Central Asia Metals (CAML:AIM)
Q4 2016 and full year production update for the Kounrad dump leach, SX-EW copper recovery plant in Kazakhstan was 3,010 tonnes of copper cathode; total production for 2016 was 14,020 tonnes, a 16% increase on 2015. Copper cathode sales for the year ending 31 December 2016 were 13,938 tonnes which was a 16% increase on 2015. Cash position as of 31 December 2016 was US$40 million.
Production guidance for 2017 is between 13,000-14,000 tonnes of copper cathode from Kounrad. The Eastern dumps will provide the majority of the copper production with the Western Dumps providing an increasing amount of overall copper production from Q2 2017 onwards. The Stage 2 Expansion of the Western Dumps is materially complete with total capital costs expected to be 30% below the original budget of US$19.5 million.
The Copper Bay definitive feasibility study (DFS) was completed at the end of Q4 2016 and is being reviewed by management. Results will be announced in due course.
Nick Clarke, Executive Chairman, commented:
“In an improved copper price environment and with all major capital at Kounrad expended, we are optimistic about the future. Our objective of continuing to deliver value to shareholders through our industry leading dividend policy remains firmly in place. Our 2016 annual results are scheduled to be released on 4 April 2017, when our final dividend for 2016 will also be announced.”
About Central Asia Metals
CAML is a dividend-paying, base-metal producer with operating assets in Kazakhstan and, most recently, Macedonia. The company’s primary focus is a low-cost, copper dump treatment operation associated with the Kounrad copper mine in Kazakhstan, from which it has produced copper metal since 2012.Elsewhere in Kazakhstan, the company is exploring a copper and gold prospect at Shuak.
The company completed an IPO on AIM in 2010, raising gross proceeds of US$60m (net proceeds of £35m), all of which and more has been returned to shareholders through dividends. CAML’s corporate headquarters are in London, with operational management in Balkhash, Kazakhstan.
Central Asia Metals record annual copper production and sales in 2016 : CAML