23rd Nov 2015 10:43
LONDON (Alliance News) - Central Asia Metals PLC Monday said it has received the required regulatory approvals for an expansion programme of its Kounrad solvent extraction and electro-winning copper recovery project in Kazakhstan.
The company also said that it had seen an overall increase in production volumes in the second part of 2015, and this increase combined with an around 65% devaluation of the Kazakhstan Tenge against the dollar, has resulted in downward pressure on the unit cost of production.
"The successful commissioning of the additional SX-EW facilities earlier this year already had a positive impact on our unit cost of production, and I have a full confidence in our team at Kounrad successfully completing this next stage of the projects' development in a diligent and timely manner, thus further enhancing CAML's ability to generate value for its shareholders," said Chief Executive Officer Nick Clarke in a statement.
Shares in Central Asia Metals were down 4.5% at 157.63 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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