
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