Central Asia Metals reports 'strong' production in 2020

(Sharecast News) - Central Asia Metals updated the market on 2020 operations for the Kounrad dump leach, solvent extraction and electro-winning (SX-EW) copper recovery plant in Kazakhstan, and the Sasa zinc-lead mine in North Macedonia on Monday.
The AIM-traded firm confirmed there were no lost time injuries at either Kounrad or Sasa during the year.

It said 2020 copper production at Kounrad was within its increased guidance range, with 13,855 tonnes produced, while zinc and lead production at Sasa was described as "strong", despite the tailings storage facility 4-related shutdown.

Zinc in concentrate production was within the guidance range at 23,815 tonnes, and lead in concentrate production was within 1% of its guidance range at 29,742 tonnes.

Cash at bank as at 31 December totalled $47.9m, while gross debt at year-end was $80.4m, including drawn North Macedonian overdraft facilities totalling $9.7m.

Group corporate debt repayments during the year came in at $38.4m.

Central Asia Metals also confirmed its production guidance for 2021, with copper set to come in at between 12,500 and 13,500 tonnes, while zinc in concentrate of 23,000 to 25,000 tonnes and lead in concentrate at 30,000 to 32,000 tonnes.

"We are pleased to report strong production at both of our operations despite the challenges of 2020," said chief executive officer Nigel Robinson.

"We are also delighted to be able to report that CAML Group has recorded zero lost time injuries during 2020."

Robinson said "effective safety training and supervision" for employees would always be a priority, and was crucial to maintaining the positive trend into 2021.

"We enter 2021 with a strong balance sheet, having repaid $38.4m of our corporate debt package during 2020, and we look forward to the year ahead in a period of improving metal prices."

Central Asia Metals said its 2020 annual results would be released on 30 March, when its final dividend would also be announced.

At 1211 GMT, shares in Central Asia Metals were down 7.14% at 253.5p.