LONDON(BullionStreet): Kazakhmys PLC announced achieving production targets last year with silver production exceeded guidance at 12,643 koz due to a higher-than-anticipated grade.

The London based company in a statement said gold production last year hit 129,000 oz as the company have met production targets for the fifth consecutive year.

The company, which is the largest copper producer in Kazakhstan and one of the biggest worldwide, said copper cathode production from own concentrate totalled 292.2 thousand tonnes (kt) last year, 2.0% below 2011 which benefited from a release of work in progress, but in line with guidance of 285-295kt.

Oleg Novachuk, Chief Executive Officer, said: "We have met our production targets for the fifth consecutive year, and I would like to thank all of my colleagues for helping us to achieve this exceptional result. Copper production in 2013 should remain at a similar level to 2012 and annual sales contracts for the year have already been signed. I look forward to giving further updates on 2013 and in particular the progress on our major growth projects, Bozshakol and Aktogay, at our results on 28 February."