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(Alliance News) - Central Asia Metals PLC on Wednesday reported a decline in half-year profit, but said it is on track to meet the 2023 output guidance from the Sasa and Kounrad foundations.
Central Asia Metals is a copper, zinc and lead production and exploration company with operations in Kazakhstan and North Macedonia.
Notably, the firm said that the Kazakhstan Tenge as at June 30 appreciated 2.4% to USD1 buying KZT454.13, down from KZT465.08 a year prior. The North Macedonian Denar during the same time strengthened 3.9%, to USD1 buying MKD56.35 from MKD58.66.
The company said pretax profit in the first half of 2023 halved to USD32.9 million from USD66.9 million a year prior. Revenue fell 18% to USD93.6 million from USD113.8 million.
Meanwhile, cost of sales increased 9.7% to USD44.6 million from USD40.6 million.
Central Asia Metals declared an interim dividend of 9 pence per share, down 10% from 10p a year prior.
Kounrad copper production in the first half of 2023 rose 1.5% to 6,716 tonnes from 6,617 tonnes a year ago, Sasa zinc in concentrate output fell 6.7% to 9,764 tonnes from 10,465 tonnes and Sasa lead in concentrate output decreased 0.7% to 13,734 tonnes from 13,827 tonnes.
Chief Executive Officer Nigel Robinson said: "We continue to look for opportunities to grow the CAML business and were pleased to begin early-stage exploration activities through our new arrangements with Terra Exploration in Kazakhstan."
Looking ahead, the company said it is on track to meet copper production output of 13,000 to 14,000 tonnes for 2023, down from 14,254 in 2022, zinc in concentrate output of 19,000 to 21,000, down from 21,473 in 2022, and lead in concentrate output of 27,000 to 29,000 tonnes, compared to 27,354 tonnes in 2022.
Further, it expects to complete the Kounrad solar power plant construction in Kazakhstan and to start a transition to paste fill mining methods at Sasa in North Macedonia.
Central Asia Metals shares were 0.2% higher at 206.50p each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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