Central Asia Metals 151.4p £266.5m (CAML.L) H1 2020 operational highlights - No lost time injuries ('LTIs') at either operation - Production and sales volumes unaffected by COVID-19 pandemic - Kounrad copper production, 6,607 tonnes - Sasa zinc in concentrate production, 12,203 tonnes - Sasa lead in concentrate production, 15,140 tonnes. Group cash and debt position - Cash in the bank on 30 June 2020, $44.0 million- Gross debt (inclusive of overdraft) on 30 June 2020, $99.0 million - H1 2020 Traxys corporate debt facility repayments of $19.2 million. Outlook- Production currently on track to meet full year 2020 guidance for copper, zinc and lead o Copper, 12,500 - 13,500 tonnes o Zinc, 23,000 - 25,000 tonnes o Lead, 30,000 - 32,000 tonnes - Post-period end, reduced workforce at Kounrad to further increase social distancing measures with no impact on output levels #CAML
Central Asia Metals Plc (CAML.L) Announced a H1 2020 operations update for the Kounrad dump leach, solvent extraction and electro- winning (SX-EW) copper recovery plant in Kazakhstan (Kounrad) and the Sasa zinc-lead mine in North Macedonia (Sasa). During H1 2020, both the Kounrad facility in Kazakhstan and the Sasa mine in North Macedonia continued to operate with no disruptions to production or sales due to COVID-19. Kounrad Q2 2020 copper production of 3,406 tonnes brings output for the first six months of 2020 to 6,607 tonnes. Total Kounrad copper production since operations commenced in 2012 is now 102,852 tonnes. During H1 2020, orders were placed for six new pieces of Epiroc underground equipment and, during the period, four of the six machines (three loaders and a boomer drill rig) arrived at site. A second boomer and a truck are due to be delivered to Sasa in Q3 2020. In Q2 2020, mined and processed ore were 208,267 tonnes and 209,192 tonnes respectively, bringing the H1 2020 total to 416,055 tonnes of ore mined and 419,856 tonnes of ore processed. The average head grades for the Q2 2020 period were 3.37% zinc and 3.83% lead, and for H1 2020 were on average 3.37% and 3.82% respectively. The average H1 2020 metallurgical recoveries were 86.3% for zinc and 94.3% for lead. During Q2 2020, CAML secured a Macedonian Denar denominated overdraft facility totalling approximately $5.0 million from North Macedonian bank, Ohridska Banka AD Skopje ('Ohridska Banka'). These funds have been drawn by CAML and provide the Group with additional financial flexibility. #CAML
Central Asia Metals plc today provides a H1 2020 operations update for the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. -Cash in the bank on 30 June 2020, $44.0 million. -Gross debt on 30 June 2020, $99.0 million.
RNS Number: 6968 Q Central Asia Metals PLC 22 June 2020 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 6512 N Central Asia Metals PLC 21 May 2020 21 May 2020. 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. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 3759 L Central Asia Metals PLC 29 April 2020 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 3759 L Central Asia Metals PLC 29 April 2020 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Central Asia Metals (#CAML LN) 129 pence, Mkt Cap £223m – 2019 Sustainability report Central Asia Metals has announced the publication of its first Sustainability Report covering the calendar year 2019. The report covers the Kounrad dump leach operations in Kazakhstan and the Sasa zinc/lead mine in North Macedonia. The announcement highlights the lower lost time injury (LTI) frequency rate of 0.42 (2018 – 3.76) attributable to a single incident at Sasa and the absence of any LTI at Kounrad. Reportable injuries (TRI) were also lower during 2019 at 0.85 (2018 – 3.76) with two injuries at Sasa while Kounrad remain injury free. The operations remained free of air quality breaches and any significant spills of reagents during 2019 The company points out that 99% of its employees and contractors are from the countries in which it operates and also reports that its social spending of $0.6m maintans the level in 2018. Chief Executive, Nigel Robison said that ʺI believe our first report accurately reflects the importance we place upon sustainability in every aspect of our business. While we strive for zero-harm, we are able to report a very low LTIFR by industry standards. We report zero significant spills or air quality exceedances, and we have continued to develop our employees and to look after the communities close to our operations.ʺ He also said that ʺreporting of sustainability related matters will be an evolving process, and we have committed to providing annual sustainability reports going forward. We anticipate many areas for continued improvement in our reporting and welcome feedback from our various stakeholdersʺ.
RNS Number: 4144 K Central Asia Metals PLC 22 April 2020 22 April 2020. Publication of 2019 Sustainability Report. CAML announces that it has today published its first Sustainability Report, which covers its activities for the year ended 31 December 2019, corporately, and at the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant...
Central Asia Metals Plc #CAML announced that the Kounrad copper recovery plant in Kazakhstan (Kounrad) reached the milestone of producing 100,000 tonnes of copper cathode. Moreover, gross revenue of $601 million has been generated from copper sales. CAML expects to produce copper at Kounrad until 2034.
RNS Number: 2323 K Central Asia Metals PLC 20 April 2020 20 April 2020. Annual Report and Accounts 2019 and Notice of 2020 AGM. Following the compulsory COVID-19' Stay at Home Measures' imposed by the UK Government on 23 March 2020 prohibiting, among other things, all non-essential travel and public gatherings of more than two people the Board will be implementing...
Central Asia Metals (#CAML LN) 132 pence, Mkt Cap £238m – Milestone 100,000t of copper from Kounrad Central Asia Metals reports the production of its 100,000th tonne of copper cathode from the processing of waste dumps at it Kounrad project site in Kazakhstan. Since 2012, the company has produced 100,000t of cathode at an average C1 cash cost of US$0.55/lb. CEO, Nigel Robinson, expressed appreciation of the efforts of the site team ʺled by General Director Pavel Semenchenko and guided by our Technical Director, Howard Nicholson.ʺ Providing a progress report on the impact of Covid19, Mr. Robinson said that ʺWhile cases of COVID-19 continue to rise in Kazakhstan, there are currently no diagnosed cases of the virus amongst our Kounrad workforce or in the local town of Balkhash, and the production and sales of our copper have not been interruptedʺ. He also reported that ʺWe have recently committed to providing funding for an electrical supply solution to the local Balkhash hospital, which should help the healthcare teams maintain crucial medical treatments in the case of power outagesʺ. Mr. Robinson also confirmed that ʺOur operations at the Sasa mine in North Macedonia also continue uninterrupted.ʺ
Central Asia Metals (#CAML LN) has announced this morning that it has achieved the major milestone of producing 100kt of copper cathode at its cornerstone asset, Kounrad in Kazakhstan. CAML’s success has been founded on the development of Kounrad which is one of the lowest cost producing copper assets globally, having averaged US$0.55/lb between 2012-19; we anticipate that 2020F unit costs will be lower than this due, in part, to the recent depreciation of the Tenge. This low cost base has been the major driver of CAML’s free cash flow generation resulting in dividends paid of 98p compared to the 2010 IPO price of 96p which was undertaken in order to finance Kounrad’s initial development. With a remaining mine life of over ten years Kounrad will stay a core part of CAML’s business and is expected to continue to generate significant free cash flow even in the current challenging environment. Consequently, we believe that with operations at Kounrad and Sasa so far unaffected the shares which despite a modest recovery remain down 39% YTD offering a cyclical buying opportunity, in our view. We reiterate our Buy recommendation and 206p target price.
CAML is pleased to announce that, on 18 April 2020, the Kounrad copper recovery plant in Kazakhstan reached the milestone of producing 100,000 tonnes of copper cathode. ·100,000 tonnes of copper cathode have been produced to date at Kounrad at a C1 cash cost of production averaging $0.55 per pound. ·Tax to the Government of Kazakhstan totalling $143 million has...
Central Asia Metals Plc #CAML announced, in its Q1 2020 operations update, during the period, both the Sasa mine in North Macedonia and the Kounrad facility in Kazakhstan continued to operate, with no disruptions to production or sales during the period due to COVID-19. Kounrad Q1 2020 copper production was 3,201 tonnes. Total Kounrad copper production since operations commenced in 2012 is now 99,446 tonnes, and the Company expects to reach the milestone of 100,000 tonnes of copper produced from Kounrad in Q2 2020. The new tertiary crusher which was installed in December 2019 was fully commissioned in January 2020. It is performing in line with expectations and consequently the Q1 2020 throughput rate of the Sasa processing plant was approximately 845,000 tonnes per year, up from approximately 820,000 tonnes in 2019. In Q1 2020, mined and processed ore were 207,788 tonnes and 210,664 tonnes respectively. The average head grades for the period were 3.37% zinc and 3.82% lead. Q1 2020 metallurgical recoveries were 86.4% for zinc and 94.5% for lead. The board retains its 2020 production guidance, and remains cautious for the Q2 2020 outlook in particular as cases of COVID-19 in both Kazakhstan and North Macedonia are increasing.
Central Asia Metals #CAML has released strong results for Q1 2020 with higher production across copper, lead and zinc. Copper output of 3.2kt was up 8% YoY and 2% QoQ. Zinc production of 6.1kt was up 9% YoY and 8% QoQ while lead output of 7.6kt was up 5% YoY and 2% QoQ. Despite restrictions being implemented in Kazakhstan and North Macedonia CAML remains as yet unaffected and aside from adhering to government guidance and additional precautions that the company has implemented to safeguard its employees, operations remain as normal. This is highlighted by today’s results. Kounrad performance leaves CAML on track for our full year estimate of 13.4kt output and the significant increase YoY is largely due to a low Q1 2018 which was impacted by pronounced seasonal impacts. At Sasa the rising output largely relates to benefits of changes to operating practice being realised due to the ongoing Life of Mine Review. The commissioning of a tertiary crusher during the quarter enabled increased plant throughput which was up 2% QoQ and 6% YoY to 210.7kt. This means that Sasa is now operating at a run rate of 845ktpa, the company having guided to full year throughput of 820-850kt. Zinc output benefitted from an increase in grades of 4% YoY and 3% QoQ to 3.37% Zn. This is at the top end of realised head grades for recent quarters; Q3 2019 also averaged 3.37% while Q2 2018 averaged 3.36%. Recoveries of 86.4% were in line with the recent stronger performance achieved in 2019. CAML is therefore on track for guidance of 23-25kt zinc and we maintain our estimate of 23.5kt for 2020F. Lead grades and recoveries were broadly in line with recent periods and the increase in output was largely attributable to higher throughput. Again, CAML is well on track for guidance of 30-32kt of lead production in 2020F and we maintain our estimate of 30.8kt. At Sasa, CAML is making ongoing improvements to operating practices and having decided to update the mining fleet equipment is beginning to arrive on site. This should further help to deliver ongoing strong performance in future quarters. The full results of the Life of Mine Review are due to be released in H2 2020 as previously indicated. Despite the pullback in commodity prices we continue to expect CAML to generate free cash flow in 2020F sufficient to continue with the deleveraging programme and resumption of the dividend once the COVID-19 related uncertainty eases. We reiterate our Buy recommendation and target price of 206p/sh.
RNS Number: 2841 J Central Asia Metals PLC 09 April 2020 9 April 2020. Central Asia Metals plc today provides a Q1 2020 operations update for the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. -Production and sales unaffected by COVID-19 pandemic.
Central Asia Metals #CAML Full Years Results 2019 - Central Asia Metals (CAML LN) having previously announced strong operating performance for 2019 released strong earnings results leaving the company well placed to cope with current pricing weakness and global uncertainty. Revenue of US$171.7m was down 3%, largely due to weaker commodity prices YoY. The weaker top line led to EBITDA of US$108.6m, down 15% YoY, however, margins were broadly maintained at 60% due to CAML’s low cost base. Net finance costs were down 27% as CAML continued to deleverage ending the year with net debt of US$80.2m implying a trailing net debt/EBITDA of 0.74x. EPS from continuing operations was consequently down 6.3% YoY while capex of US$12.1m, down 24% YoY, meant that levered free cash flow of US$69.8m was down just 5% YoY.
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