Last checked at 7 Nov 2022 07:00
7 November 2022
CENTRAL ASIA METALS PLC
('CAML' or the 'Company')
CAML celebrates five years' ownership of Sasa
Central Asia Metals (AIM: CAML) is pleased to announce that it has now owned the Sasa zinc-lead mine in North Macedonia ("Sasa") for five years, having acquired the operation in November 2017.
Highlights:
· Sasa was acquired for a total of $402.5 million on 6 November 2017
· CAML has now completely repaid the $187.0 million debt which was secured to acquire Sasa
· Sasa employs 712 people of whom 99% are employed locally
· Net revenue of $438.5 million has been generated from zinc and lead sales (2017 - H1 2022)
· EBITDA generated from Sasa of $280.2 million (2017 to H1 2022)
· Total capex of $52.0 million capitalised (2017 to H1 2022)
· Tax to the Government of North Macedonia totalling $66.7 million has been paid (2017 - H1 2022)
· The Sasa Foundation was set up in 2021 to support social development projects in the local community
· Community development funding of over $1.7 million has been invested to support the local communities of Makedonska Kamenica (2017 - H1 2022)
· Cut and Fill Project is on schedule, with completion of the paste backfill plant construction expected in H1 2023 and the dry stack tailings component during H2 2023
· Sasa has sourced solely renewable power from North Macedonian energy provider, EVN
· CAML has committed to specific Sasa-related sustainability targets:
o 75% reduction in Sasa's surface water abstraction by the end of 2026
o 70% of tailings to be stored in a more environmentally responsible manner (paste backfill and dry stack tailings) by the end of 2026
o Report to Global Industry Standard on Tailings Management ("GISTM") in 2024
Nigel Robinson, Chief Executive Officer, commented:
"We are delighted to celebrate the five-year anniversary of our ownership of Sasa this week. It has been an eventful five years as we have got to know the Sasa team and understand the operation. The team at CAML is committed to the Sasa mine and to North Macedonia for the future. As such, we are now investing in the Cut and Fill Project to ensure maximum extraction of Sasa's resources and a safe, environmentally responsible operation for the long term.
"While we focus on our zinc and lead production, the safety of our employees will always be our top priority and we will continue to support the socio-economic development of the local communities near our operation, as well as looking after the environment in which we operate. 99% of our staff are Macedonian and we provide development opportunities for them at our Sasa Training Centre. Additionally, through our charitable body, the Sasa Foundation, we have contributed to projects including the development of the Youth Park in Makedonska Kamenica in 2021.
"We look forward to our future at Sasa, which will see our operation continue to offer local employment, facilitate socio-economic progress in the surrounding communities, and further optimise production safely."
For further information contact:
Central Asia Metals | Tel: +44 (0) 20 7898 9001 |
Nigel Robinson | |
CEO | |
Gavin Ferrar | |
CFO | |
Louise Wrathall | louise.wrathall@centralasiametals.com |
Director of Corporate Development | |
Emma Chetwynd Stapylton | emma.chetwyndstapylton@centralasiametals.com |
Investor Relations Manager | |
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Peel Hunt (Nominated Advisor and Joint Broker) | Tel: +44 (0) 20 7418 8900 |
Ross Allister |
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David McKeown |
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BMO Capital Markets (Joint Broker) | Tel: +44 (0) 20 7236 1010 |
Thomas Rider |
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Pascal Lussier Duquette |
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BlytheRay (PR Advisors) | Tel: +44 (0) 20 7138 3204 |
Tim Blythe |
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Megan Ray |
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Rachael Brooks |
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Note to editors:
Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and 100% of the Sasa zinc-lead mine in North Macedonia.
For further information, please visit www.centralasiametals.com and follow CAML on Twitter at @CamlMetals and on LinkedIn at Central Asia Metals Plc