Final Results

RNS Number : 7076U

Central Asia Metals PLC

11 April 2016

CENTRAL ASIA METALS PLC

("CAML" or the "Company" or "Group")

2015 Full Year Results

Central Asia Metals plc (AIM: CAML) today announces its full year results for the 12 months ended 31 December 2015.

Operational summary

·	Record copper production, 12,071 tonnes, an increase of 8.4% vs. 2014 (11,136 tonnes);
·	Record copper sales, 12,040 tonnes, an increase of 7.9% vs. 2014 (11,163 tonnes);
·	Kounrad Stage 1 Expansion of SX-EW plant commissioned on time and under budget;
·	Kounrad Stage 2 Expansion to access the western dumps on track for production in H1 2017;
·	Additional $3.0 million investment in Copper Bay, increasing shareholding to 75% to fund Definitive Feasibility Study ("DFS").

Financial summary

·	8.0p final dividend proposed, bringing 2015 total dividend per share to 12.5p (2014: 12.5p);
·	Proposed full year dividend represents 30% of gross revenue for the year;
·	Gross revenue of $67.3 million (2014: $76.6 million);
·	C1 cash cost of $0.60/lb based on industry standard (reduction of 3%, 2014: $0.62/lb);
·	Group EBITDA of $34.9 million (2014: $47.3 million);
·	Group cash balance as at 31 December 2015 of $42.0 million (2014: $46.3 million).

2016 outlook

·	Kounrad production target of 13,000 to 14,000 tonnes;
·	Completion of Kounrad Stage 2 Expansion;
·	CAML Board changes provide continuity and further strengthen management of the Company;
·	Continued appraisal of business development opportunities to create further shareholder value.

Nick Clarke, Chief Executive Officer of CAML, commented:

"We are pleased to report that, during a very challenging 2015 for the copper market, CAML has again reported robust financial results. Indeed, while many resource companies are cutting dividends, we are pleased to be able to honour and exceed our dividend policy. Including the proposed 2015 final dividend of 8 pence per share, we will soon have distributed in excess of $73 million to shareholders, an amount significantly larger than the $60 million raised at IPO in 2010. During 2015, we completed our Stage 1 Expansion at Kounrad and we look forward to delivering the Stage 2 Expansion to enable copper production from the western dumps in 2017.

As we look to strengthen the business, we have taken the opportunity to make a number of Board changes. After nine years as Chairman, Nigel Hurst-Brown will step down to the role of Deputy Chairman and I will assume the role of Executive Chairman, thereby maintaining management continuity.

Due to personal reasons, Howard Nicholson will be stepping down from the Board at the forthcoming AGM. Howard has been instrumental in the success of the Company over the past seven years and we are delighted that he will remain as an employee. His focus will remain on delivery of the Kounrad Stage 2 Expansion as well as ensuring the continued strong operational performance of the project."

Analyst presentation conference call

There will be an analyst presentation and conference call on Monday 11 April 2016 at 09:30 (BST) at Bell Pottinger's offices. The call can be accessed by dialling +44 (0)20 3059 8125 and quoting the confirmation code 'Central Asia Metals Full Year Results'. The results presentation slides will be available at www.centralasiametals.com and a replay facility will be available following the presentation.

For further information contact:

Central Asia Metals plc	Tel: +44 (0) 20 7898 9001
Nick Clarke, CEO Nigel Robinson, CFO Louise Wrathall, Investor Relations	louise.wrathall@centralasiametals.com
Peel Hunt LLP (Nominated Adviser & Joint Broker)	Tel: +44 (0) 20 7418 8900
Matthew Armitt Ross Allister
Mirabaud Securities LLP (Joint Broker)	Tel: +44 (0) 20 7878 3362
Peter Krens

Bell Pottinger
Greg Wood	Tel: +44 (0) 20 3772 2587
Aarti Iyer	Tel: +44 (0) 20 3772 2468
Richard Crowley	Tel: +44 (0) 20 3772 2556

Note to editors:

Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper facility in Kazakhstan. The Company also has a 75% equity interest in Copper Bay Ltd, which is a private company conducting a definitive feasibility study of the Copper Bay Project in Chañaral, northern Chile. For further information, please visit www.centralasiametals.com.

CHAIRMAN'S STATEMENT

Dear shareholders,

Key achievements

Over nine years ago, in December 2006, I was appointed the Chairman of Central Asia Metals Limited, a small privately owned resource company with six projects in various stages of development across Mongolia and Kazakhstan. The Company has come a long way since then through to the Initial Public Offering ("IPO") and listing on the AIM market ("AIM") of the LSE in 2010 and the subsequent commencement of copper cathode production at Kounrad in 2012.

During 2015, the Company reached a notable milestone and returned over 100% of the funds raised at IPO to shareholders with the announcement of the 2015 interim dividend. In addition, we reported record copper cathode production and completed the Stage 1 Expansion at Kounrad during the period. Delivery of the Stage 2 Expansion is a primary objective for 2016 and further to our Chilean investment in Copper Bay, we are also looking at expanding the business where we see an opportunity to create value for our shareholders. Further details on the key achievements during the year are set out in the Chief Executive Officer's Statement below.

We have now established ourselves as one of the top performers on AIM with a profitable copper project at Kounrad, strong balance sheet and a robust dividend policy. I am extremely proud of our achievements since I became Chairman and want to thank all our people and the management team in particular for their hard work.

Board changes

After nine years, I feel it is appropriate for me to step down from the role of Chairman. In order to provide continuity, I will remain as a Non-Executive Director in the role of Deputy Chairman.

Not only am I delighted to be staying with the Company and on the Board, but I am also pleased to advise you that Nick Clarke, our current Chief Executive Officer, will be assuming the role of Executive Chairman. This appointment will provide further continuity given Nick's close relationship with our shareholders and his key involvement in the Company's IPO and subsequent successful transition through to profitable production.

Due to personal reasons, Howard Nicholson, our Technical Director, will be stepping down from the Board. Howard will remain with the Company and will be focussed on delivering the western expansion programme at Kounrad as well as ensuring the continued strong operational performance of the project. Howard's exceptional technical expertise and leadership of the local team has been instrumental in the successful development of the Kounrad project. We are pleased that Howard will remain with the Company and we wish to express our gratitude for his continued dedication.

As we look to grow the business, we will be appointing Gavin Ferrar, our existing Business Development Director, to the Board to oversee this aspect of the Company's strategy.

During 2015, we further strengthened the CAML Board with the appointment of Roger Davey. Roger is an experienced mining engineer with over 45 years of experience in the industry and we are delighted to secure his services.

I trust that as shareholders you will support the above changes and recognise that they further strengthen the Board and management of the Company.

All the above appointments and changes will take effect at conclusion of the forthcoming Annual General Meeting ("AGM") on 8 June 2016.

Nigel Hurst-Brown

Chairman

CHIEF EXECUTIVE OFFICER'S STATEMENT

We have now returned to shareholders over 100% of the $60 million raised at IPO five years ago. With the proposed 2015 final dividend of 8 pence per share, total returns to shareholders since commencement of operations in 2012 represents 31% of the gross revenue generated.

Maximising shareholder value

30 September 2015 marked the fifth anniversary of CAML joining the AIM market of the London Stock Exchange and we have accomplished a great deal since that time. The success we have achieved is the result of the skill and hard work of every one of our employees and I thank them for their contributions over the past five years.

At IPO, the Company raised $60 million and soon thereafter started construction of the Kounrad SX-EW plant which was completed on time and under budget. Since production commenced in April 2012, the plant has produced 40,302 tonnes of copper at an average C1 cash cost of $0.63/lb based on the industry definition as explained in the Financial Review section below. This low cash cost of production has enabled the Company to pay back to shareholders via share buy-backs and dividends over $73 million including the proposed 2015 final dividend of 8 pence per share. This was a notable milestone for the Company and one of which we are extremely proud.

It is all the more pleasing that these achievements have been made in the current challenging market conditions where the copper price fell to a six-year low of approximately $4,500/t during 2015. Whilst the commodity price environment is outside our control, CAML's low cash costs at Kounrad gives us the resilience to weather a prolonged commodity downturn. The current market conditions are challenging for all mining companies, many of whom, we note, have cut or suspended dividend payments.

Kounrad operations - record production in 2015

During the year, we reported record copper cathode production of 12,071 tonnes (2014: 11,136 tonnes) representing an 8.4% increase year on year.

Our continued focus on cost control together with the devaluation of the Kazakh Tenge against the US Dollar since August 2015, has maintained Kounrad's position in the lowest quartile of the industry cash cost curve. 2015 C1 cash costs were $0.60/lb (2014: $0.62/lb) representing a 3% decrease year on year.

The production incident we reported in June 2015 impacted adversely on our 2015 production, but nonetheless we have still managed to increase our output compared to 2014. To 31 December 2015, the Kounrad SX-EW plant had been in operation for 44 months at an average utilisation rate of 98.5% and produced 40,302 tonnes of copper, and this was the first such major interruption to operations.

The Company has an established presence in Kazakhstan and since the start of commercial operations at Kounrad, has paid $68 million in various taxes to the Kazakhstan authorities. We have contributed close to $1 million towards social programmes and the local community and currently employ approximately 276 staff, the majority of whom have been recruited locally.

Regrettably, after three years of production at Kounrad with an exemplary health and safety record, we experienced our first major accident in July 2015. The accident resulted in injuries to two employees, both of whom have received the appropriate medical treatment and were given all of the necessary support to ensure a swift recovery. Detailed internal and external investigations were undertaken to ensure that the risk of a similar accident is minimised.

Kounrad Stage 2 Expansion programme underway

In November 2015, the Ministry for Investment and Development of the Republic of Kazakhstan approved an amendment to the project's existing Subsoil Use Contract ("SUC"). This approval gives CAML the right to exploit the copper contained in the western dumps with commencement of production scheduled in 2017.

The procurement of materials and equipment for the Stage 2 Expansion is now underway, with the programme's capital cost remaining within the $19.5 million estimate. The construction works will be executed primarily by Company personnel.

Whilst a formality, this State approval offers a clear indication of the Kazakhstan government's readiness to support foreign investors, and enabled CAML to fully commit to the second phase of the Kounrad project's expansion. The successful commissioning of the additional SX-EW facilities in 2015 has already had a positive impact on our unit cost of production, and I have full confidence in our team at Kounrad successfully completing this next stage of the projects' development in a diligent and timely manner.

Copper Bay - Definitive Feasibility Study ("DFS") in progress

In June 2015, we announced that we had increased our shareholding in the Copper Bay project in Chile to 75%, following an additional investment of $3 million. These funds are being used for the DFS that is currently underway, which will provide more accuracy and confidence regarding all aspects of the project. The DFS should be completed in late 2016.

CAML management will continue to monitor the future technical and economic viability of the project based on the outputs of the DFS and the prevailing copper market environment.

Outlook and growth opportunities

We will focus our efforts on maintaining our low cash costs and meeting our 2016 production target of 13,000 to 14,000 tonnes. Consistent monitoring and analysis of the copper leaching rate since production commenced in April 2012 indicates that the recovery of copper from the dumps is taking slightly longer than originally projected. The Company remains confident of producing the same total tonnage of copper from the Kounrad resource as previously estimated, thereby extending the life of the operation beyond 2030.

Delivery on time and within the capital budget of the Stage 2 Expansion programme at Kounrad is a primary objective for 2016. Further to our investment in Copper Bay, we continue to look for only the very best investment opportunities to create value for our shareholders. With CAML's strong balance sheet, the Company is confident that it has sufficient funds available to finance the dividend policy, complete the capital expansion at Kounrad and provide the Company with the financial flexibility to support the growth of the business.

Nick Clarke

Chief Executive Officer

FINANCIAL REVIEW

The financial performance during the year demonstrated the Company's resilience to the fall in copper price.

Summary

·	Proposed 2015 final dividend of 8 pence per share totalling 12.5 pence for the full year (2014: 12.5 pence);
·	EBITDA for the year of $34.9 million (2014: $47.3 million);
·	Unit operating costs at Kounrad remain competitive with C1 cash costs of $0.60/lb (2014: $0.62/lb) using industry basis (see below);
·	Fully inclusive cost of $1.58/lb (2014: $1.65/lb);
·	Cash balances as at 31 December 2015 of $42.0 million (2014: $46.3 million);

Overview

CAML's financial performance during the year was impacted by the market downturn but also demonstrated the Company's resilience to the weakening copper price. Despite the copper price falling to a six-year low of close to $4,500/t in December 2015, the Company continued to operate profitably at Kounrad due to sustained low costs of copper production.

Group EBITDA margins throughout 2015 remained in excess of 50% and with $42.0 million of cash and no debt, the Company is well positioned to both maintain its dividend policy and continue its plans for growth.

The combined strength of CAML's balance sheet and its low cost operations at Kounrad will enable the Company to withstand any prolonged downturn in the commodity markets.

Income statement

Group profit after tax from continuing operations was $22.4 million (2014: $59.7 million). The 2014 comparative year results were impacted by a one-off gain of $33.0 million arising from the completion of the Kounrad Transaction in May 2014. Earnings per share from continuing operations were 20.21 cents (2014: 56.28 cents, or 24.91 cents excluding the one-off gain).

Revenue

A total of 11,750 tonnes (2014: 10,687 tonnes) of copper cathode were sold as part of the Company's off-take arrangements with Traxys at Kounrad and a further 290 tonnes (2014: 476 tonnes) were sold locally. Total sales at Kounrad were 12,040 tonnes (2014: 11,163 tonnes) representing an 8% increase in volumes year on year.

The average selling price achieved over the year was $5,336/t (2014: $6,794/t) representing a 21% decrease in prices. Consequently, the Group gross revenues for the year declined to $67.3 million (2014: $76.6 million) or by 12%.

During the year, the Group's off-take arrangements at Kounrad went to tender with Traxys being retained as CAML's off-take partner following a competitive process. The revised off-take commercial terms have been agreed through to 31 December 2018 and will provide additional cost savings fixed for the three-year period. The commitment is for a minimum of 90% of the Kounrad copper cathode production.

The Group reports both a gross revenue and net revenue line which reflects the offset of the fixed fee from the price of the copper achieved. During 2015 the fixed fee for the year was $2.9 million (2014: $3.4 million), a reduction of 15% despite the increased export volumes.

Cost of sales

Cost of sales for the year were $25.5 million (2014: $26.0 million). This consists of the costs associated with the production of copper cathode, the mineral extraction tax levied by the Kazakhstan government and the depreciation and amortisation charges.

The costs related to the physical production of copper cathode are the production labour, reagents and electricity, plus any other SX-EW site related costs. These costs amounted to $10.6 million (2014: $9.4 million) with the 13% increase year on year due to a combination of increased production output of 8% and higher electricity costs.

Mineral extraction tax is charged by the Kazakhstan authorities at the rate of 5.7% on the value of the metal recovered and during the year, this amounted to a further cost of $3.8 million (2014: $4.4 million). The reduction was due to lower copper prices during 2015.

Total depreciation and amortisation charges recognised within cost of sales for the year were $10.3 million (2014: $11.3 million). This included an amount of $5.7 million (2014: $6.6 million) as a result of the uplift to the asset values following the completion of the Kounrad Transaction in May 2014. This amount is denominated in Tenge and the devaluation of the currency during 2015 resulted in a reduction in the charge compared to the prior year.

Following receipt of the regulatory approvals required for the Kounrad Stage 2 Expansion in November 2015, management has extended the useful economic lives of certain property, plant and equipment and the fair value uplift on the Kounrad Transaction. The original estimate of 10 years useful economic life has now been increased through to 2034 which represents the end of the subsoil use licence. This change in estimate will be applied from 1 January 2016. In future years, this change will result in a reduction in the annual depreciation and amortisation charge of approximately $4.0 million but this amount is dependent on the Tenge exchange rate. Such changes are always subject to future periodic reviews of the Group's depreciation policy.

Administrative expenses

During 2015, administrative expenses were $14.1 million (2014: $10.9 million). The increase of $3.2 million is due to increased business development activities and support for the Copper Bay feasibility studies as well as increased share based payment charges and withholding tax on dividend payments made between subsidiaries within the Group.

C1 cash costs of production

C1 cash costs of production are a standard metric used in the copper mining industry as a reference point to denote the basic cash costs of running a mining operation to allow comparison across the industry. Whilst there is no strict definition of C1, the most widely accepted definition is that from consultants Wood Mackenzie (formerly known as Brook Hunt).

CAML has historically calculated C1 by including all direct costs of production at Kounrad (reagents, power, production labour and materials) as well as mineral extraction tax and distribution and selling costs. Local administrative expenses were excluded and reported within the fully inclusive unit costs of production. However, under the industry definition, all local taxes including mineral extraction tax are excluded from C1 and local administrative expenses are included.

Management believes that the industry definition is more appropriate to enable better comparison across the mining industry. The table below shows the C1 cash costs of production since commencement of operations using both approaches and in future periods the industry definition will be reported.

Comparison of C1 cash cost definitions

C1 cash cost of production

2015

$/lb

2014

$/lb

2013

$/lb

2012

$/lb

(8 months)

Average 44 months

$/lb

CAML revised (industry definition)

0.60

0.62

0.66

0.63

CAML historic - reported

0.67

0.71

0.73

0.71

0.70

The table above shows that the C1 cash cost of production at Kounrad, as measured by the industry methodology, is slightly lower than previously reported by approximately 12%. The change in reporting the Kounrad C1 cash cost has no impact on the fully inclusive costs.

Kounrad's C1 cash costs of production remain in the lowest quartile on the industry cost curve at $0.60/lb (2014: $0.62/lb). This represents a 3% decrease year on year as a result of a reduction in the off-taker's fixed buyers' fee and savings due to the Kazakh currency devaluation.

Given that the Group currently only has one significant project, it seems reasonable to also report the Group's unit cost base on a fully inclusive basis including depreciation and amortisation charges, all local taxes including mineral extraction tax and corporate overheads associated with the Kounrad project. The Group's fully inclusive unit costs were $1.58/lb (2014: $1.65/lb) which includes a one-off charge of $0.6 million, equating to $0.02/lb, arising from the write-off of organic inventory following the incident on 26 June 2015. The reduction in the fully inclusive unit cost is due to the lower C1 cash costs, mineral extraction tax and depreciation and amortisation charges.

Kazakhstan Tenge devaluation

During August 2015, the Kazakhstan Tenge immediately devalued by almost 37% when the government transitioned to a free-floating exchange rate, allowing the market to determine its value. The Tenge devalued further towards the end of 2015 resulting in a total devaluation over the year of approximately 85%. The Board's response was to increase salaries for staff at Kounrad by 25% from 1 January 2016 to compensate for the devaluation.

Given that the Group's operations in Kazakhstan generate their income in US Dollars through the export of copper, the immediate financial impact is positive as approximately 60% of the total cost base in Kazakhstan is denominated in Tenge and 70% at the C1 cash cost level using the industry basis.

The Group does not keep large amounts of cash in Tenge and as at 31 December 2015 held the US Dollar equivalent of $0.1 million (2014: $0.4 million).

The Tenge ended the year at 339 Tenge per US Dollar which has resulted in the recognition of foreign exchange gains through the income statement of $9.0 million (2014: $1.9 million), arising mostly on US Dollar denominated monetary assets and liabilities held by the Group's Kazakhstan based subsidiaries whose functional currency is the Tenge.

The fall in value of the Tenge has also resulted in a non-cash foreign exchange loss of $77.4 million recognised within equity and the statement of comprehensive income. This is primarily due to the translation on consolidation of the Group's Kazakhstan based subsidiaries whose functional currency is the Tenge as well as the goodwill and fair value uplift adjustments to the carrying amounts of assets and liabilities arising on the Kounrad Transaction which are also denominated in Tenge.

Balance sheet

During 2015, there were additions to property, plant and equipment of $7.8 million (2014: $11.3 million). The majority of this expenditure was incurred on the construction work at Kounrad for the Stage 1 Expansion which was commissioned in May 2015.

As at 31 December 2015, current trade and other receivables were $2.6 million (31 December 2014: $3.2 million) and non-current trade and other receivables were $4.3 million (31 December 2014: $6.4 million).

The Group's main receivable is the VAT incurred on purchases within Kazakhstan. As at 31 December 2015, a total of $4.5 million (2014: $6.4 million) of VAT receivable was still owed to the Group by the Kazakhstan authorities. The decrease in this balance is as a result of the devaluation of the Kazakh Tenge during 2015. In February 2016, the authorities refunded a portion of this outstanding amount totalling $1.7 million. The Group still remains confident about its prospects to recover the remaining portion of $2.8 million and is working closely with its advisers and local partners to achieve this. The planned means of recovery will be through a combination of the local sales of copper cathode to effectively offset VAT liabilities and by a successful appeal to the authorities.

As at 31 December 2015, prepayments of $2.3 million had been made towards the Stage 2 Expansion programme with construction works commencing in early 2016.

The Group had $42.0 million of cash as at 31 December 2015 (31 December 2014: $46.3 million) including restricted cash of $0.5 million (31 December 2014: $0.1 million) and no debt.

As at 31 December 2015, current trade and other payables were $6.3 million (31 December 2014: $4.3 million). During 2015, instalment payments of $9.3 million were paid towards the 2015 corporate income tax liability in Kazakhstan and at 31 December 2015, approximately $0.6 million remained outstanding.

On 13 May 2015, the Company completed a court approved capital reduction scheme, which resulted in $67.1 million being transferred from the share premium account to distributable reserves. A condition of the capital reduction scheme was to set aside an amount into a restricted bank account, which would cover certain creditors as of the effective date of the capital reduction. The balance of the restricted bank account in relation to the capital reduction scheme as at 31 December 2015 was $0.4 million.

Copper Bay investment

Following completion of the pre-feasibility study (PFS) on 30 June 2015, CAML subscribed for 135,621,610 newly allotted ordinary shares in Copper Bay for a cash consideration of $3,000,000, which increased CAML's shareholding from 50% to 75% and commenced consolidation of Copper Bay Ltd

Previously this investment was treated as a mineral right. This has resulted in a reduction in Group retained earnings at 30 June 2015 of $1,149,000. An intangible asset of $3,222,000 recognised in 2013 equal to the cash consideration paid for the initial 50% shareholding has been reduced by $1,581,000. The resulting value of the intangible exploration and evaluation assets acquired in the Copper Bay Group on 30 June 2015 were $1,641,000.

Cash flows

The continued strong operational performance of the Kounrad project and the associated low costs of production resulted in strong cash flows for the Group. Cash generated from operations decreased to $33.6 million (2014: $47.2 million) and during 2015 $20.4 million was returned to shareholders as dividends (2014: $17.9 million) and a further $8.4 million was invested back into the project (2014: $11.1 million).

$10.0 million of Kazakh corporate income tax was paid during 2015 (2014: $16.6 million). The reduction is a consequence of $8.1 million of 2013 corporate income tax paid in April 2014. As mentioned previously, payments made during 2015 included $9.3 million towards the 2015 corporate income tax liability and $0.7 million of 2014 corporate income tax paid in April 2015.

Dividend

The Company's dividend policy is that it will return a minimum of 20% of the gross revenues generated from the Kounrad project to shareholders.

As part of these annual results, the Board will propose a final dividend for 2015 of 8 pence per Ordinary Share, making a total dividend for the year of 12.5 pence (2014: 12.5 pence). This dividend equates to approximately 30% of the gross revenue for the year and will be payable on 15 June 2016 to shareholders registered on 20 May 2016.

Having raised $60 million at IPO in September 2010, this latest dividend will increase the amount returned to shareholders in dividends and share buy-backs since the listing to over $73 million.

Growth opportunities

As of 31 December 2015, the Group has no debt and $42.0 million of cash in the bank. The total capital cost for the Stage 2 Expansion at Kounrad is $19.5 million and is expected to be largely completed by the end of 2016, with $3.1 million already spent up to 31 December 2015. This expenditure is in addition to the estimated $3.0 million that will be spent each year on sustaining capital expenditure for the operations at Kounrad.

With the cash reserves at its disposal and strong balance sheet, the Company is in a strong position to support the growth of the business in these challenging market conditions.

Nigel Robinson

Chief Financial Officer

CONDENSED FINANCIAL INFORMATION

Consolidated Income Statement

for the year ended 31 December

		Group
	Note	2015 $'000	2014 $'000
Continuing operations
Gross revenue	5	67,328	76,561
Revenue	5	64,412	73,141
Cost of sales	6	(25,510)	(26,017)
Gross profit		38,902	47,124
Distribution and selling costs	7	(264)	(292)
Administrative expenses	8	(14,087)	(10,922)
Inventory write-off	9	(600)	-
Other income/(expense)		66	(295)
Foreign exchange rate gain	12	8,992	1,895
Operating profit		33,009	37,510
Finance income		41	61
Finance costs		(304)	(334)
Gain on re-measuring to fair value the existing interest on acquisition of control		-	33,039
Profit before income tax		32,746	70,276
Income tax	10	(10,365)	(10,548)
Profit for the year from continuing operations		22,381	59,728
Discontinued operations
Loss for the year from discontinued operations		(163)	(257)
Profit for the year		22,218	59,471
Profit attributable to:
- Non-controlling interest		(167)	-
- Owners of the parent		22,385	59,471
		22,218	59,471
Earnings/(loss) per share from continuing and discontinued operations attributable to owners of the parent during the year (expressed in cents per share) Basic earnings/(loss) per share From continuing operations	11	20.21	56.28
From discontinued operations	11	(0.15)	(0.24)
From profit for the year	11	20.06	56.04
Diluted earnings/(loss) per share From continuing operations	11	19.79	55.15
From discontinued operations	11	(0.15)	(0.24)
From profit for the year	11	19.64	54.91

The 2014 comparative figures include a reclassification of land rental, property tax and contractual payments under the subsoil use contract incurred at Kounrad from administrative expenses to cost of sales totalling $914,000 (see notes 6 and 8).

The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent Company Income Statement or Statement of Comprehensive Income. The loss for the parent Company for the year was $9,522,035 (2014: $9,703,595).

Consolidated Statement of Comprehensive Income
for the year ended 31 December	Note	2015 $'000	2014 $'000
Profit for the year		22,218	59,471
Other comprehensive expense: Items that may be subsequently reclassified to profit or loss:
Currency translation differences	18	(77,352)	(10,291)
Other comprehensive expense for the year, net of tax		(77,352)	(10,291)
Total comprehensive (expense)/income for the year		(55,134)	49,180
Attributable to:
- Non-controlling interests		(167)	-
- Owners of the parent		(54,967)	49,180
Total comprehensive (expense)/income for the year		(55,134)	49,180
Total comprehensive (expense)/income attributable to equity shareholders arises from: - Continuing operations		(54,971)	49,437
- Discontinued operations		(163)	(257)
		(55,134)	49,180

Statements of Financial Position

as at 31 December

		Group		Company
	Note	2015 $'000	2014 $'000	2015 $'000	2014 $'000
Assets Non-current assets
Property, plant and equipment	13	40,800	74,661	124	159
Intangible assets	14	40,267	81,605	-	-
Investments		-	-	11,713	8,663
Other non-current receivables	15	4,250	6,393	-	-
		85,317	162,659	11,837	8,822
Current assets
Inventories		3,031	4,054	-	-
Trade and other receivables	15	2,648	3,214	2,251	30,170
Restricted cash	16	494	148	400	-
Cash and cash equivalents	16	41,502	46,144	32,062	33,644
		47,675	53,560	34,713	63,814
Assets of disposal group classified as held for sale		83	80	-	-
		47,758	53,640	34,713	63,814
Total assets		133,075	216,299	46,550	72,636
Equity attributable to owners of the parent
Ordinary shares	17	1,121	1,121	1,121	1,121
Share premium	17	-	67,079	-	67,079
Treasury shares	17	(7,810)	(9,644)	(7,810)	(9,644)
Other reserves	18	(88,469)	(11,117)	-	-
Retained earnings		209,120	140,484	50,734	12,856
		113,962	187,923	44,045	71,412
Non-controlling interests		264	-	-	-
Total equity		114,226	187,923	44,045	71,412
Liabilities Non-current liabilities
Deferred income tax liability	24	10,240	20,567	-	-
Provisions for other liabilities and charges		1,916	3,093	-	-
		12,156	23,660	-	-
Current liabilities
Trade and other payables	19	6,261	4,252	2,505	1,224
		6,261	4,252	2,505	1,224
Liabilities of disposal group classified as held for sale		432	464	-	-
		6,693	4,716	2,505	1,224
Total liabilities		18,849	28,376	2,505	1,224
Total equity and liabilities		133,075	216,299	46,550	72,636

Consolidated Statement of Changes in Equity

for the year ended 31 December

Attributable to owners of the parent	Note	Ordinary shares $'000	Share premium $'000	Treasury shares $'000	Other reserves $'000	Retained earnings $'000	Total $'000	Non-controlling interests $'000	Total equity $'000
Balance as at 1 January 2014		862	-	(4,100)	44,140	94,827	135,729	-	135,729
Profit for the year		-	-	-	-	59,471	59,471	-	59,471
Other comprehensive expense - currency translation differences	18	-	-	-	(10,291)	-	(10,291)	-	(10,291)
Total comprehensive (expense)/income		-	-	-	(10,291)	59,471	49,180	-	49,180
Transactions with owners
Reserve transfer	18	-	-	-	(5,557)	5,557	-	-	-
Share based payments	8	-	-	-	-	1,914	1,914	-	1,914
Promise of shares to be issued on completion of SUC* acquisition	18	-	-	-	16,844	-	16,844	-	16,844
EBT shares granted	17	35	9,110	(9,145)	-	-	-	-	-
Ordinary shares issued on completion of Kounrad transaction	17	212	56,041	-	(56,253)	-	-	-	-
Exercise of warrants	17	12	1,928	-	-	-	1,940	-	1,940
Exercise of options	17	-	-	3,399	-	(3,236)	163	-	163
Sale of EBT shares	17	-	-	202	-	(194)	8	-	8
Dividends	21	-	-	-	-	(17,855)	(17,855)	-	(17,855)
Total transactions with owners, recognised directly in equity		259	67,079	(5,544)	(44,966)	(13,814)	3,014	-	3,014
Balance as at 31 December 2014		1,121	67,079	(9,644)	(11,117)	140,484	187,923	-	187,923
Profit for the year		-	-	-	-	22,385	22,385	(167)	22,218
Other comprehensive expense - currency translation differences	18	-	-	-	(77,352)	-	(77,352)	-	(77,352)
Total comprehensive (expense)/income		-	-	-	(77,352)	22,385	(54,967)	(167)	(55,134)
Transactions with owners
Capital reduction	17	-	(67,079)	-	-	67,079	-	-	-
Share based payments	8	-	-	-	-	2,396	2,396	-	2,396
Exercise of options	17	-	-	1,663	-	(1,546)	117	-	117
Sale of EBT shares	17	-	-	171	-	(171)	-	-	-
Dividends	21	-	-	-	-	(20,358)	(20,358)	-	(20,358)
Copper Bay acquisition	14	-	-	-	-	(1,149)	(1,149)	431	(718)
Total transactions with owners, recognised directly in equity		-	(67,079)	1,834	-	46,251	(18,994)	431	(18,563)
Balance as at 31 December 2015		1,121	-	(7,810)	(88,469)	209,120	113,962	264	114,226

*Subsoil use contract

Company Statement of Changes in Equity

for the year ended 31 December

Company	Note	Ordinary shares $'000	Share premium $'000	Treasury shares $'000	Other reserves $'000	Retained earnings $'000	Total equity $'000
Balance as at 1 January 2014		862	-	(4,100)	44,966	36,374	78,102
Loss for the year		-	-	-	-	(9,704)	(9,704)
Total comprehensive expense		-	-	-	-	(9,704)	(9,704)
Transactions with owners
Reserve transfer	18	-	-	-	(5,557)	5,557	-
Share based payments	8	-	-	-	-	1,914	1,914
Promise of shares to be issued on completion of SUC acquisition	18	-	-	-	16,844	-	16,844
EBT shares granted	17	35	9,110	(9,145)	-	-	-
Ordinary shares issued on completion of the Kounrad transaction	17	212	56,041	-	(56,253)	-	-
Exercise of warrants	17	12	1,928	-	-	-	1,940
Exercise of options	17	-	-	3,399	-	(3,236)	163
Sale of EBT shares	17	-	-	202	-	(194)	8
Dividends	21	-	-	-	-	(17,855)	(17,855)
Total transactions with owners, recognised directly in equity		259	67,079	(5,544)	(44,966)	(13,814)	3,014
Balance as at 31 December 2014		1,121	67,079	(9,644)	-	12,856	71,412
Loss for the year		-	-	-	-	(9,522)	(9,522)
Total comprehensive expense		-	-	-	-	(9,522)	(9,522)
Transactions with owners
Capital reduction	17	-	(67,079)	-	-	67,079	-
Share based payments	8	-	-	-	-	2,396	2,396
Exercise of options	17	-	-	1,663	-	(1,546)	117
Sale of EBT shares	17	-	-	171	-	(171)	-
Dividends	21	-	-	-	-	(20,358)	(20,358)
Total transactions with owners, recognised directly in equity		-	(67,079)	1,834	-	47,400	(17,845)
Balance as at 31 December 2015		1,121	-	(7,810)	-	50,734	44,045

Statements of Cash Flows

for the year ended 31 December

		Group		Company
	Note	2015 $'000	2014 $'000	2015 $'000	2014 $'000
Cash flows from operating activities Cash generated from/(used in) operations	20	33,595	47,152	(5,194)	10,485
Interest paid		(121)	(58)	(53)	(11)
Income tax paid		(9,999)	(16,624)	-	-
Net cash generated from/(used in) operating activities		23,475	30,470	(5,247)	10,474
Cash flows from investing activities
Purchases of property, plant and equipment	13	(7,804)	(11,004)	(13)	(7)
Purchase of intangible assets	14	(556)	(115)	-	-
Investment in Kounrad project		-	-	-	(598)
Repayment of loan from subsidiary	23	-	-	27,940	11,270
Loans to subsidiaries	23	-	-	(510)	(135)
Interest received		41	61	18	-
Investment in Copper Bay, net of cash acquired	14	1,053	327	(3,000)	-
Net cash (used in)/generated from investing activities		(7,266)	(10,731)	24,435	10,530
Cash flows from financing activities
Dividends paid to owners of the parent	21	(20,368)	(17,932)	(20,368)	(17,932)
Payment on completion of Kounrad transaction		-	(1,432)	-	(1,432)
Receipt on exercise of share options		127	168	127	168
Exercise of warrants	17	-	1,942	-	1,942
Restricted cash	16	(346)	1,586	(400)	1,649
Net cash used in financing activity		(20,587)	(15,668)	(20,641)	(15,605)
Effect of foreign exchange losses on cash and cash equivalents		(257)	(707)	(129)	(687)
Net (decrease)/increase in cash and cash equivalents		(4,635)	3,364	(1,582)	4,712
Cash and cash equivalents at the beginning of the year	16	46,159	42,795	33,644	28,932
Cash and cash equivalents at the end of the year	16	41,524	46,159	32,062	33,644

Cash and cash equivalents at 31 December 2015 includes cash at bank on hand included in assets held for sale of $22,000 (31 December 2014: $15,000) (see note 16).

The notes below are an integral part of this condensed consolidated financial information.

Notes to the Condensed Financial Information

for the year ended 31 December 2015

1. General information

Central Asia Metals plc ("CAML" or the "Company") and its subsidiaries (the "Group") are a mining and exploration organisation with operations primarily in Kazakhstan and a parent holding company based in the United Kingdom ("UK").

The Group's principal business activity is the production of copper cathode at its Kounrad operations in Kazakhstan. The Group also owns two exploration projects in Mongolia which are held for sale and holds a 75% interest in the Copper Bay tailings project in Chile.

CAML is a public limited company, which is listed on the AIM market of the London Stock Exchange and incorporated and domiciled in the UK. The address of its registered office is Masters House, 107 Hammersmith Road, London, W14 0QH. The Company's registered number is 5559627.

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of this consolidated financial information are set out in the 2015 Annual Report. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation of the Condensed Financial Information

The financial information set out above does not constitute the Group's statutory financial statements for the year ended 31 December 2015, but is derived from the Group's audited full financial statements. The auditors have reported on the 2015 financial statements and their reports were unqualified and did not contain statements under s498(2) or (3) Companies Act 2006. The 2015 Annual Report was approved by the Board of Directors on 8 April 2016, and will be mailed to shareholders in April 2016. The financial information in this statement is audited but does not have the status of statutory accounts within the meaning of Section 434 of the Companies Act 2006.

The Group's consolidated financial information has been prepared in accordance with International Financial Reporting standards ("IFRS") and IFRS Interpretations Committee ("IFRSIC") interpretations as adopted by the European Union, and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial information has been prepared under the historical cost convention with the exception of assets held for sale which have been held at fair value. The accounting policies which follow set out those policies which apply in preparing the financial information for the year ended 31 December 2015. The Group's financial information is presented in US Dollars ($) and rounded to the nearest thousand.

The preparation of financial information in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial information are explained in note 3.

Going concern

The Group meets its day-to-day working capital requirements though its profitable operations at Kounrad. The Group has substantial cash balances as at 31 December 2015 and on the date of issue of this financial information. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.

The Group sells and distributes its copper cathode product primarily through an off-take arrangement with 90% of the SX-EW plant's forecasted output committed as sales for the period up until 31 December 2018.

The Group therefore continues to adopt the going concern basis in preparing its consolidated financial information. Please refer to notes 5, 16 and 19 for information on the Group's revenues, cash balances and trade and other payables.

Copper Bay investment

Following completion of the pre-feasibility study ("PFS") on 30 June 2015, CAML subscribed for 135,621,610 newly allotted ordinary shares in Copper Bay for a cash consideration of $3,000,000, which increased CAML's shareholding from 50% to 75% and commenced consolidation of Copper Bay Ltd.

3. Critical accounting estimates and judgments

The Group has six key areas where critical accounting estimates and judgements are required that could have a material impact on the financial information:

Impairment

As mentioned above estimates are required periodically to assess assets for impairment. The critical accounting estimates are future commodity prices, ore reserves, discount rates and projected future costs of development and production. This includes an assessment of the carrying values of assets held for sale.

The carrying value of the goodwill generated by accounting for the business combination of the Group acquiring an additional 40% in the Kounrad project in May 2014 requires an annual impairment review. This review will determine whether the value of the goodwill can be justified by reference to the carrying value of the business assets and the future discounted cash flows of the business.

Functional currency

The functional currency of the Kazakhstan subsidiaries is Kazakh Tenge, which is the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and this is re-evaluated for each new entity, or if conditions change.

Mineral reserves and resources

The major value associated with the Group is the value of its mineral resources. The value of the resources have an impact on the Group's accounting judgements in relation to depreciation and amortisation, impairment of assets and the assessment of going concern. These resources are the Group's best estimate of product that can be economically and legally extracted from the relevant mining property. The Group's estimates are supported by geological studies and drilling samples to determine the quantity and grade of each deposit.

Significant judgement is required to generate an estimate based on the geological data available. Ore resource estimates may vary from period to period. This judgement has a significant impact on impairment consideration and the period over which capitalised assets are depreciated within the financial information.

The Kounrad resources have been independently verified by Wardell Armstrong International and were classified as JORC Compliant in 2013.

Decommissioning and site rehabilitation estimates

Provision is made for the costs of decommissioning and site rehabilitation costs when the related environmental disturbance takes place. Provisions are recognised at the net present value of future expected costs using a discount rate of 7.22% (2014: 8.65%) representing the risk free rate (pre-tax) for Kazakhstan.

The provision recognised represents management's best estimate of the costs that will be incurred, but significant judgement is required, as many of these costs will not crystallise until the end of the life of the mine. Estimates are reviewed annually and are based on current contractual and regulatory requirements and the estimated useful life of mines. Engineering and feasibility studies are undertaken periodically; however significant changes in the estimates of contamination, restoration standards and techniques will result in changes to provisions from period to period.

Business combination

The Kounrad Transaction which completed in two stages during 2013 and 2014, resulted in the Group acquiring the 40% of the joint venture project at Kounrad that it did not previously own. The assessment of the fair value uplift of the underlying assets acquired and the treatment of the two legal entities involved in the project required a high degree of judgement.

The assessment of the overall project as a business combination for both legal entities, Kounrad Copper Company LLP and Sary Kazna LLP, and the impact on that judgement caused by the different stages of completion required a careful review of the overall transaction as opposed to the specific nature of the assets being acquired.

The fair value uplift of the assets acquired as a result of that judgement and the resulting accounting treatment have resulted in a significant change to both the income statement in prior periods and the statement of financial position of the business.

Further details on the accounting treatment of the business combination are set out in the 2014 Annual Report and note 33 of the 2014 financial statements.

VAT recoverability

The Group's main receivable is the VAT incurred on purchases within Kazakhstan as explained in note 15. As at 31 December 2015 a total of $4,423,000 (2014: $6,392,885) of VAT receivable was still owed to the Group by the Kazakhstan authorities. The decrease in this balance is as a result of the devaluation of the Kazakh Tenge during 2015. In February 2016, the authorities refunded a portion of this outstanding amount totalling $1,666,060. The Group still remains confident about its prospects to recover the remaining portion of $2,757,000 and is working closely with its advisers and local partners to achieve this. The planned means of recovery will be through a combination of the local sales of cathode copper to effectively offset VAT liabilities and by a successful appeal to the authorities.

4. Segmental information

The Board is the Group's chief operating decision maker. Management have determined the operating segments based on the information reviewed by the Board for the purposes of allocating resources and assessing performance. The Board considers the business from a geographic perspective.

The Group has two business segments consisting of an SX-EW copper plant at Kounrad in Kazakhstan and the Copper Bay project in Chile. The Copper Bay project has been reported as a segment for the first time for the year ended 31 December 2015 following the additional 25% investment made by CAML on 30 June 2015. The Group operations are controlled from a head office in London, UK, but this does not represent a separate business segment.

The Board assesses the performance of the Kounrad project based on a number of key operational and financial measures which relate to copper production output, revenues from the sales of copper and the overall costs of producing the copper.

All capital related expenditure at the Kounrad and Copper Bay projects are closely monitored and controlled.

The segmental results for the year ended 31 December 2015 are as follows:

	Kounrad $'000	Copper Bay $'000	Unallocated $'000	Total $'000
Gross revenue	67,328	-	-	67,328
Off-take buyers' fees	(2,916)	-	-	(2,916)
Revenue	64,412	-	-	64,412
Kounrad EBITDA	46,068	-	-	46,068
Copper Bay administrative expenses	-	(475)	-	(475)
Unallocated costs including corporate	-	-	(10,656)	(10,656)
Group continuing operations EBITDA	46,068	(475)	(10,656)	34,937
Depreciation and amortisation	(10,339)	-	(47)	(10,386)
Exchange rate differences gain/(loss)	8,744	(253)	501	8,992
Other income	66	-	-	66
Inventory write-off	(600)	-	-	(600)
Finance income	23	-	18	41
Finance costs	(304)	-	-	(304)
Profit/(loss) before income tax	43,658	(728)	(10,184)	32,746
Income tax				(10,365)
Profit for the year from continuing operations				22,381
Loss from discontinued operations				(163)
Profit for the year				22,218

The segmental results for the year ended 31 December 2014 are as follows:

	Kounrad $'000	Unallocated $'000	Total $'000
Gross revenue	76,561	-	76,561
Off-take buyers' fees	(3,420)	-	(3,420)
Revenue	73,141	-	73,141
Kounrad EBITDA	55,960	-	55,960
Unallocated costs including corporate	-	(8,638)	(8,638)
Group continuing operations EBITDA	55,960	(8,638)	47,322
Gain on re-measuring to fair value the existing interest on acquisition of control	33,039	-	33,039
Depreciation and amortisation	(11,366)	(46)	(11,412)
Exchange rate differences gain/(loss)	2,215	(320)	1,895
Other expense	(295)	-	(295)
Finance income	61	-	61
Finance costs	(323)	(11)	(334)
Profit/(loss) before income tax	79,291	(9,015)	70,276
Income tax			(10,548)
Profit for the year from continuing operations			59,728
Loss from discontinued operations			(257)
Profit for the year			59,471

The total production at Kounrad for 2015 was 12,071 tonnes (2014: 11,136 tonnes) whilst the total quantity of copper sold was at 12,040 tonnes (2014: 11,163 tonnes). The average gross price achieved from the sale of copper was $5,335 per tonne (2014: $6,794 per tonne).

EBITDA is a non-IFRS financial measure. CAML calculates EBITDA as profit or loss for the year excluding the following items:

·	Income tax expense;
·	Exceptional items such as inventory write-off;
·	Finance income and expense;
·	Depreciation and amortisation; and
·	Discontinuing operations; and
·	Gain on re-measuring to fair value and other income or expenses.

EBITDA is intended to provide additional information to investors and analysts. It does not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA differently.

A reconciliation between net profit for the year and EBITDA is presented below:

	2015 $'000	2014 $'000
Profit for the year	22,218	59,471
Plus/(less):
Gain on re-measuring to fair value the existing interest on acquisition of control	-	(33,039)
Depreciation and amortisation	10,386	11,412
Exchange rate differences gain	(8,992)	(1,895)
Inventory write-off	600	-
Other (income)/expenses	(66)	295
Finance income	(41)	(61)
Finance costs	304	334
Income tax expense	10,365	10,548
Loss from discontinued operations	163	257
Group continuing operations EBITDA	34,937	47,322
Corporate and Copper Bay administrative expenses	11,131	8,638
Kounrad EBITDA	46,068	55,960

Group segmental assets and liabilities for the year ended 31 December 2015 are as follows:

		Segmental assets		Segmental liabilities
	31 Dec 15 $'000		31 Dec 14 $'000	31 Dec 15 $'000	31 Dec 14 $'000
Kounrad	94,666		173,154	(15,536)	(26,688)
Copper Bay	5,369		-	(330)	-
Assets held for sale	83		80	(432)	(464)
Unallocated including corporate	32,957		43,065	(2,551)	(1,224)
	133,075		216,299	(18,849)	(28,376)
5. Revenue Group				2015 $'000	2014 $'000
International customers				65,794	73,532
Domestic customers				1,534	3,029
Total gross revenue				67,328	76,561
Less: Off-take buyers' fees				(2,916)	(3,420)
Revenue				64,412	73,141

The Group sells and distributes its copper cathode product primarily through an off-take arrangement with Traxys, which has been retained as CAML's off-take partner through to 31 December 2018. The off-take arrangements are for a minimum of 90% of the SX-EW plant's output. The copper cathodes are delivered from the Kounrad site by rail under an FCA (Incoterms 2010) contractual basis and delivered to the end customers primarily in Turkey. As part of the off-take arrangements, the Group sells the copper cathodes at a price linked to the London Metal Exchange (LME) copper price based on an agreed quotational period.

The costs of delivery to the end customers have been effectively borne by the Group through means of an annually agreed buyer's fee which is offset from the selling price.

During 2015, the Group sold 11,750 tonnes (2014: 10,687 tonnes) of copper through the off-take arrangements. Some of the copper cathodes are also sold locally and during 2015, 290 tonnes (2014: 476 tonnes) were sold to local customers.

6. Cost of sales

Group	2015 $'000	2014 $'000
Mineral extraction tax	3,834	4,431
Taxes and duties	813	914
Reagents and materials	6,229	5,041
Depreciation and amortisation	10,264	11,291
Employee benefit expense	3,333	3,321
Consulting and other services	1,037	1,019
	25,510	26,017

The 2014 comparative figures include a reclassification of land rental, property tax and contractual payments under the subsoil use contract incurred at Kounrad from administrative expenses to cost of sales totalling $914,000.
7. Distribution and selling costs Group	2015 $'000	2014 $'000
Transportation costs	31	15
Employee benefit expense	83	80
Taxes and duties	30	52
Depreciation and amortisation	36	45
Materials and other expenses	84	100
	264	292

The above distribution and selling costs are those incurred at the Kounrad site in addition to the costs associated with the off-take arrangements. Note 5 refers to the costs associated with the off-take arrangements.

8. Administrative expenses

Group	2015 $'000	2014 $'000
Employee benefit expense	6,077	5,848
Share based payments	2,396	1,914
Consulting and other services	3,359	1,527
Office related costs	1,170	1,445
Taxes and duties	999	112
Depreciation and amortisation	86	76
Total from continuing operations	14,087	10,922
Total from discontinued operations	163	249
	14,250	11,171

The 2014 comparative figures include a reclassification of land rental, property tax and contractual payments under the subsoil use contract costs incurred at Kounrad from administrative expenses to cost of sales totalling $914,000.

9. Inventory write-off

An incident occurred on site on 26 June 2015, which resulted in approximately a third of the organic inventory being lost to the dumps within a very short time frame. The incident resulted in the write-off of inventory totalling $600,000 (2014: nil).

Following the incident an insurance claim was submitted. In March 2016, the Group received notification that the merits of the claim had been accepted and negotiations are ongoing as to the quantum. The Group has not recognised a receivable for the claim.

10. Income tax

	Group		Company
	2015 $'000	2014 $'000	2015 $'000	2014 $'000
Current tax:
Current tax on profits for the year	10,386	10,588	-	-
Total current tax	10,386	10,588	-	-
Deferred tax (note 24)	(21)	(40)	-	-
Income tax expense	10,365	10,548	-	-

From 1 April 2015, the main UK Corporation tax rate reduced from 21% to 20% and UK corporate income tax is therefore calculated at an average annual rate of 20.25% (2014: 21.5%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

The tax on the Group's profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

		Group
	2015 $'000	2014 $'000
Profit before taxation including loss from discontinued operations	32,583	70,019
Tax calculated at domestic tax rates applicable to profits in the respective countries	7,432	13,858
Tax effects of:
Gain on re-measuring to fair value to existing interest on acquisition of control	-	(7,103)
Expenses not deductible for tax purposes	2,224	2,771
Tax losses for which no deferred income tax asset was recognised	1,187	1,592
Utilisation of previously unrecognised tax losses	(478)	(570)
Income tax expense	10,365	10,548

11. Earnings/(loss) per share

(a) Basic

Basic earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to owners of the Company by the weighted average number of Ordinary Shares in issue during the year excluding Ordinary Shares purchased by the Company and held as treasury shares (note 17).

	2015 $'000	2014 $'000
Profit from continuing operations attributable to owners of the parent	22,548	59,728
Loss from discontinued operations attributable to owners of the parent	(163)	(257)
Total	22,385	59,471
Weighted average number of Ordinary Shares in issue	111,558,091	106,126,062

	2015 $ cents	2014 $ cents
Earnings/(loss) per share from continuing and discontinued operations attributable to owners of the parent during the year (expressed in $ cents per share) From continuing operations	20.21	56.28
From discontinued operations	(0.15)	(0.24)
From profit for the year	20.06	56.04

(b) Diluted

The diluted earnings/(loss) per share is calculated by adjusting the weighted average number of Ordinary Shares outstanding after assuming the conversion of all outstanding granted share options and exercise of outstanding security warrants.

	2015 $'000	2014 $'000
Profit from continuing operations attributable to owners of the parent	22,548	59,728
Loss from discontinued operations attributable to owners of the parent	(163)	(257)
Total	22,385	59,471
Weighted average number of Ordinary Shares in issue	111,558,091	106,126,062
Adjusted for
- Share options	2,396,361	2,183,927
Weighted average number of Ordinary Shares for diluted earnings per share	113,954,452	108,309,989

Diluted earnings/(loss) per share	2015 $ cents	2014 $ cents
From continuing operations	19.79	55.15
From discontinued operations	(0.15)	(0.24)
From profit for the year	19.64	54.91

12. Foreign exchange rate gains

Group

Exchange rate gain from:

2015

$'000

2014

$'000

Continuing operations

8,992

1,895

The Tenge ended the year at 339.47 Tenge per US Dollar which has resulted in the recognition of exchange gains through the income statement of $8,992,000 (2014: $1,895,000), arising mostly on US Dollar denominated monetary assets and liabilities held by the Group's Kazakhstan based subsidiaries whose functional currency is the Tenge.

13. Property, plant and equipment

Group	Construction in progress $'000	Plant and equipment $'000	Mining assets $'000	Motor vehicles and office equipment $'000	Total $'000
Cost
At 1 January 2014	476	83,663	-	1,561	85,700
Additions	9,496	1,602	-	227	11,325
Disposals	-	(1,292)	-	(38)	(1,330)
Transfers	(856)	856	-	-	-
Derecognition of previously held interests	(260)	(3,510)	-	(231)	(4,001)
Acquisition of subsidiary 100%	434	6,900	-	385	7,719
Exchange differences	(1,607)	(6,229)	-	(189)	(8,025)
At 31 December 2014	7,683	81,990	-	1,715	91,388
Additions	6,416	935	-	486	7,837
Disposals	-	(76)	-	(65)	(141)
Change in estimate - asset retirement obligation	-	207	-	-	207
Transfers	(9,668)	9,658	-	10	-
Acquisition of Copper Bay	-	3	-	-	3
Transfer from intangible assets	-	-	1,601	-	1,601
Exchange differences	(2,428)	(43,309)	-	(845)	(46,582)
At 31 December 2015	2,003	49,408	1,601	1,301	54,313

Accumulated depreciation
At 1 January 2014	-	7,445	-	539	7,984
Provided during the year	-	9,307	-	169	9,476
Disposals	-	(778)	-	(58)	(836)
Derecognition of previously held interests	-	(1,315)	-	(169)	(1,484)
Acquisition of subsidiary 100%	-	2,192	-	281	2,473
Exchange differences	-	(851)	-	(35)	(886)
At 31 December 2014	-	16,000	-	727	16,727
Provided during the year	-	7,630	-	164	7,794
Disposals	-	(69)	-	(56)	(125)
Transfer from intangible assets	-	-	62	-	62
Exchange differences	-	(10,608)	-	(337)	(10,945)
At 31 December 2015	-	12,953	62	498	13,513

Net book value at 1 January 2015	7,683	65,990	-	988	74,661
Net book value at 31 December 2015	2,003	36,455	1,539	803	40,800

The Company had $124,465 of office equipment at net book value as at 31 December 2015 (2014: $158,916).

The fall in value of the Tenge has resulted in non-cash foreign exchange losses within property, plant and equipment. This is due to the translation on consolidation of the Group's Kazakhstan based subsidiaries whose functional currency is the Tenge as well as the goodwill and fair value uplift adjustments to the carrying amounts of assets and liabilities arising on the Kounrad Transaction which are denominated in Tenge. Further details on the accounting treatment of the Kounrad Transaction business combination are set out in note 33 of the 2014 financial statements.

The change in estimate in relation to the asset retirement obligation of $207,000 is as a result of adjusting the provision recognised at the net present value of future expected costs using an inflation rate of 5.68% (2014: 6.6%) and discount rate of 7.22% (2014: 8.65%) representing the risk free rate (pre-tax) for Kazakhstan.

Following receipt of the regulatory approvals in November 2015 required for the Kounrad Stage 2 Expansion to exploit the copper contained in the Western dumps, management have transferred deferred exploration and evaluation costs within intangible assets (note 19) to mining assets within property, plant and equipment at net book value $1,539,000.

Following receipt of the regulatory approvals required for the Kounrad Stage 2 Expansion in November 2015, management has extended the useful economic lives of certain property, plant and equipment and the fair value uplift on the Kounrad Transaction. The original estimate of 10 years useful economic life has now been increased through to 2034 which represents the end of the subsoil user licence. This change in estimate will be applied from 1 January 2016. In future years, this change will result in a reduction in the annual depreciation and amortisation charge of approximately $4.0 million, but this amount is dependent on the Tenge exchange rate. Such changes are always subject to future periodic reviews of the Group's depreciation policy.

14. Intangible assets

Group	Goodwill $'000	Deferred exploration and evaluation costs $'000	Mining licences and permits $'000	Computer software $'000	Total $'000
Cost
At 1 January 2014	9,278	1,941	5,535	47	16,801
Additions	11,013	98	-	17	11,128
Disposals	-	(92)	-	(11)	(103)
Derecognition of previously held interests	-	(1,649)	(1,947)	(16)	(3,612)
Acquisition of subsidiary 100%	-	2,748	57,261	27	60,036
Exchange differences	-	(241)	(450)	(9)	(700)
At 31 December 2014	20,291	2,805	60,399	55	83,550
Additions	-	542	-	14	556
Transfers to property, plant and equipment	-	(1,601)	-	-	(1,601)
Acquisition of Copper Bay	-	1,641	(3,222)	-	(1,581)
Exchange differences	(10,185)	(1,348)	(26,546)	(31)	(38,110)
At 31 December 2015	10,106	2,039	30,631	38	42,814

Accumulated amortisation
At 1 January 2014	-	51	29	28	108
Provided during the year	-	65	1,857	14	1,936
Disposal	-	(92)	-	(11)	(103)
Derecognition of previously held interests	-	(42)	(22)	(9)	(73)
Acquisition of subsidiary 100%	-	70	37	15	122
Exchange differences	-	12	(51)	(6)	(45)
At 31 December 2014	-	64	1,850	31	1,945
Provided during the year	-	41	2,668	11	2,720
Transfers to property, plant and equipment	-	(62)	-	-	(62)
Exchange differences	-	(43)	(1,994)	(19)	(2,056)
At 31 December 2015	-	-	2,524	23	2,547

Net book value at 1 January 2015	20,291	2,741	58,549	24	81,605
Net book value at 31 December 2015	10,106	2,039	28,107	15	40,267

The Company had no intangible assets as at 31 December 2015 (2014: nil).

The fall in value of the Tenge has resulted in non-cash foreign exchange losses within intangible assets. This is due to the translation on consolidation of the Group's Kazakhstan based subsidiaries whose functional currency is the Tenge as well as the goodwill and fair value uplift adjustments to the carrying amounts of assets and liabilities arising on the Kounrad Transaction which are denominated in Tenge. Further details on the accounting treatment of the Kounrad Transaction business combination are set out in note 33 of the 2014 financial statements.

Deferred exploration and evaluation costs

Following receipt of the regulatory approvals in November 2015 required for the Kounrad Stage 2 Expansion to exploit the copper contained in the western dumps, the deferred exploration and evaluation costs at Kounrad have been reclassified to mining assets within property, plant and equipment (note 13). The net book value of deferred exploration and evaluation costs of $2,039,000 as at 31 December 2015 relates solely to the Copper Bay project.

Copper Bay investment

Impairment test for goodwill

The Kounrad project located in Kazakhstan has an associated goodwill balance. In accordance with IAS 36 'Impairment of assets' and IAS 38 'Intangible Assets', a review for impairment of goodwill is undertaken annually or at any time an indicator of impairment is considered to exist and in accordance with IAS 16 'Property, plant and equipment', a review for impairment of long-lived assets is undertaken at any time an indicator of impairment is considered to exist.

The discount rate applied to calculate the present value is based upon the real weighted average cost of capital applicable to the cash generating unit ("CGU"). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

The discount rate reflects equity risk premiums over the risk-free rate, the impact of the remaining economic life of the CGU and the risks associated with the relevant cash flows based on the country in which the CGU is located. These risk adjustments are based on observed equity risk premiums, historical country risk premiums and average credit default swap spreads for the period.

The value in use ("VIU") of a CGU is generally lower than its fair value less costs of disposal ("FVLCD"), due primarily to the fact that the optimisation of the mine plans has been taken into account when determining its FVLCD. Consequently, the recoverable amount of a CGU for impairment testing purposes is determined based on its FVLCD.

The key economic assumptions used in the review were copper price $6,000 per tonne and a discount rate of 8%. Assumptions in relation to operational and capital expenditure are based on the latest budget approved by the Board.

The carrying value of the net assets is not currently sensitive to any reasonable changes in key assumptions.

15. Trade and other receivables Current portion	Group		Company
15. Trade and other receivables Current portion	31 Dec 15 $'000	31 Dec 14 $'000	31 Dec 15 $'000	31 Dec 14 $'000
Trade receivables	-	41	-	-
Less: provision for impairment of trade receivables	-	(41)	-	-
Receivables from related parties (note 23)	-	-	1,914	29,571
Prepayments	836	2,695	255	222
VAT receivable	1,769	73	82	73
Other receivable	43	446	-	304
	2,648	3,214	2,251	30,170

Non-current portion
Prepayments	1,493	-	-	-
VAT receivable	2,757	6,393	-	-
	4,250	6,393	-	-

The carrying value of all the above receivables is a reasonable approximation of fair value. There are no amounts past due at the end of the reporting period that have not been impaired apart from the VAT receivable balance as explained below. Management's policy is to assess all trade and other receivables for recoverability on a regular basis. A provision is made where doubt exists and amounts are fully written off when information becomes known that the amounts due will not be recovered.

As at 31 December 2015 a total of $4,423,000 (2014: $6,392,885) of VAT receivable was still owed to the Group by the Kazakhstan authorities. In February 2016, the authorities refunded a portion of this outstanding amount totalling $1,666,060, which is classified within current receivables. The Group still remains confident about its prospects to recover the remaining portion of $2,757,000 and is working closely with its advisers and local partners to achieve this. The planned means of recovery will be through a combination of the local sales of cathode copper to effectively offset VAT liabilities and by a successful appeal to the authorities.

16. Cash and cash equivalents

	Group		Company
	31 Dec 15 $'000	31 Dec 14 $'000	31 Dec 15 $'000	31 Dec 14 $'000
Cash at bank and on hand	33,498	46,144	24,058	33,644
Short term deposits	8,004	-	8,004	-
	41,502	46,144	32,062	33,644
Cash at bank and on hand included in assets held for sale	22	15	-	-
Total cash and cash equivalent	41,524	46,159	32,062	33,644
Restricted cash	494	148	400	-
Total cash and cash equivalent including restricted cash	42,018	46,307	32,462	33,644

On 13 May 2015, the Company completed a court approved capital reduction scheme (see note 17), which resulted in $67,079,000 being transferred from the share premium account to distributable reserves. A condition of the capital reduction scheme was to set aside an amount into a restricted bank account, which would cover certain creditors as of the effective date of the capital reduction. The balance of the restricted bank account in relation to the capital reduction scheme as at 31 December 2015 was $400,297. The remaining amount of $93,553 is held to cover SUC legislation requirements (2014: $148,072).

The average fixed interest rate on short-term deposits during the year was 0.3% (2014: nil).

66% of the Group's cash and cash equivalents including restricted cash at the year-end were held by an AA- rated bank (2014: 73% by an AA- bank). The rest of Group's cash was held within mix of institutions with credit rating between A+ to B- (2014: B to B-).

17. Share capital and premium

	Number of shares	Ordinary shares $'000	Share premium $'000	Treasury shares $'000
At 1 January 2014	86,165,934	862	-	(4,100)
Ordinary shares issue	21,211,751	212	56,041	-
EBT shares granted	3,500,000	35	9,110	(9,145)
Exercise of warrants	1,192,053	12	1,928	-
Exercise of options	-	-	-	3,399
Sales of EBT shares	-	-	-	202
At 31 December 2014	112,069,738	1,121	67,079	(9,644)
Exercise of options	-	-	-	1,663
Sales of EBT shares	-	-	-	171
Capital reduction scheme	-	-	(67,079)	-
At 31 December 2015	112,069,738	1,121	-	(7,810)

The par value of Ordinary Shares is $0.01 per share and all shares are fully paid.

On 13 May 2015, the Company completed a court approved capital reduction scheme, which resulted in $67,079,000 being transferred from the share premium account to distributable reserves.

18. Other reserves Group	Share option reserve $'000	Shares reserve to be issued $'000	Currency translation reserve $'000	Total Group $'000
At 1 January 2014	5,557	39,409	(826)	44,140
Reserve transfer	(5,557)	-	-	(5,557)
Currency translation differences	-	-	(10,291)	(10,291)
Promise of shares to be issued on completion of SUC acquisition	-	16,844	-	16,844
Ordinary shares issued on completion of Kounrad transaction	-	(56,253)	-	(56,253)
At 31 December 2014	-	-	(11,117)	(11,117)
Currency translation differences	-	-	(77,352)	(77,352)
At 31 December 2015	-	-	(88,469)	(88,469)

The fall in value of the Tenge has resulted in a non-cash foreign exchange loss of $77,352,000 recognised within equity. This is primarily due to the translation on consolidation of the Group's Kazakhstan based subsidiaries whose functional currency is the Tenge as well as the goodwill and fair value uplift adjustments to the carrying amounts of assets and liabilities arising on the Kounrad Transaction which are denominated in Tenge.

The Group and Company made a reserve transfer during 2014 to include the share option reserve as part of retained earnings as permitted by IFRS. The share option reserve continues to be recognised within retained earnings as at 31 December 2015.

19. Trade and other payables

	Group		Company
	31 Dec 15 $'000	31 Dec 14 $'000	31 Dec 15 $'000	31 Dec 14 $'000
Trade payables	3,907	1,041	2,163	439
Corporation tax, social security and other taxes	2,354	3,211	342	785
	6,261	4,252	2,505	1,224

The carrying value of all the above payables is equivalent to fair value.

The Group made a net provision for the 2015 corporate income tax liability at Kounrad of $638,000 (2014: $803,940) having paid an amount of $9,324,934 in advance during the year (2014: $8,505,272). $674,149 was also paid during the year in relation to 2014 corporate income tax.

All Group and Company trade and other payables are payable within less than one year for both reporting periods.

20. Cash generated from/(used in) operations

		_Group		_Company
	Note	2015 $'000	2014 $'000	2015 $'000	2014 $'000
Profit/(loss) before income tax including discontinued operations		32,583	70,019	(9,522)	(9,704)
Adjustments for:
Depreciation	13	7,666	9,476	47	46
Amortisation	14	2,720	1,936	-	-
Loss on disposal of property, plant and equipment		16	494	-	-
Foreign exchange (gain)/loss	12	(8,992)	1,887	(657)	850
Gain on re-measuring to fair value the existing interest on acquisition of control		-	(33,039)	-	-
Change in provision for doubtful receivables	15	(41)	8	-	-
Impairment of Mongolian intercompany receivables		-	-	138	206
Impairment of Mongolian intangible assets and investments		-	-	38	60
Share based payments		2,396	1,914	2,396	1,914
Write-off of inventory	9	600		-	-
Finance income		(41)	(61)	(18)	-
Finance costs		304	334	53	(11)
Changes in working capital:
Inventories		(1,454)	83	-	-
Trade and other receivables	15	(1,647)	(1,740)	263	16,314
Trade and other payables	19	(515)	(2,842)	2,068	810
Movement in provisions		-	(1,317)	-	-
Cash generated from/(used in) operations		33,595	47,152	(5,194)	10,485

21. Dividend per share

In line with the Company dividend policy, the Company paid $20,368,000 in 2015 (2014: $17,932,000) which consisted of a 2015 interim dividend of 4.5 pence per share and a final dividend for 2014 of 7.5 pence per share (2014: interim dividend of 5 pence per share and a final dividend for 2013 of 5 pence per share). The dividend declared amount recognised in the statement of changes in equity of $20,358,000 is different to the dividend paid recognised in the cash flow statement of $20,368,000 due to foreign exchange differences on the GBP declared dividend.

The Directors will propose a final dividend in respect of the year ended 31 December 2015 of 8 pence per share at the forthcoming Annual General meeting ("AGM").

22. Events after the reporting period

VAT recoverability

The Group's main receivable is the VAT incurred on purchases within Kazakhstan as explained in note 15. As at 31 December 2015 a total of $4,423,000 (2014: $6,392,885) of VAT receivable was still owed to the Group by the Kazakhstan authorities. An amount of $1,666,060 was refunded from the authorities in February 2016 and has been reclassified from non-current to current trade and other receivables as at 31 December 2015.

Off-take arrangements at Kounrad

During 2015, the Group's off-take arrangements at Kounrad were put out to tender with Traxys being retained as CAML's off-take partner following a competitive process. The revised off-take contract has been agreed through to 31 December 2018 and will provide additional cost savings fixed for the three-year period. The commitment is for a minimum of 90% of the Kounrad copper cathode production.

Insurance claim

Following the incident at Kounrad in June 2015 an insurance claim was submitted. In March 2016, the Group received notification that the merits of the claim had been accepted and negotiations are ongoing as to the quantum. No receivable was recognised for the claim at 31 December 2015.

23. Related party transactions

The Group had the following related party balances and transactions during the year ended 31 December 2015. Related parties are those entities owned or controlled by the Company, which is the ultimate controlling party of the Group.

Transactions between the Company and subsidiaries

Amounts receivable within one year:	31 Dec 15 $'000	31 Dec 14 $'000
CAML Kazakhstan BV - following completion of the Kounrad Transaction	1,631	29,571
Sary Kazna LLP - management service fees	252	-
Copper Bay Limited - management service fees	31	-
	1,914	29,571

During 2015, CAML Kazakhstan BV repaid $27,940,000 to the Company (2014: $11,270,000). As at 31 December 2015, $176,272 of intercompany loans and management fee receivable with the Mongolian subsidiaries has been written off during the year as part of the Group impairment testing (2014: $206,000).

The Company also received management fee income from Sary Kazna LLP of $312,916 (2014: $60,000) and from Copper Bay Limited of $26,288 (2014: nil).

Directors' remuneration, EBT shares and options

Directors' remuneration, including Non-Executive Directors, during the year is disclosed in the Remuneration Committee Report of the 2015 Annual Report.

Kenges Rakishev

Mr Kenges Rakishev ("KR") became a major shareholder of CAML on 23 May 2014 following completion of the Kounrad Transaction. He was appointed to the CAML Board on 9 December 2013 following the completion of the first part of the transaction. Consequently, KR is considered a related party in any dealings he has with the Group.

As part of the obligations on KR for completing the Kounrad Transaction, he signed a relationship agreement with CAML setting out the terms of the relationship between KR and the Group.

On 29 December 2015, JSC Kazkommertsbank ("KKB") announced that KR, a director of KKB, completed a transaction with Alnair Investment Company to purchase its parent company, JSC Alnair Capital Holding ("Alnair"), which owns 28.08% of KKB's issued and outstanding share capital.

As a result of the transaction, KR became the General Partner of the Alnair investment group and effectively acquired full control over the voting and other rights of a combined 56.75% stake in KKB's issued and outstanding share capital, made up of shares in KKB held by KR directly and indirectly, through Alnair. Alnair has subsequently been renamed Qazaq Financial Group JSC.

The Group uses the facilities of KKB within Kazakhstan for its normal day-to-day banking and has insurance agreements with a subsidiary of KKB. As at 31 December 2015 the Group held $6,107,000 with KKB (2014: $12,479,000).

24. Deferred income tax liability

Group

The movements in the Group's deferred tax assets and liabilities which are expected to be recovered or settled more than 12 months after the reporting period are as follows:

	At 1 January 2015 $'000	Acquisition $'000	Currency translation differences $'000	Credited to income statement $'000	At 31 December 2015 $'000
Other timing differences	(276)	-	121	21	(134)
Deferred tax liability on fair value adjustment on Kounrad Transaction	(20,291)	-	10,185	-	(10,106)
Deferred tax liability, net	(20,567)	-	10,306	21	(10,240)

	At 1 January 2014 $'000	Acquisition $'000	Currency translation differences $'000	Credited to income statement $'000	At 31 December 2014 $'000
Other timing differences	(374)	-	58	40	(276)
Deferred tax liability on fair value adjustment on Kounrad Transaction	(9,278)	(11,013)	-	-	(20,291)
Deferred tax liability, net	(9,652)	(11,013)	58	40	(20,567)

The fall in value of the Tenge has resulted in a currency translation difference on the deferred tax liability of $10,306,000. This is primarily due to the translation of the goodwill arising on the Kounrad Transaction which is denominated in Tenge.

Where the realisation of deferred tax assets is dependent on future profits, the Group recognises losses carried forward and other deferred tax assets only to the extent that the realisation of the related tax benefit through future taxable profits is probable.

Further reductions to the UK corporation tax rate have been announced which will reduce the rate to 17% by April 2020. However, these changes had not been substantially enacted at the balance sheet date and, therefore, are not recognised in this financial information.

The Group did not recognise other potential deferred tax assets arising from losses of $5,385,000 (2014: $3,700,000) as there is insufficient evidence of future taxable profits within the entities concerned. Unrecognised losses can be carried forward indefinitely.

At 31 December 2015, the Group had other deferred tax assets of $934,000 (2014: $1,222,000) in respect of share based payments and other temporary differences which had not been recognised because of insufficient evidence of future taxable profits within the entities concerned.

There are no significant unrecognised temporary differences associated with undistributed profits of subsidiaries at 31 December 2015 and 2014, respectively.

Company

At 31 December 2015 and 2014 respectively, the Company had no recognised deferred tax assets or liabilities.

At 31 December 2015, the Company had not recognised potential deferred tax assets arising from losses of $5,385,000 (2014: $3,345,000) as there is insufficient evidence of future taxable profits. The losses can be carried forward indefinitely.

At 31 December 2015, the Company had other deferred tax assets of $934,000 (2014: $1,222,000) in respect of share based payments and other temporary differences which had not been recognised because of insufficient evidence of future taxable profits.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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Final Results

Overview

Income statement

Revenue

Cost of sales

Administrative expenses

C1 cash costs of production

Kazakhstan Tenge devaluation

for the year ended 31 December

for the year ended 31 December

1. General information

2. Summary of significant accounting policies

Basis of preparation of the Condensed Financial Information

Going concern

Copper Bay investment

3. Critical accounting estimates and judgments

Impairment

Functional currency

Mineral reserves and resources

Decommissioning and site rehabilitation estimates

Business combination

VAT recoverability

4. Segmental information

5. Revenue

6. Cost of sales

7. Distribution and selling costs

8. Administrative expenses

9. Inventory write-off

10. Income tax

11. Earnings/(loss) per share

(a) Basic

(b) Diluted

12. Foreign exchange rate gains

13. Property, plant and equipment

14. Intangible assets

Copper Bay investment

15. Trade and other receivables

16. Cash and cash equivalents

17. Share capital and premium

18. Other reserves

19. Trade and other payables

20. Cash generated from/(used in) operations

21. Dividend per share

22. Events after the reporting period

23. Related party transactions

Directors' remuneration, EBT shares and options

24. Deferred income tax liability

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