(Alliance News) - Central Asia Metals PLC on Tuesday hailed "significant" progress over the first quarter, despite seeing overall production fall during the period.
Central Asia Metals is a copper, zinc and lead explorer, which operates in both Kazakhstan and North Macedonia.
For the first quarter, the firm posted copper production of 3,120 tonnes, down from 3,336 tonnes a year prior. Similarly, zinc production fell to 4,741 tonnes from 4,917 tonnes the previous year, and lead production fell to 6,529 tonnes from 6,618 tonnes.
At Sasa, mined ore and processed ore came to 184,127 tonnes and 184,079 tonnes respectively. The average head grades for the period were 3.0% zinc, and nearly 3.8% lead. Sasa is Central Asia Metal's zinc-lead mine in North Macedonia.
Kounrad copper production was 3,120 tonnes, while copper sales were 2,998 tonnes.
Looking ahead, the firm expects copper production for 2024 of 13,000 to 14,000 tonnes, zinc in concentrate production of 19,000 to 21,000 tonnes, and lead in concentrate production of 27,000 to 29,000 tonnes.
"We have had a good start to 2024 with no lost time injuries and a solid first quarter of production at both sites despite some challenging winter weather conditions and the continued construction activity on site at Sasa. We have made significant progress towards the completion of the infrastructure required to transition to paste fill mining and remain on track for completion during H2 2024," said Chief Executive Officer Nigel Robinson.
"Once the construction activity has been completed it will enable the site team to focus on the operational management of the transition to paste fill mining and this will facilitate the higher levels of production planned for H2 2024."
Central Asia Metals shares were trading 1.0% higher at 205.00 pence each in London on Tuesday afternoon.
By Holly Beveridge, Alliance News reporter
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Central Asia Metals (CAML)