Central Asia Metals (CAML) reports H1 2017 copper production from its Kounrad dump leach copper recovery plant in Kazakhstan up 2% year-on-year to 7,027 t. Sales were 6,870 t, an 8% increase on H1 2016.
In April 2017, the company began irrigating the Western Dumps and, during Q2 2017, approximately 1,300 t of copper cathode were recovered. CAML is guiding copper production of between 13,000 t and 14,000 t for 2017 as a whole.
At the 80%-owned Shuak exploration property, the joint venture partners have been undertaking geological mapping and are nearing completion of a TEM-FAST geophysics programme, which has been designed primarily to ascertain the depth and extent of the saprolite weathering horizon. In addition, the partners have commenced the 2017 drilling programme.
As at 30 June, the company had cash of US$41.7m and no debt.
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, and at the new mine site in Macedonia.
Central Asia H1 copper output increased with first production from Western Dumps: CAML