Central Asia Metals pleased with progress in Kazakhstan and Macedonia

Central Asia Metals issued its first-half operations update for the Kounrad dump leach, solvent extraction and electrowinning copper recovery plant in Kazakhstan, and the Sasa zinc-lead mine in Macedonia, on Tuesday.

The AIM-traded firm said that in Kazakhstan, first half copper production was 6,747 tonnes, while at Sasa, zinc in concentrate production was 11,020 tonnes and lead in concentrate production was 14,386 tonnes.

It said it was on track to meet its 2018 production guidance, which are 13,000 to 14,000 tonnes for copper, 21,000 to 23,000 tonnes for zinc in concentrate, and 28,000 to 30,000 tonnes for lead in concentrate.

At Shuak, the board said its 2018 exploration programme was underway, with 11,550 metres drilled in the first half.

Cash in the bank as at 30 June stood at $40.5m, the board said.

“After a particularly cold winter in Kazakhstan during the first quarter, we had a solid second quarter and were pleased with our overall first half Kounrad copper production,” said chief executive officer Nigel Robinson.

“At Sasa, which we have now owned and operated for eight months, we are also pleased with our zinc and lead output and we are firmly on track to meet annual guidance for the three metals.”

During the second quarter, Robinson said the company made several senior management changes that the board believed had both strengthened and provided continuity to its business.

“Our integration of Sasa into the CAML Group is progressing well and we have commenced a life of mine technical study that should ensure the optimal future of the operation.

“The company continues to assess additional business opportunities.”