Central Asia Metals (CAML) reported on the first-half performance of its Kounrad copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. Despite facing challenges, the company remains optimistic about its progress.
In the first six months of 2024, Kounrad produced 6,608 tonnes of copper, slightly lower than the previous year. Sasa, on the other hand, achieved zinc and lead production of 9,014 and 12,872 tonnes respectively, showing a decrease compared to the same period in 2023.
The operations at Kounrad reported zero lost time injuries, while Sasa recorded one. CAML also disclosed having $56.4 million in cash as of June 30.
Looking ahead, CAML aims to meet its full-year copper production target of 13,000 to 14,000 tonnes at Kounrad. Sasa is expected to achieve production towards the lower end of its 2024 guidance range.
CEO Nigel Robinson commented on the performance, highlighting the challenges faced by both operations but expressing confidence in the long-term benefits of ongoing transitions. He mentioned the importance of sustaining the underground mine and tailings storage facilities.
Robinson also mentioned expectations for improved performance in the second half as mining transitions progress. However, considering the first-half production levels, full-year production at Sasa is anticipated to be towards the lower end of the previously announced guidance.
Investors saw a 2.66% decrease in CAML’s shares at 201p. CAML is set to release its first-half financial results and interim dividend announcement on September 10.
