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.