Central Asia Metals plc (AIM: CAML) is on course to achieve copper production at the upper end of its 13,000t-14,000t guidance range from its Kounrad operation for 2017 after producing 3,842t in Q3. This takes the total for the year to date to 10,869t.
Since starting irrigation of the Western Dumps in April 2017, the company has recovered 3,480t from the new area, with 2,179t recovered in Q3, accounting for 46% of total production.
Elsewhere in Kazakhstan, CAML is nearing completion of its 2017 Shuak drilling programme, with the 17,500m core hydrotransport (CHT) drilling programme finished and the 5,200m diamond drilling programme 90% complete.
Shareholders will vote on CAML’s US$153.5 million equity issue as part of its plan to acquire Lynx Resources, owner of the Sasa zinc-lead mine in Macedonia, at an EGM on 11 October.
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 Metals on course to achieve upper end of 2017 copper production guidance: CAML