Central Asia Metals confident after year of mixed production results
Central Asia Metals
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11:44 10/01/25
Central Asia Metals, the operator of the Kounrad copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia, said in an update on Thursday that it achieved full-year copper production of 13,439 tonnes at Kounrad, within its guidance range, despite a slight decline from 2023’s output of 13,816 tonnes.
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The AIM-traded firm said that at Sasa, zinc-in-concentrate production totalled 18,572 tonnes and lead-in-concentrate production reached 26,617 tonnes, both slightly below the lower end of guidance and lower than 2023 figures of 20,338 tonnes and 27,794 tonnes, respectively.
It reported zero lost time injuries at Kounrad during the year, while Sasa experienced two.
Key projects at Sasa advanced significantly, including the near-completion of the dry stack tailings (DST) plant, substantial progress on the transition to paste-fill mining, and the completion of the central decline.
Additionally, Aberdeen Minerals, in which CAML holds a 28.4% stake, completed its 2024 exploration drilling campaign.
CAML said it ended the year with a strong cash position of $67.6m on 31 December.
For 2025, the group set production guidance of 13,000 to 14,000 tonnes of copper, 19,000 to 21,000 tonnes of zinc-in-concentrate, and 27,000 to 29,000 tonnes of lead-in-concentrate.
The board said the DST plant at Sasa was expected to become operational in the first quarter of the year, further enhancing operational efficiency and sustainability.
It also anticipated assay results from Aberdeen Minerals' 2024 drilling campaign in the first quarter.
“Kounrad continued to perform well in the fourth quarter and maintained its excellent safety record,” said chief executive officer Gavin Ferrar.
“Full-year copper production for 2024 was firmly inside the guidance that CAML set at the start of the year.
“Sasa also achieved solid production in the fourth quarter, despite the transition to paste-fill mining.”
Ferrar said the effects of the transition, particularly in the first half of the year, resulted in full-year production of zinc and lead coming in around 2% below the guidance range, but added he was “confident” that the experience gained, along with the progress made in the second half, would enable production to meet guidance in 2025.
“Meanwhile, the capital projects programme at Sasa is essentially complete, with the DST plant expected to be operational in the first quarter.
“As a group, we look forward to 2025 for another year of safe, reliable production from our existing operations, and to continuing the search for an acquisition to grow the business.”
Central Asia Metals said it would release its annual results on 20 March, at which date the final dividend for 2024 would also be announced.
At the close on Thursday, shares in Central Asia Metals were up 2.32% at 159p.
Reporting by Josh White for Sharecast.com.