Proactiveinvestors RSS feed en Wed, 22 Nov 2017 07:35:08 +0000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[RNS press release - Update research from QuotedData ]]> Fri, 17 Nov 2017 07:45:01 +0000 <![CDATA[RNS press release - Completion of acquisition and Readmission ]]> Mon, 06 Nov 2017 08:00:01 +0000 <![CDATA[RNS press release - Expected date of completion of the Acquisition ]]> Wed, 01 Nov 2017 07:00:04 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 17 Oct 2017 16:11:28 +0100 <![CDATA[RNS press release - Standard form for notification of major holdings ]]> Mon, 16 Oct 2017 17:30:33 +0100 <![CDATA[RNS press release - Standard form for notification of major holdings ]]> Mon, 16 Oct 2017 17:01:54 +0100 <![CDATA[RNS press release - Standard form for notification of major holdings ]]> Fri, 13 Oct 2017 15:38:01 +0100 <![CDATA[RNS press release - Standard form for notification of major holdings ]]> Fri, 13 Oct 2017 15:21:24 +0100 <![CDATA[RNS press release - TR-1: Form for notification of major holdings ]]> Thu, 12 Oct 2017 13:02:55 +0100 <![CDATA[RNS press release - Director Dealing Notification ]]> Thu, 12 Oct 2017 12:54:37 +0100 <![CDATA[RNS press release - Results of Extraordinary General Meeting ]]> Wed, 11 Oct 2017 12:13:24 +0100 <![CDATA[RNS press release - Q3 2017 Operations Update ]]> Tue, 03 Oct 2017 07:00:03 +0100 <![CDATA[RNS press release - Admission Document and Notice of General Meeting ]]> Mon, 25 Sep 2017 07:00:05 +0100 <![CDATA[RNS press release - RESULTS OF PLACING ]]> Fri, 22 Sep 2017 15:14:42 +0100 <![CDATA[RNS press release - Proposed Placing ]]> Fri, 22 Sep 2017 07:02:01 +0100 <![CDATA[RNS press release - Proposed acquisition of Lynx Resources Limited ]]> Fri, 22 Sep 2017 07:01:01 +0100 <![CDATA[RNS press release - Interim Results ]]> Fri, 22 Sep 2017 07:00:04 +0100 <![CDATA[RNS press release - Standard form for notification of major holdings ]]> Wed, 20 Sep 2017 09:00:02 +0100 <![CDATA[RNS press release - Intended Transaction and Suspension of Trading ]]> Mon, 04 Sep 2017 07:00:05 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 14 Aug 2017 09:58:58 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Thu, 10 Aug 2017 17:01:51 +0100 <![CDATA[RNS press release - Operations Update to 30 June 2017 ]]> Wed, 05 Jul 2017 07:00:03 +0100 <![CDATA[RNS press release - AGM Results ]]> Wed, 31 May 2017 12:51:53 +0100 <![CDATA[RNS press release - Update research from QuotedData ]]> Tue, 23 May 2017 12:08:37 +0100 <![CDATA[RNS press release - Share Pledge by a Director ]]> Fri, 05 May 2017 18:02:06 +0100 <![CDATA[RNS press release - Posting of Annual Report and Notice of AGM ]]> Thu, 27 Apr 2017 17:45:02 +0100 <![CDATA[RNS press release - Update research from QuotedData ]]> Tue, 25 Apr 2017 14:00:18 +0100 <![CDATA[RNS press release - Grant of Options ]]> Mon, 24 Apr 2017 07:30:02 +0100 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Thu, 13 Apr 2017 16:26:50 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 05 Apr 2017 16:01:59 +0100 <![CDATA[RNS press release - Q1 2017 Production Update ]]> Tue, 04 Apr 2017 07:00:08 +0100 <![CDATA[RNS press release - Final Results ]]> Tue, 04 Apr 2017 07:00:07 +0100 <![CDATA[RNS press release - Notice of Preliminary Results ]]> Wed, 15 Mar 2017 07:00:11 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Thu, 19 Jan 2017 16:08:40 +0000 <![CDATA[RNS press release - Results of the Copper Bay DFS ]]> Wed, 18 Jan 2017 07:00:08 +0000 <![CDATA[RNS press release - 2016 Operations Update ]]> Thu, 05 Jan 2017 07:00:08 +0000 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Mon, 12 Dec 2016 12:46:47 +0000 <![CDATA[RNS press release - Agreement signed to acquire Shuak copper property ]]> Tue, 22 Nov 2016 15:13:42 +0000 <![CDATA[Media files - Zak Mir sees Central Asia Metals shares rising to 240p in coming months ]]> Mon, 21 Nov 2016 10:43:00 +0000 <![CDATA[RNS press release - Q3 2016 Operations Update ]]> Wed, 05 Oct 2016 07:00:07 +0100 <![CDATA[RNS press release - Half-year Report ]]> Mon, 12 Sep 2016 07:00:07 +0100 <![CDATA[RNS press release - Notice of Results ]]> Mon, 22 Aug 2016 07:00:09 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 04 Jul 2016 12:34:03 +0100 <![CDATA[RNS press release - Result of AGM ]]> Wed, 08 Jun 2016 13:05:53 +0100 <![CDATA[RNS press release - Annual Report and Accounts 2015 and Notice of AGM ]]> Wed, 27 Apr 2016 17:57:28 +0100 <![CDATA[RNS press release - Grant of Options ]]> Tue, 19 Apr 2016 07:30:02 +0100 <![CDATA[News - Central Asia Metals weathers low copper price to reward shareholders ]]> The absolute centrality of the dividend to the strategy of Central Asia Metals PLC (LON:CAML) comes through time and again when chief executive Nick Clarke speaks.

He’s keen, first off, as he always is, to emphasise how much money the company’s been able to return to shareholders over the years.

Once it’s paid the recently announced 8p final dividend, which brings the total for fiscal 2015 to 12.5p, the company will have paid back a total US$73mln to the market via dividends and buy-backs.

Since it only raised US$60 mln when it listed back in 2010, that’s quite some record.

Clarke is keen to preserve it, as the company’s actions in the face of the weaker copper price make only too clear.

Copper’s at multi-year lows, and although the production from CAML’s Kounrad copper project in Kazakhstan hit record levels last year, revenue was nonetheless adversely affected.

Overall, for the full year to December 2015 the company generated gross income of just over US$67mln, compared to the US$73mln generated in the prior year.

Nevertheless, supported by a cash pile of more than US$40mln, Clarke has chosen to maintain the dividend at the same level as was paid out in 2014.

In total shareholders will receive more than US$12mln.

Given that profits before tax still rang in at more than US$33 mln, that decision is one that passed without demur among London’s broking community. Indeed, in a world where the mighty have fallen – the likes of Rio (LON:RIO), BHP Billiton (LON:BLT) and Antofagasta (LON:ANTO) have all cut dividends in recent months - it even provoked strong expressions of support.

“We interpret the final dividend pay-out ratio as a sign of the CAML board’s confidence in the group’s cash-generating capability, despite lower copper prices in 2015,” wrote broker Mirabaud in its morning briefing note following the release of the financials.

Shore Capital’s Yuen Low called the balance sheet “very healthy” and referred to the dividend as “generous” and the 7.45% yield as “tasty.”

It’s that sort of approval that’s allowed CAML’s shares to recover quite sharply from a bout of heavy selling from one particular fund manager, as existing shareholders hoovered up loose shares on the market.

The shares opened  a couple of pence higher at 170p when the full year financials were announced.

That's up more than 35% on a recent low of 124p hit back in mid-February.

Underlying it all is the strength of the Kounrad operation itself. Following a two-phase expansion programme that is now nearing completion, the project is slated to continue production at an average of 200,000 tonnes per year till 2030.

The cost per pound of copper produced, using the company’s new metric which excludes taxes and royalties, is likely to run at an average of around US$0.60 per pound during that period, which allows plenty of space for the huge margin that Central Asia continues to enjoy - even at its current lowly US$2.11 level.

“We stand by our dividend policy,” says Clarke. “We’re confident. We think we’ve seen the bottom of the market.”

Quite possibly there are better times ahead, and Ivan Arriagada of Antofagasta appears to agree, according to reports cited by Credit Suisse recently. He argues that copper is “best-placed for a recovery”, although admittedly that recovery is likely to take two or three years to show through.

Ahead of that Clarke is on the look-out for opportunities for growth.

But here again he harks back to the primacy of the Kounrad dividend. “What we want to see is a good cash-generative opportunity,” he says. “But when we do move we’ll move for the right reasons. Our dividend payment will always be our priority.”

It won’t be put at risk for the development of the company’s second project, Copper Bay in Chile, either.

A previous economic study showed that Copper Bay might require US$88mln to develop, although Clarke is hopeful that more up-to-date studies will shave quite significant amounts off that number.

In any event, the development funding for Copper Bay will be a matter for future discussion, with the following proviso from Clarke to bear in mind: “CAML won’t finance it at the risk of a cut in the dividend.”

But in any case Copper Bay will always be secondary to Kounrad, likely to produce less copper at higher cost, although still decent margin all-told.

What would really make a difference would be if Clarke and his team could cut a deal on a new asset that cash flow from Kounrad could support. That might not be easy as sellers are still seeking high valuations even in the current market, and in some cases private equity has stepped in and delivered that value.

Even so, Clarke has retained Central Asia’s position as one of London’s best performing mining companies over the past five years, and any move he makes is likely to enjoy strong support.

Tue, 12 Apr 2016 11:26:00 +0100
<![CDATA[Media files - Central Asia Metals shows confidence with divi pay-out says chief ]]> Mon, 11 Apr 2016 11:41:00 +0100 <![CDATA[News - Central Asia Metals maintains full year dividend at 12.5p ]]> It’s been a good year for Central Asia Metals PLC (LON:CAML) so far. The company’s shares have climbed back from a low of 124p hit in February to the current 168p, a rise of near on 35% in a couple of months.

What makes that recovery more impressive is that during that time copper has been trading at around seven year lows.

But Central Asia has a strong growth story that it’s never yet failed to deliver on, and its latest set of financials only serve to underline the point.

During the year to 31st December 2015 the company sold a record 12,040 tonnes of copper from its Kounrad project in Kazakhstan, to generate revenue of US$67.3 mln.

Because of the weakness in the copper price that revenue number was somewhat down on the US$76.6 mln delivered in the corresponding period for 2014, but nonetheless enabled Central Asia to earmark a final dividend of 8p, bringing the total for the year up to 12.5p, in line with the payout in 2014.

During the current year the company expects to produce between 13,000 and 14,000 tonnes of copper as an ongoing expansion programme continues.

Chief executive Nick Clarke called the results “robust” and pointed out that with the latest proposed dividend the company will have returned US$73 mln to shareholders, more than the US$60 mln it raised when it listed in 2010.




Mon, 11 Apr 2016 08:03:00 +0100
<![CDATA[RNS press release - Final Results ]]> Mon, 11 Apr 2016 07:00:08 +0100