Central Asia Metals PLC Production Update and Outlook (0244X)
07 Gennaio 2014 - 8:00AM
UK Regulatory
TIDMCAML
RNS Number : 0244X
Central Asia Metals PLC
07 January 2014
7 January 2014
CENTRAL ASIA METALS PLC
Production Update and Outlook
Central Asia Metals plc ("CAML" or the "Company" or, together
with its subsidiaries, the "CAML Group") is pleased to announce its
production update for 2013 and its production target for 2014 for
the Kounrad Copper Project ("Kounrad").
Highlights:
-- Kounrad production and sales for 12 months ending 31 December 2013;
o 10,509 tonnes of copper cathode produced, and
o 10,665 tonnes of copper cathode sold
-- CAML Group cash balance as at 31 December 2013 of US$47.9 million
-- 2014 Kounrad production target set at 11,000 tonnes of copper cathode
Kounrad Production Update and Outlook
Production for the 12 months ended 31 December 2013, the first
full calendar year of operations at the Kounrad SX-EW plant
following the completion of the construction phase in late April
2012, was 10,509 tonnes of copper cathode, exceeding the 2013
target by 5%.
Sales of copper cathode during 2013 totalled 10,665 tonnes of
which 10,500 tonnes were sold through the Company's off-take
arrangements with Traxys and 165 tonnes were sold locally in
Kazakhstan. The CAML Group's cash balance as of 31 December 2013
was US$47.9 million.
In 2014 the Company will commence the process of increasing
capacity for the plant with a number of planned capital programmes.
The initial upgrade to the plant's infrastructure will consist of
the installation of two additional coal fired boilers at a capital
cost of US$2.2 million, bringing the boiler capacity to 14MW which
will facilitate an increased throughput in copper bearing solutions
during winter operations. These additional boilers will enable the
Company to increase its 2014 production target to 11,000 tonnes of
copper.
Additional capital programmes aimed at further increasing the
plant capacity will be announced following completion of the
transfer to CAML of the remaining 40 per cent of the subsoil user
licence associated with Kounrad.
Nick Clarke, Chief Executive Officer commented:
"2013 has proved to be another very successful year for the
Company, with thanks due largely to the hard work, dedication and
professionalism of our on-site staff at Kounrad. Production
objectives for 2014 are focussed on an increased output target of
11,000 tonnes of copper cathode and to maintain tight control on
costs.
We remain confident that we will be able to complete the
acquisition of the remaining 40% of the subsoil-use rights at
Kounrad and thus become the sole owner of the project. Once this is
completed, it will enable the company to make further announcements
on the project expansion plans.
We have been producing copper at Kounrad for 20 months and have
returned over US$21 million to shareholders during this period. The
Company intends to maintain its dividend policy going forward and
has the cash resources to undertake any planned capital programmes
to increase production at Kounrad without compromising this
policy."
Enquiries:
Central Asia Metals plc Nick Clarke +44 (0) 20 7898 9001
Nigel Robinson
Canaccord Genuity Limited Neil Elliot +44 (0)20 7253 8000
Christopher Fincken
Mirabaud Securities LLP Peter Krens +44 (0)20 7878 3362
Bell Pottinger Charles Vivian +44 (0)20 7861 3232
Lorna Spears
This information is provided by RNS
The company news service from the London Stock Exchange
END
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