7th Jan 2014 10:03
LONDON (Alliance News) - Central Asia Metals PLC Tuesday said it has achieved positive production and sales for its 60%-owned Kounrad Copper Project in Kazakhstan for 2013 and has increased its production target for 2014.
The AIM-listed copper, base and precious metals producer, with operations in Kazakhstan and Mongolia, said production for the twelve months ended December 31, 2013, the first full year of operations at the Kounrad SX-EW plant, was 10,509 tonnes of copper cathode, a 5% increase on the company's 2013 target.
The company said it sold 10,665 tonnes of copper cathode during 2013 and the company's cash balance at the end of December 2013 was USD47.9 million.
Central Asia Metals said that in 2014 it plans to increase capacity for the plant through a number of planned capital programmes, including the addition of two coal fired boilers at a cost of USD2.2 million.
Based on the company's expected capacity increase to 14 megawatts at the site, it said the 2014 production target has also been increased to 11,000 tonnes of copper.
"The company intends to maintain its dividend policy going forward and has the cash resources to undertake any planned capital programmes to increase production at Kounrad without compromising this policy," Chief Executive Officer Nick Clarke said in a statement.
Central Asia Metals shares were up 0.8% to 152.25 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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