ALMATY, Jan 6 (Reuters) - London-listed Central Asia MetalsPlc (CAML) exceeded its 2014 output target, producing11,136 tonnes of cathode copper, it said on Tuesday, reaffirmingplans to produce 13,000 tonnes this year as its copper projectexpands in Kazakhstan.
CAML, which launched production at the Kounrad recoveryplant in central Kazakhstan in April 2012, had originallyplanned to produce 11,000 tonnes of copper last year. Its outputtotaled 10,509 tonnes in 2013.
Kounrad's Stage One Expansion, fully funded from thecompany's cash resources, is progressing as scheduled and onbudget, with 70 percent of the $13.4 million expansion budgetspent to date, CAML said in a statement.
In 2014 CAML sold 11,160 tonnes of cathode copper, a 4.6percent increase on the previous year.
"Our production objectives in 2015 are focused on completingthe ... expansion works, which will enable us to meet ourincreased annual target of 13,000 tonnes of copper cathode,whilst maintaining our low cash cost of production," the companyquoted Chief Executive Nick Clarke as saying.
CAML went public in late 2010, raising $60 million in aninitial public offering.
In May last year, CAML acquired the remaining 40 percent ofthe Kounrad project from Kazakh businessman Kenges Rakishev inreturn for a 20 percent stake in the company.
The company is now the sole owner of Kounrad, where itbrought in advanced technologies to recover copper from miningwaste dumps dating to Soviet times. (Reporting by Dmitry Solovyov; Editing by David Holmes)