Central Asia Metals PLC Kounrad Update (5245G)
23 Novembre 2015 - 8:00AM
UK Regulatory
TIDMCAML
RNS Number : 5245G
Central Asia Metals PLC
23 November 2015
23 November 2015
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
Kounrad Update
Central Asia Metals plc (AIM: CAML), a copper producing company,
is pleased to announce that it has received the regulatory
approvals required for the Stage 2 Expansion programme of its
Kounrad solvent extraction and electro-winning (SX-EW) copper
recovery project in Kazakhstan (the "Project").
Highlights:
-- State approval received for Western dumps exploitation
-- Construction works scheduled to commence in March 2016
-- Record monthly production of 1,285 tonnes of copper in October 2015
Stage 2 Expansion Update
Following completion and commissioning of the Stage 1 Expansion
programme increasing the SX-EW plant's capacity (as announced 21
May 2015), the Ministry for Investment and Development of the
Republic of Kazakhstan has approved an amendment to the Project's
existing Subsoil Use Contract ("SSUC"). Mineral rights for the
Kounrad dumps are provided for under the terms of the existing SSUC
granted in 2007, and this approval gives CAML the right, under the
law, to exploit the copper contained in the Western dumps.
The procurement of materials and equipment for the Stage 2
Expansion programme (announced 20 May 2014) is now underway, with
the programme's capital cost remaining within the US$19.5 million
estimate. The construction works are scheduled to commence in March
2016, and will be executed primarily by Company personnel.
2015 Production Update
The second part of the year has seen an overall increase in
production volumes, and a record monthly production of 1,285 tonnes
of copper has been achieved in October. This increase, together
with an approximate 65% devaluation of the Kazakhstan Tenge against
the US Dollar, results in downward pressure on the unit cost of
production.
CEO Nick Clarke commented:
"Whilst a formality, this State approval offers a clear
indication of the Kazakhstan government's readiness to support
foreign investors, and it enables CAML to fully commit to the
second phase of the Kounrad project's expansion. The successful
commissioning of the additional SX-EW facilities earlier this year
already had a positive impact on our unit cost of production, and I
have a full confidence in our team at Kounrad successfully
completing this next stage of the projects' development in a
diligent and timely manner, thus further enhancing CAML's ability
to generate value for its shareholders."
For further information contact:
Tel: +44 (0) 20
Central Asia Metals plc 7898 9001
Nick Clarke, CEO
Nigel Robinson, CFO
Peel Hunt LLP (Nominated Adviser & Joint Tel: +44 (0) 20
Broker) 7418 8900
Matthew Armitt
Ross Allister
Tel: +44 (0) 20
Mirabaud Securities LLP (Joint Broker) 7878 3362
Peter Krens
Tel: +44 (0) 20
Bell Pottinger 3772 2500
Lorna Cobbett
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 75% equity interest in Copper Bay Ltd, which is
a private company conducting a feasibility study of the Chañaral
Bay Copper Project in Chile. At the 2014 UK Stock Market Awards,
CAML was named Best Basic Resources Plc. For further information,
please visit www.centralasiametals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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