Central Asia Metals plc (CAML) ended 2023 with $57.2 million cash and growth plans with a new mid-scale copper exploration licence in Kazakhstan.
EXPLORATION
The company formed a new subsidiary CAML Exploration in an arrangement with a team from Terra Exploration.
“Potential target areas have been reviewed and remain under review, and currently one exploration licence has been granted, with another four in application,” said CAML.
“The company expects to spend up to $3 million during 2024 on continuing its target generation exploration work in Kazakhstan.”
In addition to increased exploration work, development of CAML’s business remained “a priority”.
2023 OPERATIONS
The new subsidiary was announced in an operations report which showed 2023 copper production of 13,816 tonnes (2022: 14,254t) at the Kounrad dump leach, solvent extraction and electro-winning (SX-EW) copper recovery plant.
Copper sales during Q4 2023 were 3,469t taking the year’s total to 13,687t. Since 2012 Kounrad has produced more than 152,000t copper cathode.
Sasa zinc-lead mine production in North Macedonia fell in the mid-guidance range with zinc in concentrate of 20,338t (2022: 21,473t) and lead in concentrate of 27,794 tonnes (2022: 27,354t).
Kounrad’s solar power plant is now complete, with a final cost of below $3.5m, and generating renewable power for operations, while the central decline is now operational.
“At Kounrad, I was delighted to officially open the solar power plant in November 2023,” said chief executive Nigel Robinson.
“It is anticipated that this facility will provide 16-18% of the site’s electrical needs on an annualised basis and reduce Kounrad’s Scope 1 and 2 emissions by 10% versus 2020.”
Construction of the Sasa paste backfill plant is complete and operational with extraction of ore by paste fill mining methods underway.
CAML recorded zero lost time injuries (LTIs) at Kounrad and one at Sasa.
Capital expenditure for 2023 is anticipated to be approximately 10% below guidance range of $28 – $30m.
OUTLOOK
For 2024, copper production guidance is 13,000 – 14,000t; zinc in concentrate: 19,000 – 21,000t; and lead in concentrate: 27,000 – 29,000t.
During 2024, Sasa spend is expected to be $8m – $9m in completing the construction of the dry stack tailings plant and landform as well as the new central decline.
Mr Robinson added that construction of the dry stack tailings plant and landform would be a key focus for 2024.
“We look forward to delivering another year of safe and reliable base metals production at our operations and looking for further opportunities to grow the business.”
The company’s 2023 annual results are scheduled to be released on 25 March 2024.