Shares in Central Asia Metals (CAML) are down 10 per cent in early trading today, after the diversified miner posted an increase in cash costs at its two mines, and a final proposed dividend of 8p a share for 2018. That distribution is equivalent to 44 per cent of adjusted free cash flow, and so towards the top-end of CAML’s dividend policy, but means the year-on-year pay-out has softened by 2p. Adjusted EPS and pre-tax profit numbers also came in slightly down on broker Peel Hunt’s forecasts, though the group is well on-course to repaying its $110m net debt within three years. Buy.
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