Central Asia Metals PLC H1 2013 Production and Operations Update (3472I)
02 Luglio 2013 - 8:00AM
UK Regulatory
TIDMCAML
RNS Number : 3472I
Central Asia Metals PLC
02 July 2013
2 July 2013
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
H1 2013 Production and Operations Update
Kounrad on track to meet 10,000 tonne production target for
2013
Central Asia Metals PLC (AIM:CAML), a copper producing company
focused on base metals in Central Asia, today announces a
production update for its Kounrad SX-EW Copper Project in
Kazakhstan and an update on its Alag Bayan exploration licence in
southern Mongolia.
Highlights
-- Q2 2013 production of 3,081 tonnes
-- H1 2013 production of 4,857 tonnes
-- 5,000 tonnes of copper sold via off-take contract with Traxys SA
-- Kounrad on track to meet 10,000 tonnes production target for 2013
-- Kounrad expansion options continue to be assessed
-- Alag Bayan exploration licence cancelled
Kounrad
Following a record monthly output of 1,114 tonnes in April 2013,
the plant produced 4,857 tonnes of copper during the first half of
2013, ahead of the Company's internal budget. Allowing for the
planned seasonal variations in output, Kounrad is therefore on
track to meet its 10,000 tonne production target for 2013.
The plant's total output, since the start of operations at the
end of April 2012, has now exceeded 11,400 tonnes. This was
achieved over a period that included the commissioning, ramp-up and
the first winter of operations, during which severe weather
conditions were experienced. Kounrad's operational capability
during all weather conditions, especially the winter months, is now
proven, and in the course of the first 14 months of continuous
production the Company has gained valuable experience of operating
the plant in a challenging environment.
The Company continues metallurgical test work and engineering
studies on expanding copper production at Kounrad. Options
currently being assessed include expansion of production at the
current plant as well as construction of a second plant. The
Company expects to be in a position to decide on the most
appropriate expansion option in Q4 2013, and a decision to start
construction will be subject to the completion of the new Framework
Agreement concluded with Kenges Rakishev, as announced on 27 June
2013.
Alag Bayan
In 2008, the Company acquired the exploration licence at Alag
Bayan in the Southern Gobi region of Mongolia. From that time a
significant amount of exploration work has been conducted by the
Company, including 10,171 metres of diamond drilling and several
geophysical surveys.
The geophysical surveys were undertaken by Goviex Mongolia LLC,
and more recently by IBEX Mongolia LLC ("IBEX") with drilling
largely concentrated on areas identified by these surveys. In 2012,
as part of the earn-in deal concluded in 2011, IBEX drilled a
further 3,260 metres.
These exploration efforts defined a small oxide resource in the
center of the licence, and several mineralised intersections on the
western boundary of the licence. However, the size and grade of
these were insufficient to justify conversion to a mining licence,
and consequently the Company has now received notification from the
Mineral Resource Authority of Mongolia that the exploration licence
has reached the end of its renewal period, and has been
cancelled.
Nick Clarke, Chief Executive Officer, commented:
"We are pleased to have reached a total production of 4,857
tonnes of copper at Kounrad in the first half year, following a new
monthly record in April. Kounrad continues to operate in line with
its design, as demonstrated by H1 2013 production.
The cancellation of the exploration licence at Alag Bayan is a
disappointment. However, the Company will continue to look for new
opportunities in Central Asia and elsewhere, whilst focussing on
further developing its core asset at Kounrad to deliver growth and
value to our shareholders."
Enquiries:
Central Asia Metals Nick Clarke
plc Nigel Robinson +44 (0) 20 7898 9001
Andrew Chubb
Canaccord Genuity Limited Christopher Fincken +44 (0)20 7253 8000
Mirabaud Securities
LLP Peter Krens +44 (0)20 7878 3362
Charles Vivian
Pelham Bell Pottinger Lorna Spears +44 (0)20 7861 3232
Notes to Editors
Central Asia Metals PLC ("CAML" or the "Company") is an
AIM-listed UK company based in London. Its countries of operation
are Kazakhstan and Mongolia. CAML is a copper producer focused on
base metals. The Company announced its annual dividend policy in
December 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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