Frontier Mining Ltd., owner of a copper project in Kazakhstan, rose the most in three months in London trading after saying it began mining operations.
Frontier gained as much as 17 percent, the biggest intraday gain since Jan. 19. It has stockpiled about 25,000 metric tons of copper ore at the Benkala project in northwest Kazakhstan, the company said in a statement today.
“Mining operations have now commenced with mining occurring on an on-going daily basis at a rate of 1,500 tons per day of ore, which will ramp up to 8,000 tons per day as normal operations are established,” the company said.
Frontier, seeking to produce 3,500 tons to 5,000 tons of copper this year, will begin output at the mine in June, it said. It plans annual production of 20,000 tons in 2014, Chief Executive Officer Erlan Sagadiev said in an interview in March.
It rose 0.8 pence to 5.45 pence by 12:20 p.m. in London.