2014 Production Update and 2015 Outlook
6 January 2015
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
2014 Production Update and 2015 Outlook
Central Asia Metals plc (AIM: CAML), a copper producing company focused on base metals in Central Asia, today announces its production update for 2014 and its production outlook for the Kounrad SX-EW copper recovery plant in Kazakhstan.
Highlights:
· Record annual copper production of 11,136 tonnes in 2014 (6.0% increase yoy)
· 2014 copper cathode sales of 11,160 tonnes (4.6% increase yoy)
· CAML Group cash balance as at 31 December 2014 of US$47.6 million
· SX-EW Stage One expansion on schedule for commissioning by end of Q2 2015
· 2015 Kounrad production target reaffirmed at 13,000 tonnes of copper cathode
Kounrad Production Update and Outlook
With 2,704 tonnes of copper produced in Q4 2014 the total output for the year ended 31 December 2014 at the Kounrad SX-EW plant was 11,136 tonnes of copper, exceeding the annual target of 11,000 tonnes.
11,160 tonnes of copper cathode were sold during 2014, principally through the Company's off-take arrangements with Traxys, with some small quantities also sold to local customers in Kazakhstan. The Company's cash balance as at 31 December 2014 was US$47.6 million.
Kounrad's Stage One Expansion, which is fully funded from existing cash resources, is progressing as scheduled and on budget, with 70% of the $13.4 million expansion budget spent to date. The physical construction and installation works are well advanced and all the equipment is due on site by the end of January with completion and commissioning expected in Q2 2015. The expansion of the SX-EW plant to an annual capacity of 15,000 tonnes of cathode copper allows the Company to increase its annual production target for 2015 to 13,000 tonnes of copper cathode.
Nick Clarke, Chief Executive Officer commented:
"2014 has proved to be yet another highly successful year for the Company, largely owing to the hard work, dedication and professionalism of our staff at Kounrad. Since commissioning in 2012 the Kounrad plant has produced over 28,000 tonnes of copper. Our production objectives in 2015 are focused on completing the ongoing SX-EW expansion works, which will enable us to meet our increased annual target of 13,000 tonnes of copper cathode, whilst maintaining our low cash cost of production."
For further information contact:
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Central Asia Metals plc |
Tel: +44 (0) 20 7898 9001 |
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Nick Clarke, CEO Nigel Robinson, CFO |
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Peel Hunt LLP (Nominated Adviser & Joint Broker) |
Tel: +44 (0) 20 7418 8900 |
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Matthew Armitt Ross Allister |
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Mirabaud Securities LLP (Joint Broker) |
Tel: +44 (0) 20 7878 3362 |
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Peter Krens |
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Bell Pottinger |
Tel: +44 (0) 20 3772 2500 |
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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 53% equity interest in Copper Bay Ltd, which is a private company conducting a pre-feasibility study of the Chañaral Bay Copper Project in Chile. At the 2014 UK Stock Market Awards, the Company was named Best Basic Resources Plc. For further information, please visit www.centralasiametals.com.
This information is provided by RNS
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