Central Asia Metals plc has created a “solid platform for growth” from its cash holding of $50.6 million from copper-lead-zinc operations in Kazakhstan and North Macedonia.
FINANCES
In its half-year results, the company said it had started early-stage exploration in Kazakhstan with Terra Exploration and in 2023 expects to complete the Kounrad solar power plant.
Group gross revenue of $99.3m (H1 2022: $119.5m) and group net revenue of $93.6m ($113.8m)
Group earnings before interest, tax, depreciation, and amortisation fell to $48.9m ($74.9m) resulting in an EBITDA margin of 49% (63%).
Adjusted free cash flow amounted to $24.1m ($52.2m) and the company holds no debt.
PRODUCTION
Kounrad copper production in Kazakhstan reached 6,716 tonnes (H1 2022: 6,617t) and sales of 6,315t (6,406t)
In North Macedonia, zinc concentate production at the Sasa mine was 9,764t (10,465t) with payable zinc sales of 8,382t (8,761t).
Lead in concentrate production totalled 13,734t (13,827t) and payable lead sales were 12,416t (13,608t)
The group recorded lost one lost time injury and a group LTI frequency rate of 0.80 (0.85).
Central Asia Metals said it was on course to meet copper production guidance of 13,000-14,000t, zinc in concentrate 19,000-21,000t and lead in concentrate 27,000-29,000t.