Central Asia Metals PLC Q3 2016 Operations Update (6898L)
October 05 2016 - 2:00AM
UK Regulatory
TIDMCAML
RNS Number : 6898L
Central Asia Metals PLC
05 October 2016
5 October 2016
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
Q3 2016 Operations Update
Central Asia Metals plc (AIM: CAML) today provides a Q3 2016
production and Stage 2 Expansion update for the Kounrad dump leach,
solvent extraction and electro-winning (SX-EW) copper recovery
plant in Kazakhstan ("Kounrad").
Summary:
-- Record quarterly copper production during
Q3 2016, up 38% to 4,102 tonnes (Q3 2015:
2,966 tonnes)
-- 2016 copper production to 30 September
up 31% to 11,010 tonnes (to 30 September
2015: 8,410 tonnes)
-- Record monthly copper production of 1,503
tonnes in August 2016
-- 2016 copper cathode sales to 30 September
up 38% to 10,646 tonnes (to 30 September
2015: 7,699 tonnes)
-- On track to achieve upper end of 2016 production
guidance of between 13,000 and 14,000 tonnes
-- Stage 2 Expansion on schedule for completion
in October and approximately 25% below
budget
Kounrad Q3 2016 production
Kounrad Q3 production of 4,102 tonnes of copper cathode brings
production for the first nine months of 2016 to 11,010 tonnes of
copper cathode, a 31% increase on the corresponding period of
2015.
Copper cathode sales to 30 September 2016 of 10,646 tonnes
represents an increase of 38% on the nine months to 30 September
2015. The copper was sold predominantly through CAML's off-take
sales arrangement with Traxys.
Stage 2 Expansion update
The Stage 2 Expansion, comprising construction of the buildings,
collector trenches, ponds and pipeline infrastructure to connect
the SX-EW plant to the Western Dumps area, is on schedule and
nearing completion and is approximately 25% under budget.
Completion of this project will extend the life of the operation
beyond 2030.
Electrical aspects of the project are complete, including the
overhead power lines and sub-station construction. The required
solution ponds have been excavated and lined, and the collector
trenches will be completed in October, as will the irrigation
system on the initial leaching blocks. The pregnant leach solution
(PLS) and raffinate pipes from the Western Dumps to the SX-EW plant
are now in position.
Nick Clarke, Executive Chairman, commented:
"We are delighted to report record quarterly production from our
Kounrad plant, and expect to achieve annual copper production
towards the upper end of the 13,000 to 14,000 tonne guidance range.
Looking ahead, we have nearly completed our Stage 2 Expansion and
will begin leaching copper from the Western Dumps in Q2 2017. As a
result of the devaluation of the Kazakhstan Tenge as well as some
engineering cost savings, we remain confident that we can complete
this capex programme approximately 25% below our initial budget of
US$19.5m. In Q4 2016, we will also complete the definitive
feasibility study that is currently being concluded on our Copper
Bay project in Chile."
For further information contact:
Tel: +44 (0) 20
Central Asia Metals plc 7898 9001
Nick Clarke, Executive Chairman
Nigel Robinson, CFO
Louise Wrathall, Investor
Relations
louise.wrathall@centralasiametals.com
Peel Hunt (Nominated Adviser Tel: +44 (0) 20
& Joint Broker) 7418 8900
Matthew Armitt
Ross Allister
Mirabaud Securities (Joint Tel: +44 (0) 20
Broker) 7878 3362
Peter Krens
Tel: +44 (0) 20
Bell Pottinger (PR Advisers) 3772 2500
Aarti Iyer
Richard Crowley
Note to editors:
Central Asia Metals, an AIM-listed UK company based in London,
owns 100% of the Kounrad SX-EW copper project in Kazakhstan. The
Company also has a 75% equity interest in Copper Bay Ltd, which is
a private company conducting a definitive feasibility study at its
copper project in ChaƱaral Bay, Chile. For further information,
please visit www.centralasiametals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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October 05, 2016 02:00 ET (06:00 GMT)