logo-loader

Central Asia Metals completes Kounrad copper plant under budget; commissioning targeted for end of month

Last updated: 07:12 02 Feb 2012 GMT, First published: 08:12 02 Feb 2012 GMT

no_picture_pai

Central Asia Metals (LON:CAML) today announced the completion of its copper plant at Kounrad in Kazakhstan and expects to put it into action at the end of this month.

The solvent-extraction electrowinning facility (SX-EW) will process around 10,000 tonnes of copper cathode a year and the company said it expects first copper production in April this year.

Importantly, the firm thinks it will deliver this first production and complete the construction phase of the project for less than the budgeted amount of $46.9 million stated in the Kounrad feasibility study in March 2010.

The company also announced today the increase of ownership in the project up to 100 per cent.

Chief executive Nick Clarke said: "There has been extremely encouraging progress at Kounrad over the last quarter.

"The ability to achieve material completion of the project under budget and broadly in line with our initial schedule is a testament to our staff and partners in Kazakhstan.

"We remain confident that we will achieve our goal of commercial copper cathode production at Kounrad in April 2012 without additional funding."

Central Asia Metals added that it had hired Australia-based PPM Solutions to oversee and assist in the phased commissioning of the plant.

Also, in the statement, it said SaryArka Social Entrepreneurial Corporation National Company JSC had carried out a tender process for the sale of its 40 per cent stake in the project.

And the company together with the SAT Group won the tender. The firm has an agreement to subsequently buy the 40 per cent of the project in exchange for 8,616,593 company shares, representing 9.1 per cent of the share capital.

Chesnara reports strong 2023 results with improved cash generation and...

Chesnara PLC (LSE:CSN) chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%. The company has...

17 minutes ago