Last checked at 9 Jan 2013 07:00
7.00 a.m. 9 January 2013
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
2012 Production Update
Highlights:
·; Kounrad 2012 production of 6,586 tonnes of copper
·; 6,383 tonnes of copper sold in 2012
o 6,063 tonnes sold through the Company's offtake arrangements with Traxys
o 320 tonnes sold locally in Kazakhstan
·; CAML Group cash balance as at 31 December 2012 of $37.5 million
Kounrad Production Update
The total output for the year endied 31 December 2012, which comprised only eight months of actual production following the completion of the construction phase in late April 2012, was 6,586 tonnes of copper. The revised 2012 production target of 5,750 tonnes was exceeded by over 14%.
6,383 tonnes of copper were sold during the period of which 6,063 tonnes were sold through the Company's off-take arrangements with Traxys and 320 tonnes sold locally in Kazakhstan.
Despite the onset of winter, with December dawn temperatures averaging -19 degrees Celsius and an 8 day period when it averaged -32 degrees Celsius, copper production was maintained on site and is continuing at a steady state. Q4 2012 production at the SX-EW plant was 2,117 tonnes, once again exceeding the Company's expectations.
Nick Clarke, Chief Executive Officer commented:
"2012 has proved to be a very successful first period of production for the Company at Kounrad and I am particularly pleased that we have been able to continue the production of copper cathodes in the challenging weather conditions experienced from November 2012.
The production of 6,586 tonnes of copper in 2012 is a tremendous achievement and reflects the hard work, dedication and professionalism of our staff on site. Our Kounrad production objectives for 2013 are focussed on an output of 10,000 tonnes of cathode copper and to maintain tight control on costs.
During Q1 2013 we will publish a JORC compliant resource statement for Kounrad as well as continuing with the preparation and feasibility work to facilitate a decision on a potential second SX-EW plant at Kounrad in 2013."
Enquiries:
Central Asia Metals plc Nick Clarke +44 (0) 20 7898 9001
Nigel Robinson
Canaccord Genuity Limited Andrew Chubb +44 (0)20 7253 8000Rob Collins
Mirabaud Securities LLP Peter Krens +44 (0)20 7878 3362
Pelham Bell Pottinger Charles Vivian +44 (0)20 7861 3232
Lorna Spears
Notes to Editors
Central Asia Metals plc ("CAML" or the "Company") is an AIM-listed UK company based in London. Its countries of operation are Kazakhstan and Mongolia. CAML is a copper production, precious and base metals exploration and development company with majority stakes in copper, gold and molybdenum projects. The Company announced its maiden dividend in December 2012.