Kounrad Production Milestone

RNS Number : 1139K

Central Asia Metals PLC

20 April 2020

 

 20 April 2020

CENTRAL ASIA METALS PLC

('CAML' or the 'Company')

Kounrad Production Milestone

CAML is pleased to announce that, on 18 April 2020, the Kounrad copper recovery plant in Kazakhstan ('Kounrad') reached the milestone of producing 100,000 tonnes of copper cathode. CAML expects to produce copper at Kounrad until 2034.

Producing copper from waste since 2012

CAML's Kounrad copper resources are within the waste dumps that were formed during prior mining activities of the Kounrad deposit, which commenced in the 1930s. Since CAML's leaching operations began in April 2012, Kounrad has achieved the following milestones through producing copper from what was considered waste:

· 100,000 tonnes of copper cathode have been produced to date at Kounrad at a C1 cash cost of production averaging $0.55 per pound (2012 - 2019)

· Gross revenue of $601 million has been generated from copper sales (2012 - 2019)

· Tax to the Government of Kazakhstan totalling $143 million has been paid (2012 - 2019)

· Operations have supported a Kazakh workforce comprising 323 employees and 86 contractors (2019)

· Donations of over $2 million have been made to the local communities (2012 - 2019)

Nigel Robinson, Chief Executive Officer, commented:

"We are delighted to have reached this significant milestone of producing 100,000 tonnes of copper from Kounrad at costs that are amongst the lowest in the world. We owe a debt of gratitude to the on-site team led by General Director Pavel Semenchenko and guided by our Technical Director, Howard Nicholson.

"While cases of COVID-19 continue to rise in Kazakhstan, there are currently no diagnosed cases of the virus amongst our Kounrad workforce or in the local town of Balkhash, and the production and sales of our copper have not been interrupted. We have implemented various health measures on the site, including issuing COVID-19 related personal protective equipment ('PPE'), reinforcing government guidance and hygiene measures, and limiting visits to site. Our operations at the Sasa mine in North Macedonia also continue uninterrupted.

"We have recently committed to providing funding for an electrical supply solution to the local Balkhash hospital, which should help the healthcare teams maintain crucial medical treatments in the case of power outages.

"During this difficult and uncertain time, the welfare of our employees and contractors is our top priority."

For further information contact:

Central Asia Metals	Tel: [phone]
Nigel Robinson, CEO
Gavin Ferrar, CFO
Louise Wrathall, Director of Corporate Relations	[e-mail]
Peel Hunt (Nominated Advisor and Joint Broker)	Tel: [phone]
Ross Allister
David McKeown
BMO Capital Markets (Joint Broker)	Tel: [phone]
Thomas Rider
Neil Elliot
Blytheweigh (PR Advisors)	Tel: [phone]
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 https://twitter.com/CamlMetals

 

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