Last checked at 5 Oct 2015 07:00
5 October 2015
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
Q3 2015 Production Update
Central Asia Metals plc (AIM: CAML), a copper producing company focused on base metals in Central Asia, today provides a quarterly update for the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan.
Summary:
· Q3 2015 production of 2,966 tonnes of copper (Q3 2014: 3,337 tonnes)
· 2015 production to 30 September 8,410 tonnes (to 30 September 2014: 8,432 tonnes)
· 2015 sales to 30 September 7,699 tonnes (to 30 September 2014: 7,055 tonnes)
· Record monthly copper output of 1,216 tonnes in September
Kounrad Q3 2015 production of 2,966 tonnes of copper is lower than the same period in 2014 (3,337 tonnes), owing to the operational incident reported on 29 June, which resulted in a quantity of the plant's organic inventory being lost. The impact on production at Kounrad was temporary and has not affected the ability of the plant to produce high quality copper cathodes at competitive costs of production.
The Kounrad plant returned to its design process capacity in early September and is currently operating efficiently, having achieved a new monthly production record of 1,216 tonnes in September.
Despite the reduced copper output in Q3, the Company maintains its guidance of 12,000 tonnes for full year production in 2015.
Nick Clarke, CEO commented:
"30 September 2015 marked the fifth anniversary of CAML joining the AIM market of the London Stock Exchange. At IPO the Company raised $60 million and since has constructed the Kounrad plant on time and under budget, and produced over 36,600 tonnes of copper at an average C1 cost of $0.72 per pound. This low cash cost of production has enabled the Company to pay back to shareholders via share buy-backs and dividends over $61 million, in addition to paying over $60 million in taxes to the Republic of Kazakhstan, an accomplishment we are most proud of in these challenging market conditions.
Production for Q3 is slightly behind where we planned but we are now over the June operational incident and the plant is back to its planned levels of output with record production achieved in September."
For further information contact:
Central Asia Metals plc |
Tel: +44 (0) 20 7898 9001 |
Nick Clarke, CEO Nigel Robinson, CFO |
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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 | Tel: +44 (0) 20 3772 2500 |
Lorna Cobbett |
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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 facility in Kazakhstan. The Company also has a 75% equity interest in Copper Bay Ltd, which is a private company conducting a feasibility study of the Chañaral Bay Copper Project in Chile. At the 2014 UK Stock Market Awards, CAML was named Best Basic Resources Plc. For further information, please visit www.centralasiametals.com.