Last checked at 7 Apr 2016 07:00
7 April 2016
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
Q1 2016 Production Update
Central Asia Metals plc (AIM: CAML) today provides a Q1 2016 production update for the Kounrad dump leach, solvent extraction and electro-winning (SX-EW) copper recovery plant in Kazakhstan ("Kounrad").
Summary:
· | Q1 2016 copper production of 3,207 tonnes of copper (Q1 2015: 2,350 tonnes) |
· | Q1 2016 copper sales of 2,550 tonnes (Q1 2015: 2,233 tonnes) |
· | On track to achieve 2016 production guidance of between 13,000 and 14,000 tonnes |
· | Stage 2 Expansion - Western Dumps, groundworks commenced |
Kounrad Q1 2016 copper production of 3,207 tonnes is 36.5% higher than that achieved in Q1 2015. This increase is due in part to mild winter conditions and the completion of the Stage 1 Expansion of the SX-EW plant, which CAML delivered on schedule and below budget in Q2 2015. Taking seasonal variations into account, the company is on track to achieve its 2016 production guidance of between 13,000 and 14,000 tonnes. Copper sales during Q1 2016 were 2,550 tonnes (+14% YoY), and these sales were predominantly through the company's offtake partner, Traxys.
In March 2016, CAML commenced groundworks on the Stage 2 Expansion, which will enable the company to leach copper from the larger resource within the Western Dumps. The 12km 10kv over-head power line and sub-station are complete, and a significant portion of all process equipment and pipes has been delivered to site. CAML is on schedule to achieve first production from the Western Dumps in H1 2017 and the estimated capital expenditure remains at US$19.5 million.
For further information contact:
Central Asia Metals plc |
Tel: +44 (0) 20 7898 9001 |
Nick Clarke, CEO Nigel Robinson, CFO Louise Wrathall, Investor Relations louise.wrathall@centralasiametals.com |
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Peel Hunt LLP (Nominated Adviser & Joint Broker) |
Tel: +44 (0) 20 7418 8900 |
Matthew Armitt Ross Allister |
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Mirabaud Securities LLP (Joint Broker) | Tel: +44 (0) 20 7878 3362 |
Peter Krens |
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Bell Pottinger (PR Advisers) | Tel: +44 (0) 20 3772 2500 |
Greg Wood Aarti Iyer Richard Crowley |
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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 Kazakhstan. The Company also has a 75% equity interest in Copper Bay Ltd, which is a private company conducting a definitive feasibility study at its copper project in Chañaral Bay, Chile. For further information, please visit www.centralasiametals.com.