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UPDATE - Central Asia Metals hits record copper production at Kounrad

Central Asia Metals also provided guidance for the upcoming year
UPDATE - Central Asia Metals hits record copper production at Kounrad
he firm achieved record production of 12,071 tonnes of copper in 2015

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Copper producer Central Asia Metals (LON:CAML) achieved record copper production last year from its Kounrad copper recovery plant in Kazakhstan.

The firm achieved record production of 12,071 tonnes of copper, slightly ahead of guidance of 12,000 tonnes and some 8.4% up on 2014’s 11,136 tonnes.

Costs were well broadly in line with the previous year at between US$0.65 and US$0.70 per pound of copper, though still far below the current copper spot price of US$2.09 per pound.

Central Asia Metals also provided guidance for the upcoming year, which will see production reduced to between 13,000 and 14,000 tonnes.

Slower leach rates means the plant will run at lower than the new full capacity of the site, but the completion of expansion work in May last year, ahead of schedule and below budget, will keep production higher than previously expected.

Nick Clarke, chief executive, said: “Once again, we are pleased to report record annual copper production in 2015 and to also provide production guidance for the year ahead.

“With our expansion plans to the western dumps commencing in March 2016, copper production is ensured for many years.”

Broker finnCap reiterated its ‘buy’ recommendation on the stock, adding that, now the company is in its fourth winter at Kounrad, “the company is well prepared for the extreme weather that is the norm on the steppe.”

Shares in Central Asia Metals lifted 1.3% to 149p by lunch.

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