6th Jan 2016 09:24
LONDON (Alliance News) - Central Asia Metals PLC Wednesday said it now targeting increased copper production for 2016 of between 13,000 and 14,000 tonnes, as it saw total production rise 8.4% in 2015.
Central Asia Metals said it had produced 3,661 tonnes of copper at its Kounrad plant in Kazakhstan in the fourth quarter of 2015, up from 2,701 tonnes in the same period in 2014.
The company sold 12,040 tonnes of copper cathode during the year, up from 11,160 tonnes in the previous year. It now expects full year cash costs of between USD0.65 and USD0.70 per pound, having previously disclosed cash costs of USD0.74 per pound in the first half of 2015.
Central Asia Metals said it is confident its cash costs will be maintained within the 2015 guidance range in 2016.
"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," said Chief Executive Officer Nick Clarke in a statement.
"Our cost discipline combined with the weakening of the Kazakh Tenge has significantly reduced the cost base of the operation. We are confident that we can continue to generate positive cashflows from the operations at Kounrad despite market headwinds, which have seen copper prices drop to a six year low in 2015," Clarke added.
Central Asia Metals will announce its 2015 results on April 11.
Shares in Central Asia Metals were up 1.9% at 150.75 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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