TIDMCAML
RNS Number : 0785S
Central Asia Metals PLC
12 July 2022
12 July 2022
CENTRAL ASIA METALS PLC
('CAML' or the 'Company')
H1 2022 Operations Update
Central Asia Metals plc (AIM: CAML) today provides a H1 2022
operations update for the Kounrad dump leach, solvent extraction
and electro-winning ('SX-EW') copper recovery plant in Kazakhstan
('Kounrad') and the Sasa zinc-lead mine in North Macedonia
('Sasa').
H1 2022 operational summary
- Zero lost time injuries ('LTI') at Kounrad
- One LTI at Sasa
- Kounrad copper production, 6,617 tonnes
- Sasa zinc in concentrate production, 10,465 tonnes
- Sasa lead in concentrate production, 13,827 tonnes
Group cash and debt position
- Cash in the bank on 30 June 2022, $57.7 million
- Gross debt (inclusive of $4.5 million overdraft) on 30 June 2022, $12.1 million
- H1 2022 Group corporate debt repayments of $16.0 million
Outlook
- On track to achieve 2022 full year guidance
o Copper, towards the top end of the 12,500 to 13,500 tonne
guidance range
o Zinc in concentrate, 20,000 to 22,000 tonnes
o Lead in concentrate, 27,000 to 29,000 tonnes
CAML production summary
Metal production Q2 2022 Q1 2022 H1 2022 H1 2021
(tonnes)
Copper 3 ,593 3,024 6 ,617 6,214
-------- -------- -------- --------
Zinc 5 ,225 5,240 1 0,465 11,292
-------- -------- -------- --------
Lead 7 ,091 6,736 1 3,827 13,807
-------- -------- -------- --------
Nigel Robinson, Chief Executive Officer, commented:
"We are pleased to report a safe quarter at CAML, with no LTIs
recorded at either Kounrad or Sasa. Production was strong for all
three of our base metals. We are on track to achieve our 2022
guidance for copper, zinc and lead and we expect to be towards the
top end of our copper target range.
"Our recent permitting successes in North Macedonia mean that we
are on course to complete construction and commissioning of our
paste backfill plant, which is part of the Cut and Fill Project,
during H1 2023 as previously advised.
"There have clearly been global inflationary pressures during
the last six months, but we have also seen strong metal prices
during the last six months and therefore look forward to releasing
our H1 2022 financial results on 14 September 2022, when we will
also announce our interim dividend. We remain on track to repay our
corporate debt facility in full in August 2022."
Health and Safety
There were no LTIs at Kounrad during the reported period. One
LTI was recorded at Sasa during Q1 2022, with none in Q2 2022. As
of end of June 2022, Kounrad had achieved 1,505 LTI-free days and
Sasa had achieved 146 LTI-free days.
Kounrad
Kounrad Q2 2022 copper production of 3,593 tonnes brings output
for the first six months of 2022 to 6,617 tonnes. Copper sales
during H1 2022 were 6,406 tonnes.
Sasa
Production
In Q2 2022, mined and processed ore were 204,707 tonnes and
206,405 tonnes respectively, bringing the H1 2022 total to 402,208
tonnes of ore mined and 404,391 tonnes of ore processed. The
average head grades for the Q2 2022 period were 3.00% zinc and
3.67% lead, and for H1 2022 were on average 3.07% and 3.66%
respectively. The average H1 2022 metallurgical recoveries were
84.3% for zinc and 93.5% for lead.
Sasa produces a zinc concentrate and a separate lead
concentrate. In Q2 2022, 10,440 tonnes of concentrate containing
50.0% zinc and 10,019 tonnes of concentrate containing 70.8% lead
were produced. Total H1 2022 production was 20,959 tonnes of zinc
concentrate at an average grade of 49.9% and 19,507 tonnes of lead
concentrate at an average grade of 70.9%.
Sasa typically receives from smelters approximately 84% of the
value of its zinc in concentrate and approximately 95% of the value
of its lead in concentrate. Accordingly, Q2 2022 payable production
of zinc was 4,390 tonnes and of lead was 6,737 tonnes, bringing
total payable production for H1 2022 to 8,788 tonnes of zinc and
13,136 tonnes of lead.
Given that deliveries from Sasa to the smelters occur on a
regular basis, payable base metal in concentrate sales for the
six-month period were similar to our production levels at 8,761
tonnes of zinc and 12,977 tonnes of lead.
During H1 2022, Sasa delivered 164,482 ounces of payable silver
to Osisko Gold Royalties, in accordance with its streaming
agreement.
Units Q2 2022 Q1 2022 H1 2022 H1 2021
Ore mined t 204,707 197,501 402,208 413,987
--------- -------- -------- -------- --------
Plant feed t 206,405 197,986 404,391 423,863
--------- -------- -------- -------- --------
Zinc grade % 3.00 3.14 3.07 3.14
--------- -------- -------- -------- --------
Zinc recovery % 84.2 84.3 84.3 84.9
--------- -------- -------- -------- --------
Lead grade % 3.67 3.65 3.66 3.50
--------- -------- -------- -------- --------
Lead recovery % 93.7 93.3 93.5 93.2
--------- -------- -------- -------- --------
Zinc concentrate t (dry) 10,440 10,519 20,959 22,571
--------- -------- -------- -------- --------
* Grade % 50.0 49.8 49.9 50.0
--------- -------- -------- -------- --------
* Contained zinc t 5,225 5,240 10,465 11,292
--------- -------- -------- -------- --------
Lead concentrate t (dry) 10,019 9,488 19,507 19,119
--------- -------- -------- -------- --------
* Grade % 70.8 71.0 70.9 72.2
--------- -------- -------- -------- --------
* Contained lead t 7,091 6,736 13,827 13,807
--------- -------- -------- -------- --------
Cut and Fill Project
During H1 2022, significant permitting work was undertaken in
preparation for the construction phase of the Cut and Fill Project.
The project Environment and Social Impact Assessment ('ESIA') was
submitted to the relevant authorities and the subsequent Public
Consultation hearing took place in the community close to the Sasa
mine. This meeting was successful and the period for public
feedback has now closed.
The Cut and Fill Project is therefore on schedule with the
timelines previously advised, and the team continues to expect
completion of the paste backfill plant construction and
commissioning in H1 2023 and the dry stack tailings component
during H2 2023.
Development of the Central Decline continues to progress well
with 453 metres developed during H1 2022, and 956 metres in
total.
Group cash and debt position
As of 30 June 2022, CAML had cash in the bank of $57.7 million
and gross debt of $12.1 million. The June 2022 corporate debt
repayment of $3.2 million was collected by the lenders in July
instead, and is therefore not reflected in the 30 June 2022 cash
and debt balances. Gross debt comprises $7.6 million of corporate
debt through Traxys Europe S.A. and $4.5 million of North
Macedonian drawn overdraft facilities with Sparkasse Bank (formerly
Ohridska Banka).
For further information contact:
Central Asia Metals Tel: +44 (0) 20 7898 9001
Nigel Robinson, CEO
Gavin Ferrar, CFO
Louise Wrathall, Director of Corporate louise.wrathall@centralasiametals.com
Development
Peel Hunt (Nominated Advisor and Joint Tel: +44 (0) 20 7418 8900
Broker)
Ross Allister
David McKeown
BMO Capital Markets (Joint Broker) Tel: +44 (0) 20 7236 1010
Thomas Rider
Pascal Lussier Duquette
BlytheRay (PR Advisors) Tel: +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
Rachael Brooks
Note to editors:
Central Asia Metals, an AIM-listed UK company based in London,
owns 100% of the Kounrad SX-EW copper project in central Kazakhstan
and 100% of the Sasa zinc-lead mine in North Macedonia.
For further information, please visit www.centralasiametals.com
and follow CAML on Twitter at @CamlMetals and on LinkedIn at
Central Asia Metals Plc
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