TIDMCAML
RNS Number : 5520F
Central Asia Metals PLC
11 July 2023
11 July 2023
CENTRAL ASIA METALS PLC
('CAML' or the 'Company')
H1 2023 Operations Update
Central Asia Metals plc (AIM: CAML) today provides a H1 2023
operations update for the Kounrad dump leach, solvent extraction
and electro-winning ('SX-EW') copper recovery plant in Kazakhstan
('Kounrad') and the Sasa zinc-lead mine in North Macedonia
('Sasa').
H1 2023 operational summary
- Zero lost time injuries ('LTIs') at Kounrad
- One LTI at Sasa
- Kounrad copper production, 6,716 tonnes
- Sasa zinc in concentrate production, 9,764 tonnes
- Sasa lead in concentrate production, 13,734 tonnes
Group cash
- Cash in the bank on 30 June 2023, $50.6 million
Outlook
- On track to achieve 2023 full year guidance:
o Copper: 13,000 to 14,000 tonnes
o Zinc in concentrate: 19,000 to 21,000 tonnes
o Lead in concentrate: 27,000 to 29,000 tonnes
CAML production summary
Metal production Q2 2023 Q1 2023 H1 2023 H1 2022
(tonnes)
Copper 3,380 3,336 6,716 6,617
-------- -------- -------- --------
Zinc 4,847 4,917 9,764 10,465
-------- -------- -------- --------
Lead 7,116 6,618 13,734 13,827
-------- -------- -------- --------
Nigel Robinson, Chief Executive Officer, commented:
"We are pleased to report a positive start to 2023 with strong
production across the Group, meaning we are on track to meet
guidance. I am particularly proud to mention that Kounrad achieved
over 4 million LTI free hours by the end of H1 2023, an outstanding
achievement for an operation with a relatively small workforce.
"On 27 May 2023, we witnessed the joining of the Central Decline
at Sasa which was developed both from surface and the 910 metre
level. Wet commissioning of the Paste Backfill Plant has begun and
the ground works for the Dry Stack Tailings Plant are underway.
"Benefitting from our low production costs, CAML continues to
generate enviable cash flow and has a strong balance sheet with
US$50.6 million in cash and no debt. This enables us to continue to
pay some of the highest dividends in the sector whilst actively
considering various business development opportunities."
"Our H1 2023 financial results will be released on 13 September
2023, when we will also announce our interim dividend."
Health and Safety
At the end of H1 2023, Kounrad had achieved 1,870 LTI-free days.
There was one LTI recorded at Sasa during Q2 2023.
Kounrad
Kounrad Q2 2023 copper production of 3,380 tonnes brings output
for the first six months of 2023 to 6,716 tonnes. Copper sales
during H1 2023 were 6,315 tonnes.
Solid progress on the construction of the 4.77MW solar farm was
achieved during H1 2023. At the end of the period, all
project-related equipment and materials had been received at site.
Levelling earthworks are complete, the perimeter security fence
installed, sub-station concrete bases poured, and installation of
the Photo-Voltaic support frames had commenced. CAML remains on
track for completion of this project during Q4 2023.
Sasa
Production
In Q2 2023, mined and processed ore were 199,731 tonnes and
200,705 tonnes respectively, bringing the H1 2023 total to 396,234
tonnes mined and 396,673 tonnes processed. The average head grades
for the Q2 2023 period were 2.85% zinc and 3.85% lead, and for H1
2023 were on average 2.90% and 3.72% respectively. The average H1
2023 metallurgical recoveries were 84.9% for zinc and 93.1% for
lead.
Sasa produces a zinc concentrate and a separate lead
concentrate. In Q2 2023, 9,541 tonnes of concentrate containing
50.8% zinc and 10,020 tonnes of concentrate containing 71.0% lead
were produced. This brings total production for H1 2023 to 19,257
tonnes of zinc concentrate at a grade of 50.7% and 19,302 tonnes of
lead concentrate at a grade of 71.2%.
Sasa typically receives from smelters approximately 84% of the
value of its zinc in concentrate and approximately 95% of the value
of its lead in concentrate. Accordingly, Q2 2023 payable production
was 4,083 tonnes of zinc and 6,760 tonnes of lead, bringing total
payable production for H1 2023 to 8,223 tonnes of zinc and 13,047
tonnes of lead.
Payable base metal in concentrate sales for H1 2023 were 8,382
tonnes of zinc and 12,416 tonnes of lead. At the end of Q2 2023,
the additional lead concentrate stocks relate to material loaded
for shipment at Burgas that had not departed. Departure of this
stock is scheduled in the next fortnight.
During H1 2023, Sasa sold 167,919 ounces of payable silver to
Osisko Gold Royalties, in accordance with its streaming
agreement.
Units Q 2 2023 Q 1 2023 H1 2023 H 1 2022
Ore mined t 199,731 196,503 396,234 4 02,208
--------- --------- --------- -------- ---------
Plant feed t 200,705 195,968 396,673 4 04,391
--------- --------- --------- -------- ---------
Zinc grade % 2 .85 2.95 2 .90 3. 07
--------- --------- --------- -------- ---------
Zinc recovery % 8 4.7 85.2 8 4.9 8 4.3
--------- --------- --------- -------- ---------
Lead grade % 3 .85 3.59 3 .72 3. 66
--------- --------- --------- -------- ---------
Lead recovery % 9 2.1 94.2 9 3.1 9 3.5
--------- --------- --------- -------- ---------
Zinc concentrate t (dry) 9,541 9,716 19,257 20,959
--------- --------- --------- -------- ---------
* Grade % 50.8 50.6 5 0.7 49.9
--------- --------- --------- -------- ---------
* Contained zinc t 4,847 4,917 9,764 10,465
--------- --------- --------- -------- ---------
Lead concentrate t (dry) 1 0,020 9,282 19,302 19,507
--------- --------- --------- -------- ---------
* Grade % 7 1.0 71.3 7 1.2 70.9
--------- --------- --------- -------- ---------
* Contained lead t 7, 116 6,618 13,734 13,827
--------- --------- --------- -------- ---------
Transition to Paste Fill - Development Projects
On 27 May 2023, the new Central Decline tunnelling 'holed
through'. The tunnel was developed both from surface and the 910
metre level to complete Phase 1. This will be a major improvement
to the ventilation and efficient transportation of ore to the
surface in future years.
Construction of the Paste Backfill Plant and underground
reticulation system is now materially complete and wet
commissioning of the plant is underway. Ground works for the Dry
Stack Tailings Plant have commenced.
Group cash and debt position
As of 30 June 2023, CAML had cash in the bank of $50.6 million
and no debt.
For further information contact:
Central Asia Metals Tel: +44 (0) 20 7898 9001
Nigel Robinson
CEO
Gavin Ferrar
CFO
Louise Wrathall louise.wrathall@centralasiametals.com
Director of Corporate Development
Emma Chetwynd Stapylton emma.chetwyndstapylton@centralasiametals.com
Investor Relations Manager
Peel Hunt (Nominated Advisor and Tel: +44 (0) 20 7418 8900
Joint Broker)
Ross Allister
David McKeown
BMO Capital Markets (Joint Broker) Tel: +44 (0) 20 7236 1010
Thomas Rider
Pascal Lussier Duquette
BlytheRay (PR Advisors) Tel: +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
Rachael Brooks
Note to editors:
Central Asia Metals, an AIM-listed UK company based in London,
owns 100% of the Kounrad SX-EW copper project in central Kazakhstan
and 100% of the Sasa zinc-lead mine in North Macedonia.
For further information, please visit www.centralasiametals.com
and follow CAML on Twitter at @CamlMetals and on LinkedIn at
Central Asia Metals Plc.
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