TIDMCAML
RNS Number : 7841L
Central Asia Metals PLC
15 September 2021
15 September 2021
Central Asia Metals plc
(the 'Group', the 'Company' or 'CAML')
Interim Results for the Six Months Ended 30 June 2021
Central Asia Metals plc (AIM: CAML) is pleased to announce its
unaudited interim results for the six months ended 30 June 2021
('H1 2021' or the 'period').
H1 2021 financial summary
-- Increased dividend and additional debt repayments
o H1 2021 dividend of eight pence per share (H1 2020: six
pence), representing 40% of Group free cash flow 1 ('FCF')
o Post period end early repayment of $10 million of corporate
debt facility
-- Strong financial performance driven by robust commodity prices
o Group gross revenue 1 of $106.3 million (H1 2020: $75.4
million) and Group net revenue of $100.8 million (H1 2020: $70.8
million)
o Group EBITDA 1 of $64.4 million (H1 2020: $42.5 million) and
EBITDA margin 1 of 61% (H1 2020: 56%)
o Group FCF of $48.9 million (H1 2020: $21.2 million)
-- Strengthening balance sheet
o Cash in the bank as at 30 June 2021 of $54.3 million 2 (31
December 2020: $47.9 million 2 )
o Group net debt 1 as at 30 June 2021 of $10.1 million (31
December 2020: $36.2 million)
o Debt repayments of $19.9 million (H1 2020: $19.2 million)
H1 2021 operational summary
-- Kounrad copper production of 6,214 tonnes (H1 2020: 6,607 tonnes)
o Copper sales of 6,241 tonnes (H1 2020: 6,600 tonnes)
-- Sasa zinc in concentrate production of 11,292 tonnes (H1 2020: 12,203 tonnes)
o Payable zinc sales of 9,419 tonnes (H1 2020: 10,273
tonnes)
-- Sasa lead in concentrate production of 13,807 tonnes (H1 2020: 15,140 tonnes)
o Payable lead sales of 13,160 tonnes (H1 2020: 14,445
tonnes)
-- River Remediation Project completed at Sasa
-- Three Group lost time injuries ('LTIs'), Group lost time
injury frequency rate ('LTIFR') of 2.50
Outlook
-- CAML climate change strategy work underway
o Sasa to be powered by renewable energy following post period
end agreement to purchase solely renewable power from North
Macedonian power provider, EVN, reducing Group greenhouse gas
('GHG') emissions by approximately 35% on an annualised basis
-- Sasa Cut and Fill Project on track and on budget for commissioning in Q4 2022
-- On course to achieve upper end of 2021 Kounrad production
guidance and lower end of Sasa production guidance
1 See Financial Review section for definition of non-IFRS
alternative performance measures
2 The cash balance figure disclosed includes restricted cash
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014, as retained in the UK
pursuant to S3 of the European Union (Withdrawal) Act 2018.
Nigel Robinson, Chief Executive Officer, commented:
"I am pleased to report an excellent set of financial results
for the first half of 2021, with EBITDA up 51% and FCF up 131%
period on period, driven by strong commodity prices. This positive
performance over the past six months means we are able to declare a
dividend of eight pence per share. This dividend, and the $10
million in accelerated debt repayments, which takes us closer to
the debt free milestone, demonstrates our continued focus on
delivering value for our shareholders, as well as our wider
stakeholders.
"We have advanced our Cut and Fill Project since the start of
the year, which is on track and on budget for commissioning in the
last quarter of next year. During the period, development of the
new Central Decline has commenced, all major components for the
Paste Backfill Plant were ordered and plans for the Dry Stack
Tailings part of the project are also advancing.
"As part of our commitment to sustainability, we have been
assessing opportunities to reduce our GHG emissions, with several
workstreams underway, and we recently secured solely renewable
power for our Sasa operations from H2 2021 onwards. Having
completed a scoping study for the Kounrad solar plant last year, we
are currently in the process of upgrading this to a full
feasibility study, which will offer a clearer view on the most
effective way of reducing our GHG emissions at the project.
"Over the past six months, our commitment to support our local
communities continued and I am particularly proud of the recent
completion of the Youth Park along the banks of the river close to
Sasa in Makedonska Kamenica, a place that I am sure will be enjoyed
for many years to come.
"The outlook for the remainder of 2021 is positive for CAML,
with strong demand for the metals that we produce, and we are on
track to meet our output guidance from Sasa and Kounrad."
Analyst conference call
There will be an analyst conference call today at 09:30 (BST).
The call can be accessed by dialling
+44 (0)330 336 9125 and quoting the confirmation code '2096630'
. Additionally, the presentation can be viewed via a live webcast
using the following link https://brrmedia.news/bb8h7p . The webcast
and the Company's corporate presentation will be available on the
CAML website at www.centralasiametals.com .
Investor Meet Company
The Company will also hold a live presentation relating to the
2021 Interim Results via the Investor Meet Company platform at
16:30 (BST) today. The presentation is open to all existing and
potential shareholders. Questions can be submitted at any time
during the live presentation. Investors can sign up to Investor
Meet Company for free and add to meet Central Asia Metals Plc
at
https://www.investormeetcompany.com/central-asia-metals-plc/register-investor
For further information contact:
Central Asia Metals Tel: +44 (0) 20 7898 9001
Nigel Robinson, CEO
Gavin Ferrar, CFO
Louise Wrathall, Director of Corporate louise.wrathall@centralasiametals.com
Relations
Peel Hunt (Nominated Advisor and Tel: +44 (0) 20 7418 8900
Joint Broker)
Ross Allister
David McKeown
BMO Capital Markets (Joint Broker) Tel: +44 (0) 20 7236 1010
Thomas Rider
Pascal Lussier Duquette
Blytheweigh (PR Advisors) Tel: +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
Rachael Brooks
Note to editors:
Central Asia Metals, an AIM-listed UK company based in London,
owns 100% of the Kounrad SX-EW copper project in central Kazakhstan
and the Sasa zinc-lead mine in North Macedonia.
For further information, please visit www.centralasiametals.com
and follow CAML on Twitter at @CamlMetals and on LinkedIn at
Central Asia Metals Plc
Chief Executive Officer Review
CAML has delivered strong financial results for H1 2021, with
Group EBITDA of $64.4 million representing an increase of over 50%
from the previous corresponding period. CAML's EBITDA margin also
improved to 61% (H1 2020: 56%), which demonstrates increased
revenue due to stronger commodity prices and the Group's ability to
effectively manage its operating costs, notwithstanding global
industry cost pressures. Adjusted earnings per share ('EPS') of
20.28 cents was 96% higher than that achieved in H1 2020 (10.35
cents).
These earnings also translated into markedly increased free cash
flow of $48.9 million, which was 131% higher than that generated in
the first six months of 2020 (H1 2020: $21.2 million). Given this
strong H1 2021 performance, the CAML Board is pleased to declare an
interim dividend of eight pence per ordinary share, which is in
line with the Company's stated policy. This will be paid on 22
October 2021 to shareholders registered on 1 October 2021. The
Company has also elected to make an additional $10 million early
repayment of its corporate debt facility, post the period end. This
reflects strong H1 2021 metals prices and accelerates the Group's
return to a debt free position.
CAML's Kounrad operation in Kazakhstan had a safe six months,
with no recordable injuries, and the Sasa zinc and lead mine in
North Macedonia recorded three lost time injuries. While this
performance at Sasa was disappointing, lessons have been learnt
from each of the incidents.
Zinc and lead production at Sasa were 11,292 tonnes and 13,807
tonnes respectively. Payable zinc sales for the period were 9,419
tonnes and, for lead, were 13,160 tonnes, and H1 2021 gross revenue
from these metal concentrates was $49.0 million (H1 2020: $38.4
million). This was 28% higher than H1 2020 due to significantly
higher commodity prices during the recent period, with the zinc
price received being on average 44% higher than the previous
corresponding period at $2,829 per tonne (H1 2020: $1,964 per
tonne) and the lead price 26% higher at $2,114 per tonne (H1 2020:
$1,676 per tonne). Sasa's cost of sales for H1 2021 was up 11% to
$27.8 million (H1 2020: $25.1 million), although 41% of this
increase was currency related, and this resulted in a Sasa H1 2021
EBITDA of $26.5 million (H1 2020: $19.5 million).
Kounrad produced 6,214 tonnes of copper cathode during the
period and sold 6,241 tonnes, generating gross revenue of $57.3
million (H1 2020: $37.0 million) from an average copper price
received of $9,183 per tonne, 64% higher than that received in H1
2020 ($5,605 per tonne). As at Sasa, Kounrad also experienced
underlying cost inflation with H1 2021 cost of sales increasing by
20% to $11.5 million (H1 2020: $9.6 million), although almost half
of this increase was a consequence of increased Kazakh Mineral
Extraction Tax ('MET') due to higher copper prices. Kounrad
generated H1 2021 EBITDA of $45.8 million (H1 2020: $27.1
million).
COVID-19 remains a challenge globally. Our firm response in 2020
and development of effective operational changes to incorporate
social distancing and increased hygiene measures into our working
practices have enabled us to continue to produce our metals despite
outbreaks in both countries of operation. Vaccination rates amongst
our employees at Kounrad is high, with almost 100% having received
at least one dose. In North Macedonia, only 36% of the workforce
has been vaccinated and CAML has instigated an education programme
involving medical professionals, which is now underway.
During H1 2021, CAML published its second sustainability report,
covering its activities for the year ended 31 December 2020 at
Group level and at its two operations. This is the Company's first
report written in accordance with the Global Reporting Initiative
('GRI') Standards 'Core Option'. The report details sustainability
targets against which executive director performance will be
measured, and identifies the four UN Sustainable Development Goals
('SDGs') to which the Company has the capacity to best
contribute.
During H1 2021, CAML has been investigating opportunities to
reduce its GHG emissions and analysing its physical and transition
risks associated with climate change. Several workstreams are
underway and, post the period end, Sasa signed an agreement with
North Macedonian power provider, EVN, to purchase solely renewable
power for the mine. These power purchases, which will be audited
subsequently, should lead to CAML being able to claim an
approximate 35% reduction in GHG emissions across the Group. The
Kounrad solar plant scoping study that was completed in 2020 is
currently being upgraded to a full feasibility study, which should
deliver firm costs and potential power output.
The Company has made meaningful progress with its Sasa Cut and
Fill Project during H1 2021, with development of the Central
Decline now underway. All major components for the Paste Backfill
Plant have been ordered, the site location for the plant confirmed
and detailed design work for the computerised operating system has
been undertaken. Plans for the dry stack tailings part of the
project are also advancing, with Knight Piésold having completed
the conceptual landform design and the processing plant has also
been designed. The overall project remains on schedule and on
budget.
Management's focus on business development has accelerated
during the first six months of 2021, with 18 opportunities reviewed
and three discussed at length at Board level, as well as one site
visit undertaken. Although there are no advanced discussions with
third parties currently underway, management will continue to
investigate opportunities of potential interest.
With strong demand for the metals that CAML produces, the
Company is in an enviable position. CAML continues to strengthen
its balance sheet having now repaid $135 million of the funds
borrowed to acquire Sasa less than four years ago, and is in a
strong position to pursue potential acquisition opportunities.
Sustainability review
Health and safety
Safety statistics
There were no LTIs or medical treatment injuries ('MTIs') at
Kounrad, and therefore no total recordable injuries ('TRIs') during
the reported period. Three LTIs were recorded at Sasa during H1
2021. There were no MTIs at Sasa during H1 2021, and therefore a
total of three TRIs for Sasa. CAML Group therefore reports three
LTIs and three TRIs for the six-month period. CAML's H1 2021 lost
time injury frequency rate ('LTIFR') and total recordable injury
frequency rate ('TRIFR') are the same at 2.50.
Safety initiatives underway
At Sasa, implementation of the recommendations from the conveyor
condition audit, including enhanced guarding, is underway. This
work should be materially completed during H2 2021. Improvements in
the lockout-tagout system are underway at Sasa and this process
will also be completed in H2 2021.
The underground Wi-Fi communications project at Sasa, which has
been designed and is being installed by the CAML and Sasa IT
departments, is partially complete, with seven kilometres of
fibre-optic cable onsite and currently being installed by the
electrical teams. In H2 2021, a network of wireless relays will be
installed and this will then transform the communication, and
therefore safety and management, of the underground operations.
In terms of wellbeing, improvements and modernisation of
workers' changing rooms and showers were completed at Kounrad
during H1 2021. The 10-year-old fire suppression system in the
Kounrad solvent extraction plant building is in the process of
being replaced.
COVID-19
COVID-19 remains a risk to the welfare of CAML employees and
contractors and there have been cases of the virus at both Sasa and
Kounrad during the reported period.
Vaccination take-up is improving in both countries and, to date,
almost 100% of Kounrad employees have had at least one dose. In
North Macedonia, this number is lower, at approximately 36%. There
is some vaccine scepticism in North Macedonia, and the Sasa team
has recently initiated an education programme, involving medical
professionals.
In 2020, CAML acted quickly to implement strategies at both
operations to protect the welfare of its employees, to meet
respective government guidance and to maintain production. These
measures remain in place where appropriate at Kounrad and Sasa.
Environment
There were no environmental incidents at either operation during
H1 2021.
During Q2 2021, the River Remediation Project at Sasa was
completed. Phase 1 of the project, comprising removal of
approximately 95% of the tailings from the riverbed, was completed
during Q4 2020. Phase 2 involved extraction of as much as possible
of the remaining tailings as well as removal of the physical silt
traps from the river, and the planting of 3,600 trees, 350 shrubs
and 320 kilogrammes of wildflower seed and grasses. The monitoring
of water quality and biodiversity will be ongoing.
During H1 2021, a tendering process was undertaken with a view
to selecting consultants to undertake a formal Asset Retirement
Obligation ('ARO') and site closure plan at Sasa and Kounrad.
Golder Associates (UK) has been selected to provide an estimate of
closure costs as well as identifying a best practice and
responsible approach to rehabilitation to ensure a sustainable
legacy for the long term. This work will be undertaken in H2
2021.
Water balance studies are underway at Sasa as part of the
tailings management studies being undertaken in readiness for the
paste backfill plant, with the assistance of SRK Consulting. CAML
does not expect to report any significant water usage savings for
2021 but, going forward, potential savings will be assessed as part
of the overall water management strategy for tailings management
and the Cut and Fill project. It may be possible to identify water
savings during H2 2021 for 2022.
An energy efficiency audit has been undertaken at Kounrad during
H1 2021 and no material additional savings were identified.
Kounrad's biodiversity studies are ongoing. An initial baseline
study has been completed and future workstreams will be expanded to
also include an assessment of any impact of Kounrad's abstraction
on Lake Balkhash.
Community
There were no community incidents at either operation during H1
2021.
In Q2 2021, the Sasa team established and formalised its charity
foundation, known as the Sasa Foundation for Support of Sustainable
Development. Future community support will be provided through this
foundation, which has strict criteria for appropriate community
investment.
At Sasa, $0.1 million was spent in community support during H1
2021. The most notable project was the Youth Park which Sasa
committed to develop along the banks of the river in Makedonska
Kamenica. This project was completed post the period end, and
comprises trails and walkways along the river with trees, flower
beds and a gazebo, as well as children's play areas. In terms of
COVID-19 community support, Sasa purchased a bioluminescence
cabinet for the Kocani Centre for Public Health.
At Kounrad, $0.1 million was spent in community support during
H1 2021. Two key donations were the purchase of an ambulance car
for Balkhash, which will provide urgent transportation to medical
facilities, particularly during the pandemic. The Kounrad
Foundation also completed renovation works and re-surfacing of the
Central Sports Ground in Balkhash. Support for vulnerable and
low-income families was also provided.
Our people
CAML's Human Resources team began the process of reviewing the
Company's cultural values with the site teams. This process has
been undertaken at Kounrad, and a pilot survey undertaken at Sasa
which will be rolled out into a fuller study. The results of both
processes will then help to inform CAML values, which will be
re-visited if necessary.
Training needs analysis to close skills gaps is underway and the
Company is in the process of developing a management training
programme for Sasa.
Simplification of the Sasa payroll system was identified as
necessary, both from an administrative perspective and from a
responsible operator perspective to ensure that pay is fair and
transparent. A job evaluation programme has been completed and a
plan and timeline developed to complete this process during H2
2021.
A culture change management programme is underway at Kounrad,
aided by external consultants, Abraxas T&D Group. The initial
focus of this study was to identify personnel challenges and then
work as a team to make adjustments in order to resolve any issues
and to ensure that different departments communicate effectively
and work well together. Group coaching sessions have been run to
aid with this work and, going forward, management training will be
undertaken, as well as development of a mentoring programme, and
this will feed into the development of a new six-monthly key
performance indicator ('KPI') and bonus structure.
Negotiations regarding a three-year collective bargaining
agreement at Sasa are scheduled to commence in Q4 2021.
Sustainability reporting
CAML 2020 Sustainability Report
In Q2 2021, CAML published its second standalone Sustainability
Report, covering the 2020 activities corporately and at Sasa and
Kounrad.
This was the Company's first Sustainability Report to be
prepared in accordance with GRI standards 'Core option'. During
2020, CAML identified four of the 17 UN SDGs to which the Company
has the capacity to best contribute and its commitments to the
following goals are set out in the 2020 Sustainability Report:
-- No poverty
-- Good health and well-being
-- Quality education
-- Decent work and economic growth
CAML has committed to the following 2021 and/or long-term
targets with a view to maintaining momentum in its sustainability
achievements for the future and will report on its performance in
these key areas in the 2021 Sustainability Report. Additional
targets will be set going forwards as appropriate. Executive
Director and Senior Management remuneration will reflect
performance against these goals:
-- Zero human rights abuses
-- Zero fatalities
-- Demonstrate a 15% decrease in the LTIFR over the last five-year period
-- Implement a three-year collective bargaining agreement at Sasa during 2021
-- Ensure, during 2021, that all employees are moved onto a
permanent contract after 12 months' employment at Sasa
-- Zero severe or major environmental incidents
-- Zero severe or major community related incidents
-- 0.25% Group revenue committed to social investment
Climate Change
During H1 2021, the CAML team has been developing its
understanding of climate change factors which may affect the Group
and is working towards developing a Climate Change Strategy.
Consultants, Climate Risk Services, were retained to help the
sustainability team to identify CAML's physical and transition
risks associated with climate change specifically. These are being
embedded into the Company's risk management activities in order to
ensure preparedness for the long term.
In terms of GHG emissions, CAML is exploring possible avenues
for potential reductions of Scope 1 and Scope 2 emissions at both
Sasa and Kounrad.
Sasa has recently negotiated to acquire solely renewable power
from its North Macedonian power provider, EVN, from 1 July 2021.
Auditing of renewable energy consumption and associated GHG
emission reduction claims is in its infancy in North Macedonia.
However, EVN has indicated it would subsequently use a renowned
accountancy group to audit its sales of renewable power to Sasa.
While 6% of the electricity currently sold to Sasa is renewable by
state instruction, but with no means to certification, CAML
believes EVN's auditing proposals should be sufficient for CAML to
demonstrate a c.94% reduction in Sasa's Scope 2 emissions on an
annualised basis versus 2020. CAML should therefore be able to
claim an annualised GHG emission reduction of approximately 35% as
a result of this initiative. It should be noted, however, that
energy consumption is expected to rise during the construction
phase of the Cut and Fill Project.
At Kounrad, the solar power plant scoping study that was
undertaken during 2020 is currently being upgraded to a full
feasibility study and discussions with regulators to ascertain the
appropriate courses of action will be undertaken during H2 2021.
Further detail will be provided in due course.
Once the team has furthered its research and formalised an
overarching strategy, reporting work towards Task Force for Climate
Related Disclosure ('TCFD') will be initiated.
Global Industry Standard on Tailings Management ('GISTM')
CAML has committed to reporting to the GISTM for all five of
Sasa's tailings storage facilities ('TSFs') within the required
three-year timeframe. A working group has been formed, comprising
members of the production, tailings, sustainability, community
relations and corporate relations teams, overseen by the
Sustainability Director, to ensure all workstreams are effectively
covered.
External consultants, Knight Piésold and Wardell Armstrong, are
being used to bolster the Sasa team where necessary. In June 2021,
Knight Piésold undertook an audit of all Sasa's TSFs to assess
whether the design, construction and operation of the facilities
meets international best practice standards and to provide
recommendations to reduce risks associated with the TSFs going
forwards. The findings of this study will be delivered to CAML
during Q3 2021. Knight Piésold has also assisted CAML with a gap
analysis in order for the Company to ensure compliance with the
GISTM.
Operations review
Sasa production
In H1 2021, mined and processed ore were 413,987 tonnes and
423,863 tonnes respectively. The average head grades for H1 2021
were 3.14% zinc and 3.50% lead respectively. The average H1 2021
metallurgical recoveries were 84.9% for zinc and 93.2% for
lead.
Additional localised ground support was required during the
period, resulting in more production from stopes as opposed to from
development. The latter typically produces zinc and lead ore of
elevated grades due to reduced dilution, and hence head grades were
lower in H1 2021.
Sasa produces a zinc concentrate and a separate lead
concentrate. Total H1 2021 production was 22,571 tonnes of zinc
concentrate at an average grade of 50.0% and 19,119 tonnes of lead
concentrate at an average grade of 72.2%.
Sasa typically receives from smelters approximately 84% of the
value of its zinc in concentrate and approximately 95% of the value
of its lead in concentrate. Accordingly, total payable production
for H1 2021 was 9,486 tonnes of zinc and 13,117 tonnes of lead.
Given that deliveries from Sasa to the smelters occur on a
regular basis, payable base metal in concentrate sales for the
six-month period were similar at 9,419 tonnes of zinc and 13,160
tonnes of lead.
During H1 2021, Sasa sold 151,009 ounces of payable silver to
Osisko Gold Royalties, in accordance with its streaming
agreement.
The Company expects that 2021 zinc and lead production at Sasa
could be towards the lower end of the guidance range, which is
between 23,000 tonnes and 25,000 tonnes for zinc and between 30,000
tonnes and 32,000 tonnes for lead.
Units H 1 2021 H 1 2020
Ore mined t 413,987 4 16,055
--------- --------- ---------
Plant feed t 423,863 4 19,856
--------- --------- ---------
Zinc grade % 3.14 3 .37
--------- --------- ---------
Zinc recovery % 84.9 8 6.3
--------- --------- ---------
Lead grade % 3.50 3 .82
--------- --------- ---------
Lead recovery % 93.2 9 4.3
--------- --------- ---------
Zinc concentrate t (dry) 22,571 2 4,510
--------- --------- ---------
* Grade % 50.0 4 9.8
--------- --------- ---------
* Contained zinc t 11,292 1 2,203
--------- --------- ---------
Lead concentrate t (dry) 19,119 2 1,035
--------- --------- ---------
* Grade % 72.2 7 2.0
--------- --------- ---------
* Contained lead t 13,807 1 5,140
--------- --------- ---------
Sasa Cut and Fill Project update
A dedicated Capital Projects team has been formed with clear
responsibilities, and a construction coordinator, a backfill
manager and an additional environmental engineer have been hired.
Progress has been made in all aspects of the Cut and Fill Project
with $3.3 million expenditure incurred during H1 2021. Permitting
processes for the various work streams are also underway.
The Central Decline
Development of the Central Decline from surface and underground
has commenced. This decline will be larger than the existing
decline access to the mine and will provide increased ventilation,
easier access for reticulation infrastructure and the potential to
increase ore mined to 900,000 tonnes per year in the medium term.
The profile of the decline has been marginally increased to
facilitate the potential future use of the slightly larger
underground electric vehicles, and an analysis of diesel versus
electric vehicles is currently underway.
Development initially commenced underground on the 910 level
and, to date, approximately 200 metres have been developed. It is
expected that during 2021 a total of 780 metres will be developed.
A designated suite of underground equipment has been allocated to
the Central Decline that includes a new twin boom drilling machine,
a new dump truck and a new loader, which were delivered to site in
June and July 2021.
The total length of this decline will be approximately 3.8
kilometres and construction will be undertaken in three stages
during the next four years.
Paste Backfill Plant
The site location for the paste backfill plant has been
confirmed, the equipment lay down area established and the new site
offices have arrived at Sasa. All major components for the plant
have been ordered, including the civils and structural steels,
thickener and flocculant plant, the continuous mixer, various pumps
including the paste pump and in excess of 4.5 kilometres of pipes
for the underground reticulation.
CAML has selected a preferred contractor to design and supply
the process automation system for the paste backfill plant, and the
electrical engineering aspects of the project will be undertaken by
local North Macedonian contractors.
Installation of reticulation pipework to deliver the paste
backfill product to the mined voids should commence in H2 2021.
Construction of the paste backfill plant is expected to commence in
H1 2022 and commissioning and completion is expected on schedule
for the end of 2022.
Dry Stack Tailings
The dry stack tailings project comprises two separate aspects -
design and construction of the landform on which to stack the dry
tailings, and design and construction of the dry stack tailings
processing plant.
Knight Piésold has completed a conceptual design for the
landform and the detailed design studies are underway and due to be
completed in H2 2021. Construction drawings for the stacking of
tailings will be completed and the site prepared on schedule
throughout 2022.
Detailed design work for the dry stack tailings processing
plant, which is expected to filter out residual moisture from the
tailings product to approximately 11.5%, has been undertaken.
Construction of the site is expected to commence in H1 2022, with
commissioning on schedule for the end of 2022.
Processing plant expansion
Technical work is underway to ascertain the most effective
process routes to achieve the increase in throughput to 900,000
tonnes per annum by 2023. It is currently anticipated that a third
ball mill will be installed and some additional flotation cells may
also be required.
Kounrad
CAML is pleased to report a period of strong operational
performance at Kounrad, with copper cathode production of 6,214
tonnes for the first six months of 2021. The Company is on course
to achieve its full year 2021 copper production guidance of between
12,500 tonnes and 13,500 tonnes.
Copper sales during H1 2021 were 6,241 tonnes, with the majority
of the cathode sold to CAML's offtake partner, Traxys Europe S.A.
The quality of cathode produced remains excellent, at a purity
level of 99.998%, and continues to meet the requirements of the
customers.
During the winter of 2020 / 2021, leaching was undertaken only
on Western Dump blocks for the first time, and this resulted in
some differences in solution metallurgy, which the team effectively
managed. However, for 2021/2022, winter blocks will be prepared on
both the Eastern and Western Dumps and covering of these blocks in
readiness for the winter began in Q2 2021.
In terms of capital expenditure during H1 2021, Phase 1 of the
Intermediate Leach System ('ILS') has been completed and 14
kilometres of pipelines have been installed for this purpose with
$0.5 million expenditure capitalised. This will allow Kounrad to
irrigate previously leached Western Dump blocks with fresh water
pumped from the Lake Balkhash water pipeline via the SX-EW plant
and then recirculate the off-flows to new, un-leached Western Dump
blocks. Pumps required to move this solution around the site were
also installed and the whole process successfully tested post the
period end.
Phase 2 of the ILS project will be undertaken in 2022, and this
involves installation of the irrigation distribution system
enabling separate collection of Western Dump off-flows. It is
expected that the ILS systems will be in regular use from April
2023, operating during the seven months of spring and summer each
year, and the purpose of this modification is to optimise copper
recoveries and maintain pregnant leach solution ('PLS') grades into
the processing plant.
Excavation of an 800 metre trench extension is underway around
the eastern edge of the Western Dumps to collect solutions flowing
in that direction from Dump 21.
The usual anode and cathode replacement activities were
undertaken, with 500 refurbished cathodes returned to site for
future replacement and an order placed for the 750 new anodes which
will be installed during H2 2021.
Business Development
CAML has been active with business development efforts during H1
2021 and, during the six-month period, 18 opportunities have been
appraised in geographies including Kazakhstan, Europe, Africa and
the Americas and one site visit was undertaken.
Detailed due diligence has been conducted on four opportunities,
with external consultants engaged for one of the assets. Three
opportunities were discussed in detail at Board level, however
there are no advanced discussions underway at present.
Strong base metal prices have generated interest from other
parties in terms of mergers and acquisitions ('M&A'). However,
diverging views on long term metal outlook, that typically arise in
periods of elevated near-term metal prices, have in some cases
emerged and these can create differing expectations on asset
valuations, making completing transactions more challenging.
Financial Review
Overview
CAML's H1 2021 gross revenue has increased significantly by 41%
to $106.3 million (H1 2020: $75.4 million) as market conditions
moved favourably during the period and the prices of copper, zinc
and lead reflected the increasing demand for these metals. The
increase is augmented by the onset of the COVID-19 pandemic during
the comparative period leading to economic uncertainty and
significantly lower metal prices.
The Group generated H1 2021 EBITDA of $64.4 million (H1 2020:
$42.5 million), representing an increase of 52% from the prior
corresponding period due to the increase in commodity prices. The
EBITDA margin improved to 61% (H1 2020: 56%), which reflects the
increased revenue and the Group's ability to maintain low costs
across the operations, notwithstanding global industry cost
pressures.
Adjusted EPS from continuing operations was 20.28 cents (H1
2020: 10.35 cents) an increase of 96%, as the Group benefited from
increased revenue. EPS from continuing operations, including
unrealised losses from financial instruments, was 17.53 cents (H1
2020: 10.35 cents). See note 8 for more details.
CAML generated FCF of $48.9 million (H1 2020: $21.2 million).
The Group continued to deleverage, having repaid debt of $19.9
million during the period, reporting 30 June 2021 net debt of $10.1
million (31 December 2020: $36.2 million).
Sasa's H1 2021 EBITDA increased to $26.5 million (H1 2020: $19.5
million), with a margin of 54% (H1 2020: 51%) due to higher zinc
and lead prices realised during H1 2021.
Kounrad's H1 2021 EBITDA increased to $45.8 million (H1 2020:
$27.1 million), with a margin of 80% (H1 2020: 73%) due to the
significant increases in the copper price realised during H1
2021.
Income statement
Group profit before tax ('PBT') from continuing operations
increased by 72% to $41.8 million (H1 2020: $24.3 million).
Revenue
CAML generated H1 2021 gross revenue of $106.3 million (H1 2020:
$75.4 million), which is reported after deduction of zinc and lead
treatment charges, but before deductions which include offtake
buyer's fees and silver purchases for the Sasa silver stream. Net
revenue after these deductions was $100.8 million (H1 2020: $70.8
million).
Sasa
Overall, Sasa generated H1 2021 gross revenue of $49.0 million
(H1 2020: $38.4 million). A total of 9,419 tonnes (H1 2020: 10,273
tonnes) of payable zinc in concentrate and 13,161 tonnes (H1 2020:
14,445 tonnes) of payable lead in concentrate were sold during H1
2021. The reduction in payable concentrate sold at Sasa was due to
lower zinc and lead grades as a result of more production coming
from stopes as opposed to from development.
The zinc price achieved increased by 44% to an average of $2,829
per tonne (H1 2020: $1,964 per tonne) and, for lead, the price
increased by 26% to an average of $2,114 per tonne (H1 2020: $1,676
per tonne), leading to an overall increase in gross revenue
generated from the mine. This was marginally offset by higher
global treatment charges during the period of $10.3 million (H1
2020: $9.9 million). Due to a 2021 reduction in global zinc and
lead treatment charges and therefore CAML's treatment charges,
terms became more favourable for the Company from April 2021
onwards. During H1 2021, the offtake buyer's fee for Sasa was $0.5
million (H1 2020: $0.5 million).
Zinc and lead concentrate sales agreements have been arranged
with Traxys through to 31 December 2022 for 100% of Sasa
production. Two new smelters in Europe were identified in H1 2021
to further diversify CAML's customer base and 2,446 dry tonnes of
lead concentrate were shipped to them during H1 2021.
Sasa has an existing silver streaming agreement with Osisko Gold
Royalties whereby Sasa receives approximately $6 per ounce for its
silver production for the life of the mine.
Kounrad
A total of 6,205 tonnes (H1 2020: 6,542 tonnes) of copper
cathode from Kounrad were sold as part of the Company's offtake
arrangement with Traxys which has been fixed through to October
2022. The commitment is for a minimum of 95% of Kounrad's annual
production. A further 36 tonnes (H1 2020: 58 tonnes) were sold
locally. Total Kounrad H1 2021 copper sales were 6,241 tonnes (H1
2020: 6,600 tonnes).
While copper cathode sales volumes decreased when compared to H1
2020 due to lower production as we shift to the western dumps,
revenue increased significantly due to an 64% increase in the
average copper price received, which was $9,183 per tonne in H1
2021 (H1 2020: $5,605 per tonne). This generated gross revenue for
Kounrad of $57.3 million (H1 2020: $37.0 million). During H1 2021,
the offtaker's fee for Kounrad was lower than that paid during H1
2020 at $1.1 million (H1 2020: $1.2 million) due to reduced sales
volumes.
Cost of sales
Group cost of sales for the period was $39.3 million (H1 2020:
$34.7 million). This includes depreciation and amortisation charges
during the period of $14.8 million (H1 2020: $14.4 million).
Sasa
Sasa's cost of sales for the period was 11% higher than the
previous corresponding period at $27.8 million (H1 2020: $25.1
million) as Sasa faced certain inflationary pressures, many of
which have been encountered by the industry globally. However, 41%
of this total cost increase ($1.1 million) was currency related as
the North Macedonian Denar, which is pegged to the Euro,
strengthened to an average of 51.13 against the US Dollar versus a
H1 2020 average of 55.71. The material cost increases were a $0.6
million increase in salaries and $0.7 million higher costs of
reagents, explosives and other consumables both of which include a
significant foreign exchange impact.
H1 2021 depreciation increased by $0.4 million versus H1 2020
due primarily to the inclusion of TSF4 depreciation within these
calculations for a full period, which commenced in May 2020.
H1 2021 concession fees increased against H1 2020 by $0.2
million to $1.4 million (H1 2020: $1.2 million) (including a
foreign exchange impact). This tax is calculated at the rate of 2%
(H1 2020: 2%) on the value of metal recovered during the period and
the significant increase in metal prices was only moderately offset
by lower production.
Kounrad
Kounrad's H1 2021 cost of sales was higher than H1 2020 at $11.5
million (H1 2020: $9.6 million). 47% of this increase was due to an
increase in MET. MET is charged by the Kazakhstan authorities at
the rate of 5.7% (H1 2020: 5.7%) on the value of metal recovered
during the period. MET for the period was $3.0 million (H1 2020:
$2.1 million) and increased as a result of the higher average
copper price during the period.
There was also a H1 2021 increase in LIX and Escaid reagent
costs of $0.6 million to $1.8 million (H1 2020: $1.2 million) for
which increased consumption arose due to a metallurgical adjustment
arising from solely leaching the Western Dumps during the winter
period.
H1 2021 Kounrad power costs increased by $0.2 million due to a
10% increase in local electricity prices from $0.039/kWh to
$0.043/kWh.
C1 cash cost of production
C1 cash cost of production is a standard metric used in the
mining industry to allow comparison across the sector. In line with
the industry standard, CAML calculates C1 cash cost by including
all direct costs of production at Kounrad and Sasa (reagents,
power, production labour and materials, as well as realisation
charges such as freight and treatment charges) in addition to local
administrative expenses. Royalties, depreciation and amortisation
charges are excluded from C1 cash cost.
Sasa
Sasa's C1 zinc equivalent cash cost of production for H1 2021
was $0.59 per pound (H1 2020: $0.43 per pound). In addition to the
cost increases highlighted above, the $0.16 per pound increase in
the C1 calculation was due to the decreased production volumes of
zinc ($0.04 per pound) and a higher proportion of pro-rata zinc
costing resulting from the zinc equivalent calculation due to the
increase in zinc revenue versus lead in H1 2021 ($0.07 per pound).
The on-site costs amounted to $41.6 per tonne (H1 2020: $35.5 per
tonne).
Kounrad
Kounrad's H1 2021 C1 cash cost of production was $0.57 per pound
(H1 2020: $0.48 per pound) and this remains amongst the lowest in
the copper industry. The increase in C1 cash cost versus H1 2020 is
due to higher costs as detailed above ($0.06 per pound) and lower
production volumes ($0.03 per pound).
Group
CAML reports its Group C1 cash cost on a copper equivalent basis
incorporating the production costs at Sasa. The Group's H1 2021 C1
copper equivalent cash cost was $1.39 per pound (H1 2020: $1.03 per
pound). This number is calculated based on Sasa's H1 2021 zinc and
lead payable production, which equates to 5,931 copper equivalent
tonnes (H1 2020: 8,076 copper equivalent tonnes) added to Kounrad's
H1 2021 copper production of 6,214 tonnes (H1 2020: 6,607 tonnes)
totalling 12,104 tonnes (H1 2020: 14,683 tonnes). 64% of the Group
C1 cash cost increase on a copper equivalent basis is due to a
smaller number of copper equivalent production units.
CAML also reports a fully inclusive cost that includes
sustaining capital expenditure, local taxes including MET and
concession fees, interest on loans and corporate overheads
associated with the Kounrad and Sasa projects as well as the C1
cost component. The Group's fully inclusive copper equivalent unit
cost for the period increased by $0.46 per pound to $1.92 per pound
(H1 2020: $1.46 per pound). The increase is explained by those
factors highlighted above which is caused by the relative changes
in commodity prices.
Financial instruments
During the period, given the increased capital expenditure
expected to deliver the Sasa Cut and Fill Project, the Group
entered into commodity price hedge contracts for a portion of its
2021 metal production. These arrangements ensure that CAML retains
its exposure to strong copper, zinc and lead prices, while
protecting a meaningful proportion of revenues during the higher
capex period and continuing to rapidly deleverage.
A Zero Cost Collar contract for 30% of copper production, which
includes a put option of $6,900 per tonne and a call option of
$8,380 per tonne, was put in place for Kounrad. Also, two swap
contracts were put in place for 30% of Sasa's payable zinc
production to be sold at $2,804 per tonne and 30% of its payable
lead production to be sold at $2,022 per tonne.
As a result of these financial instruments, the Company
recognised $1.9 million (H1 2020: nil) of realised losses during
the period. The fair value of these financial instruments was
calculated as at 30 June 2021 with reference to the forward curve
of the commodity prices, and an unrealised loss for the remainder
of 2021 of $4.9 million (H1 2020: nil) was recognised and recorded
through the income statement. These financial instruments expire at
the end of the year, at which point their fair value will be
reduced to zero.
Administrative expenses
During the period, administrative expenses increased to $9.1
million (H1 2020: $7.1 million), largely due to an increased
non-cash share-based payment charge of $1.3 million (H1 2020: $0.3
million). In H1 2021 a share-based payment charge was recognised
for both the 2019 and 2020 share options granted to employees which
vest over three years whereas in the comparative period the charge
recognised was for only the 2019 share options granted. In
addition, in the comparative period there was no dividend
additional share awards made in the comparative period as a result
of no final 2019 dividend.
There was also an increase in salary costs of $0.3 million due
in large part to the weakening of the US Dollar versus the Sterling
rate, as well as additional staff members.
Finance costs
The Group incurred lower finance costs in H1 2021 versus H1 2020
of $2.4 million (H1 2020: $3.5 million) resulting from further
scheduled debt repayments and therefore a reduced level of debt.
Interest rates were also lower due to further reductions in
LIBOR.
Taxation
H1 2021 Group corporate income tax increased to $10.9 million
(H1 2020: $6.1 million) as a result of higher profits at Kounrad of
$43.8 million (H1 2020: $25.2 million) taxed at a corporate income
tax rate of 20% and at Sasa of $13.0 million (H1 2020: $6.7
million) at a corporate income tax rate of 10%.
Discontinued operations
The Group continues to report the results of the Copper Bay
entities within Discontinued Operations. These assets were fully
written off in prior years.
Balance sheet
Capital expenditure
During the period, there were additions to property, plant and
equipment of $ 6.6 million (H1 2020: $4.7 million). The additions
were a combination of $1.2 million (H1 2020: $0.6 million) Kounrad
sustaining capital expenditure, $2.9 million (H1 2020: $4.1
million) Sasa sustaining capital expenditure and $2.5 million (H1
2020: nil) in relation to the Sasa Cut and Fill Project.
Kounrad expenditure included $0.8 million on solution pipes,
lining and dripper pipes, which were higher than in H1 2020 due to
the global oil price increase impacting the cost of plastics. The
cost of dripper pipes increased by 15% and PND pipes by 6% leading
to increased sustaining capex. There was also further expenditure
on new anodes and a new bulldozer.
Sasa sustaining capital expenditure includes capitalised mine
development of $1.5 million, and $0.3 million on additional mobile
plant. Project capital expenditure includes a cost of $1.5 million
for the Central Decline which related to a new Epiroc mobile plant
including a boomer and loader as well as costs associated with
prepayments for the design and construction of the paste backfill
equipment as well as technical studies.
Working capital
As at 30 June 2021, current trade and other receivables were
$7.4 million (31 December 2020: $8.9 million), which includes trade
receivables from the offtake sales of $1.6 million (31 December
2020: $1.9 million) and $2.7 million in relation to prepayments and
accrued income (31 December 2020: $2.2 million). The corporate tax
recoverable balance at Sasa has decreased by $1.2 million due to
increase in zinc and lead prices reducing the previously
accumulated recoverable balance.
Non-current trade and other receivables were $5.7 million (31
December 2020: $3.8 million) which has increased due to prepayments
made on property, plant and equipment purchases as part of the Sasa
Cut and Fill Project. As at 30 June 2021, a total of $3.8 million
(31 December 2020: $3.4 million) of VAT receivable was owed to the
Group by the Kazakhstan authorities. Recovery is still expected
through the local sales of cathode to offset these liabilities.
As at 30 June 2021, current trade and other payables were $ 19.2
million (31 December 2020: $12.9 million). This has increased
significantly as a result of the new commodity price hedge
contracts which have a fair value of $4.9 million (31 December
2020: nil) as at 30 June 2021. There has also been an increase in
tax payable of $8.3 million (31 December 2020: $3.7 million) due to
the increase in copper prices increasing the corporation tax
liability to be paid ahead of the year end.
Cash and borrowings
As at 30 June 2021, non-current and current borrowings were
$13.8 million (31 December 2020: $32.3 million) and $47.1 million
respectively (31 December 2020: $48.1 million). The reduction of
$19.5 million reflects debt repaid during the period of $19.2
million, repayments of overdrafts of $0.7 million and foreign
exchange impact of $0.3 million. This is countered by the effective
interest rate amount of $0.7 million relating to unwinding directly
attributable fees.
The corporate debt facility with Traxys has a final maturity
date of 4 November 2022. The monthly repayment schedule is $3.2
million and interest is payable at LIBOR plus 4.00%. Security is
provided over the shares in CAML Kazakhstan BV, certain bank
accounts and the offtake agreements between Traxys and each
operation. The financial covenants of the debt which include the
monitoring of gearing and leverage ratios are all carefully
monitored by management, and the Group is currently compliant and
forecast to continue to be compliant with significant headroom.
The overdraft facility agreed with Komercijalna Banka AD Skopje
with a fixed interest rate of 2.4% - 2.5%, dependent on conditions,
was extended post period end for a further year to 30 July 2022. In
June 2020, a new overdraft facility was agreed with Ohridska Banka
A.D. Skopje with a fixed interest rate of 2.5% denominated in
Macedonian Denar. This was originally repayable on 26 June 2021 and
was extended for a further year to 26 June 2022.
As of 30 June 2021, the Group had cash in the bank of $54.3
million and gross debt of $60.9 million. Gross debt comprises $52.2
million in corporate debt through Traxys and $8.7 million of North
Macedonian overdraft facilities.
Cash flows
The operational performance of both Kounrad and Sasa and the
associated low costs of production resulted in strong cash flows
for the Group and net cash flow generated from operations was $53.4
million (H1 2020: $25.8 million).
During the period, debt repayments of $19.2 million were made
(H1 2020: $19.2 million) in relation to the Traxys loan and a
further $0.7 million of overdraft was repaid , plus interest,
totalling $1.5 million (H1 2020: $2.9 million).
Taking into account sustaining capital expenditure of $4.5
million CAML's free cash flow for H1 2021 was $48.9 million (H1
2020: $21.1 million). There was additional capital expenditure of
$3.3 million associated with the Sasa Cut and Fill Project, which
include prepayments for fixed assets not yet capitalised.
$0.1 million (H1 2020: $0.6 million) of North Macedonia
corporate income tax was paid in cash during the period in addition
to a $2.1 million (H1 2020: $2.3 million) non-cash payment against
VAT and corporate income tax receivable. $6.0 million (H1 2020:
$5.0 million) of Kazakhstan corporate income tax was paid during
the period.
Dividend
In conjunction with CAML's H1 2021 results, the Board has
declared an interim dividend for the period of 8 pence per Ordinary
Share which represents 40% of free cash flow in line with this
policy. This demonstrates an extremely positive start to 2021,
particularly in terms of commodity prices. This latest dividend
will increase the amount returned to shareholders in dividends and
share buy-backs since the 2010 IPO to $229.0 million.
Going concern
The Group sells and distributes its copper product primarily
through an offtake arrangement which is in place until October 2022
whereby Traxys commits to sell a minimum of 95% of Kounrad's
cathode. The Group sells 100% of Sasa's zinc and lead concentrate
product through an offtake arrangement with Traxys which has been
fixed through to 31 December 2022.
The Group meets its day to day working capital requirements
through its profitable and cash generative operations at Kounrad
and Sasa. The Group manages liquidity risk by maintaining adequate
committed borrowing facilities and the Group has substantial cash
balances as at 30 June 2021. During H1 2021, both the Kounrad
facility in Kazakhstan and the Sasa mine in North Macedonia
continued to operate with no disruptions to production or sales
volumes due to COVID-19.
The financial covenants of CAML's debt, which include the
monitoring of gearing and leverage ratios, are all routinely
monitored by management and the Group is compliant with its
covenants.
The Board has reviewed forecasts for the period to December 2022
to assess the Group's liquidity and debt covenant compliance which
demonstrate substantial headroom. Additional sensitivity scenarios
have been considered in terms of pricing and production including
consideration of inherent COVID-19 risks, together with reverse
stress testing of the forecasts in line with best practice.
Liquidity and covenant headroom was demonstrated in each reasonably
possible scenario. Accordingly, the Directors continue to adopt the
going concern basis in preparing the consolidated financial
information.
Non-IFRS financial measures
The Group uses alternative performance measures, which are not
defined by generally accepted accounting principles ('GAAP') such
as IFRS, as additional indicators. These measures are used by
management, alongside the comparable GAAP measures, in evaluating
the business performance. The measures are not intended as a
substitute for GAAP measures and may not be comparable to similarly
reported measures by other companies. The following non-IFRS
alternative performance financial measures are used in this
report:
Earnings before Interest, tax, depreciation and amortisation
('EBITDA')
EBITDA is a valuable indicator of the Group's ability to
generate liquidity and is frequently used by investors and analysts
for valuation purposes. It is also a non-IFRS financial measure
which is reconciled as follows:
Six months ended
30-Jun-21 30-Jun-20
$'000 $'000
----------------------------------------------------------- --------- ---------
Profit for the period 30,965 18,304
Plus/(less):
Income tax expense 10,870 6,065
Depreciation and amortisation 15,131 14,650
Unrealised loss on financial derivatives 4,855 -
Foreign exchange loss 248 370
Loss/(profit) on disposal of property, plant and equipment 11 (296)
Other income (net of expenses) (57) (3)
Finance income (42) (83)
Finance costs 2,410 3,472
Profit from discontinued operations (9) (23)
EBITDA 64,382 42,456
----------------------------------------------------------- --------- ---------
Gross revenue
Gross revenue is presented as the total revenue received from
sales of all commodities after deducting the directly attributable
treatment charges associated for the sale of zinc, lead and silver.
This figure is presented as it reflects the total revenue received
in respect of the zinc and lead concentrate and is used to reflect
the movement in commodity prices during the period. The Board
considers gross revenue, together with the reconciliation to net
IFRS revenue to provide valuable information on the drivers of IFRS
revenue.
Net debt
Net debt is a measure used by the Board for the purposes of
capital management and is calculated as the total of the borrowings
held with Traxys and bank overdrafts less the cash and cash
equivalents held at the end of the period. This balance does not
include the restricted cash balance of $3.6 million (2020: $3.6
million):
30-Jun-21 31-Dec-20
$'000 $'000
-------------------------- --------- ---------
Borrowings 60,869 80,412
Cash and cash equivalents (50,743) (44,231)
Net debt 10,126 36,181
-------------------------- --------- ---------
Free cash flow
Free cash flow is a non-IFRS financial measure of the cash from
operations less sustaining capital expenditure on property, plant
and equipment and intangible assets and is presented as
follows:
Six months ended
30-Jun-21 30-Jun-20
$'000 $'000
----------------------------------------------------------- --------- ---------
Net cash generated from operating activities 53,352 25,787
Less: Purchase of sustaining property, plant and equipment (4,450) (4,622)
Free cash flow 48,902 21,165
----------------------------------------------------------- --------- ---------
The purchase of sustaining property, plant and equipment figure
above does not include the $3.3 million (H1 2020: nil) of
expenditure on the Sasa Cut and Fill Project which includes
prepayments not yet capitalised. These costs are not considered
sustaining capital expenditure as they are expansionary development
costs required for the transition to the Cut and Fill mining
technique. These exceptional costs are expected to continue until
the end of 2022.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge, the
interim financial information has been prepared in accordance with
IAS 34 "Interim Financial Reporting" as adopted by the United
Kingdom and the AIM Rules for Companies, and that the interim
results include a fair review of the information required.
On behalf of the Board
Gavin Ferrar
Chief Financial Officer
14 September 2021
INDEPENT REVIEW REPORT TO Central Asia Metals Plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2021 which comprise:
-- the condensed consolidated interim statement of financial position as at 30 June 2021;
-- the condensed consolidated interim income statement and
condensed consolidated interim statement of comprehensive income
for the period then ended;
-- the condensed consolidated interim statement of changes in equity;
-- the condensed consolidated interim statement of cash flows;
-- notes to the consolidated interim financial information.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the Directors. The Directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the Company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2021 is not prepared, in all material respects, in accordance
with the rules of the London Stock Exchange for companies trading
securities on AIM.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
London
14 September 2021
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (unaudited)
for the six months period ended 30 June 2021
Six months ended
30-Jun-21 30-Jun-20
Note $'000 $'000
---------------------------------------------------- ---- ------------ ------------
Continuing operations
Revenue 100,827 70,807
---------------------------------------------------- ---- ------------ ------------
Presented as:
Gross revenue 106,305 75,416
Less:
Silver stream purchases (3,781) (2,949)
Offtake buyers' fees (1,697) (1,660)
---------------------------------------------------- ---- ------------ ------------
Revenue 100,827 70,807
---------------------------------------------------- ---- ------------ ------------
Cost of sales (39,297) (34,656)
Distribution and selling costs (1,270) (1,237)
---- ------------ ------------
Gross profit 60,260 34,914
---------------------------------------------------- ---- ------------ ------------
Administrative expenses (9,104) (7,108)
Other gains and losses 6 (6,714) 299
Foreign exchange loss (248) (370)
Operating profit 44,194 27,735
---------------------------------------------------- ---- ------------ ------------
Finance income 42 83
Finance costs (2,410) (3,472)
Profit before income tax 41,826 24,346
Income tax 7 (10,870) (6,065)
---------------------------------------------------- ---- ------------ ------------
Profit for the period from continuing operations 30,956 18,281
---------------------------------------------------- ---- ------------ ------------
Discontinued operations
Profit for the period from discontinued operations 9 23
---------------------------------------------------- ---- ------------ ------------
Profit for the period 30,965 18,304
---------------------------------------------------- ---- ------------ ------------
Profit attributable to:
Non-controlling interests 3 8
Owners of the parent 30,962 18,296
---------------------------------------------------- ---- ------------ ------------
30,965 18,304
---------------------------------------------------- ---- ------------ ------------
Earnings per share from continuing and discontinued $ $
operations attributable to owners of the parent cents cents
during the period (expressed in cents per share)
---------------------------------------------------- ---- ------------ ------------
Basic earnings per share
From continuing operations 8 17.53 10.35
From discontinued operations 0.01 0.01
---------------------------------------------------- ---- ------------ ------------
From profit for the period 17.54 10.36
---------------------------------------------------- ---- ------------ ------------
Diluted earnings per share
From continuing operations 8 17.07 10.09
From discontinued operations 0.01 0.01
---------------------------------------------------- ---- ------------ ------------
From profit for the period 17.08 10.10
---------------------------------------------------- ---- ------------ ------------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
(unaudited)
for the six months period ended 30 June 2021
Six months ended
------------------------------------------------------ --------------------
30-Jun-21 30-Jun-20
$'000 $'000
------------------------------------------------------ --------- ---------
Profit for the period 30,965 18,304
Other comprehensive expense:
Items that may be reclassified subsequently to profit
or loss:
Currency translation differences (13,152) (483)
Other comprehensive expense for the period, net
of tax (13,152) (483)
------------------------------------------------------ --------- ---------
Total comprehensive income for the period 17,813 17,821
------------------------------------------------------ --------- ---------
Attributable to:
* Non-controlling interests 3 8
* Owners of the parents 17,810 17,813
------------------------------------------------------ --------- ---------
Total comprehensive income for the period 17,813 17,821
------------------------------------------------------ --------- ---------
Total comprehensive income attributable to equity shareholders
arises from:
- Continuing operations 17,804 17,798
- Discontinued operations 9 23
----------------------------- ------ ------
17,813 17,821
----------------------------- ------ ------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
(unaudited)
as at 30 June 2021
Unaudited Audited
------------ ------------
30-Jun-21 31-Dec-20
Note $'000 $'000
-------------------------------------------- ------ ------------ ------------
Assets
Non-current assets
Property, plant and equipment 9 397,917 418,045
Intangible assets 10 54,440 56,640
Deferred income tax asset 14 354 236
Other non-current receivables 12 5,681 3,842
-------------------------------------------- ------ ------------ ------------
458,392 478,763
-------------------------------------------- ------ ------------ ------------
Current assets
Inventories 11 8,175 7,830
Trade and other receivables 12 7,411 8,945
Restricted cash 3,578 3,641
Cash and cash equivalents 50,743 44,231
-------------------------------------------- ------ ------------ ------------
69,907 64,647
-------------------------------------------- ------ ------------ ------------
Assets of the disposal group classified
as held for sale 44 58
-------------------------------------------- ------ ------------ ------------
69,951 64,705
-------------------------------------------- ------ ------------ ------------
Total assets 528,343 543,468
-------------------------------------------- ------ ------------ ------------
Equity attributable to owners of the
parent
Ordinary shares 1,765 1,765
Share premium 191,988 191,537
Treasury shares (2,493) (3,840)
Currency translation reserve (86,650) (73,498)
Retained earnings 288,988 278,103
393,598 394,067
-------------------------------------------- ------ ------------ ------------
Non-controlling interests (1,312) (1,315)
-------------------------------------------- ------ ------------ ------------
Total equity 392,286 392,752
-------------------------------------------- ------ ------------ ------------
Liabilities
Non-current liabilities
Borrowings 15 13,796 32,320
Silver streaming commitment 18,857 19,246
Deferred income tax liability 14 24,939 26,199
Lease liability 365 432
Provision for other liabilities and charges 7,359 6,999
-------------------------------------------- ------ ------------ ------------
65,316 85,196
-------------------------------------------- ------ ------------ ------------
Current liabilities
Borrowings 15 47,074 48,092
Silver streaming commitment 1,341 1,573
Trade and other payables 13 19,197 12,895
Lease liability 453 248
Provisions for other liabilities and
charges 2,658 2,687
-------------------------------------------- ------ ------------ ------------
70,723 65,495
Liabilities of disposal group classified
as held for sale 18 25
-------------------------------------------- ------ ------------ ------------
70,741 65,520
-------------------------------------------- ------ ------------ ------------
Total liabilities 136,057 150,716
-------------------------------------------- ------ ------------ ------------
Total equity and liabilities 528,343 543,468
-------------------------------------------- ------ ------------ ------------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
(unaudited)
for the six months period ended 30 June 2021
Currency Non-controlling
Ordinary Share Treasury translation Retained interest Total
shares premium shares reserve earnings Total equity
----------------- ------------ ----------- ------------ -------------- ------------ -------- --------------- --------
Attributable
to owners of
the parent $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
----------------- ------------ ----------- ------------ -------------- ------------ -------- --------------- --------
Balance as at
1 January 2021 1,765 191,537 (3,840) (73,498) 278,103 394,067 (1,315) 392,752
------------------ ------------ ----------- ------------ -------------- ------------ -------- --------------- --------
Profit for the
period - - - - 30,962 30,962 3 30,965
Other
comprehensive
expense- currency
translation
differences - - - (13,152) - (13,152) - (13,152)
Total
comprehensive
income/(expense) - - - (13,152) 30,962 17,810 3 17,813
------------------ ------------ ----------- ------------ -------------- ------------ -------- --------------- --------
Transactions
with owners
Share based
payments - - - - 1,106 1,106 - 1,106
Exercise of
options - 451 1,347 - (1,798) - - -
Dividends - - - - (19,385) (19,385) - (19,385)
Total transactions
with owners,
recognised
directly
in equity - 451 1,347 - (20,077) (18,279) - (18,279)
------------------ ------------ ----------- ------------ -------------- ------------ -------- --------------- --------
Balance as at
30 June 2021 1,765 191,988 (2,493) (86,650) 288,988 393,598 (1,312) 392,286
------------------ ------------ ----------- ------------ -------------- ------------ -------- --------------- --------
Currency Non-controlling
Ordinary Share Treasury translation Retained interest Total
shares premium shares reserve earnings Total equity
----------------- ------------ ----------- ------------ -------------- ------------ ------- --------------- -------
Attributable
to owners of
the parent $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
----------------- ------------ ----------- ------------ -------------- ------------ ------- --------------- -------
Balance as at
1 January 2020 1,765 191,184 (6,526) (100,473) 250,480 336,430 (1,324) 335,106
------------------ ------------ ----------- ------------ -------------- ------------ ------- --------------- -------
Profit for the
period - - - - 18,296 18,296 8 18,304
Other
comprehensive
expense- currency
translation
differences - - - (483) - (483) - (483)
Total
comprehensive
income/(expense) - - - (483) 18,296 17,813 8 17,821
------------------ ------------ ----------- ------------ -------------- ------------ ------- --------------- -------
Transactions
with owners
Share based
payments - - - - 275 275 - 275
Exercise of
options - - 1,601 - (1,622) (21) - (21)
Disposal of
subsidiaries (122) (122) (11) (133)
Total transactions
with owners,
recognised
directly
in equity - - 1,601 - (1,469) 132 (11) 121
------------------ ------------ ----------- ------------ -------------- ------------ ------- --------------- -------
Balance as at
30 June 2020 1,765 191,184 (4,925) (100,956) 267,307 354,375 (1,327) 353,048
------------------ ------------ ----------- ------------ -------------- ------------ ------- --------------- -------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
(unaudited)
for the six months period ended 30 June 2021
Six months ended
30-Jun-21 30-Jun-20
Note $'000 $'000
------------------------------------------- ---- --------- -----------
Cash flows from operating activities
Cash generated from operations 16 60,931 34,346
Interest paid (1,488) (2,932)
Corporate income tax paid (net of refunds) (6,091) (5,627)
Net cash flow generated from operating
activities 53,352 25,787
-------------------------------------------- ---- --------- -----------
Cash flows from investing activities
Purchases of property, plant and equipment (7,713) (4,622)
Proceeds from sale of property, plant
and equipment - 300
Interest received 42 83
Decrease in restricted cash 63 305
-------------------------------------------- ---- --------- -----------
Net cash used in investing activities (7,608) (3,934)
-------------------------------------------- ---- --------- -----------
Cash flows from financing activities
(Repayment)/drawdown of overdraft 15 (708) 9,105
Repayment of borrowings 15 (19,200) (19,200)
Dividend paid to owners of the parent (19,385) -
Receipt on exercise of share options 13 6
Net cash used in financing activity (39,280) (10,089)
-------------------------------------------- ---- --------- -----------
Effect of foreign exchange gain/(losses)
on cash and cash equivalents 35 (148)
-------------------------------------------- ---- --------- -----------
Net increase in cash and cash equivalents 6,499 11,616
-------------------------------------------- ---- --------- -----------
Cash and cash equivalents at 1 January 44,287 28,672
-------------------------------------------- ---- --------- -----------
Cash and cash equivalents at 30 June 50,786 40,288
-------------------------------------------- ---- --------- -----------
Cash and cash equivalents at 30 June 2021 includes cash at bank
on hand included in assets held for sale of $43,000 (30 June 2020:
$30,000). The consolidated statement of cash flows does not include
the restricted cash balance of $3,578,000 (30 June 2020:
$3,708,000).
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION
For the six months period ended 30 June 2021
1. General information
Central Asia Metals plc ('CAML' or the 'Company') and its
subsidiaries (the 'Group') are a mining organisation with
operations in Kazakhstan and North Macedonia and a parent holding
company based in England in the United Kingdom ('UK').
The Group's principal business activities are the production of
copper at its Kounrad operations in Kazakhstan and the production
of lead, zinc and silver at its Sasa operations in North Macedonia.
CAML owns 100% of the Kounrad SX-EW copper project in Kazakhstan
and 100% of the Sasa zinc-lead mine in North Macedonia. The Company
also owns a 75% equity interest in Copper Bay Limited which is
currently held for sale.
CAML is a public limited company, which is listed on the AIM
Market of the London Stock Exchange and incorporated and domiciled
in England, UK. The address of its registered office is Masters
House, 107 Hammersmith Road, London, W14 0QH. The Company's
registered number is 5559627.
The condensed consolidated interim financial information
incorporates the results of Central Asia Metals plc and its
subsidiary undertakings as at 30 June 2021 and was approved by the
Directors for issue on 15 September 2021. The condensed
consolidated financial statements are unaudited and do not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The information for the year ended 31 December
2020 included in this report was derived from the statutory
accounts for that year, which were prepared in accordance with
International Financial Reporting Standards ('IFRSs') issued by the
International Accounting Standards Board ('IASB') and
interpretations issued by the International Financial Reporting
Interpretations Committee ('IFRIC') of the IASB, as adopted by the
UK up to 31 December 2020, a copy of which has been delivered to
the Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain a statement under 498(2) 498(3) of
the Companies Act 2006.
The comparative figures for the financial period ended 31
December 2020 are not the Group's statutory accounts for that
financial period. Those accounts have been reported on by the
Group's auditors and delivered to the registrar of companies. The
report of the auditor was (i) unqualified, (ii) did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report and (iii) did not
contain a statement under section 498 (2) or (3) of the Companies
Act 2006.
This condensed consolidated interim financial information has
been reviewed, not audited.
2. Basis of preparation
These condensed consolidated interim financial statements for
the 6 months to 30 June 2021 have been prepared in accordance with
IAS 34 'Interim financial reporting' and also in accordance with
the measurement and recognition principles of UK adopted
international accounting standards. They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the 2020 Annual Report and
Accounts, which were prepared in accordance with international
accounting standards in conformity with the requirements of the
Companies Act 2006.
The comparative figures for the financial period ended 31
December 2020 are not the Group's statutory accounts for that
financial period. Those accounts have been reported on by the
Group's auditors and delivered to the registrar of companies. The
report of the auditor was (i) unqualified, (ii) did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report and (iii) did not
contain a statement under section 498 (2) or (3) of the Companies
Act 2006.
Principal risks and uncertainties
In preparing the condensed consolidated interim financial
information management is required to consider the principal risks
and uncertainties facing the Group.
In management's opinion the principal risks and uncertainties
facing the Group are unchanged since the preparation of the
consolidated financial statements for the year ended 31 December
2020. Those risks and uncertainties, together with management's
response to them are described in the Principal Risks and
Uncertainties section of the 2020 Annual Report and Accounts.
3. Accounting policies
The accounting policies, methods of computation and presentation
used in the preparation of the condensed consolidated interim
financial information are the same as those used in the Group's
audited financial statements for the year ended 31 December
2020.
Going concern
The Group sells and distributes its copper product primarily
through an offtake arrangement which is in place until October 2022
whereby Traxys commits to sell a minimum of 95% of Kounrad's
cathode. The Group sells 100% of Sasa's zinc and lead concentrate
product through an offtake arrangement with Traxys which has been
fixed through to 31 December 2022.
The Group meets its day to day working capital requirements
through its profitable and cash generative operations at Kounrad
and Sasa. The Group manages liquidity risk by maintaining adequate
committed borrowing facilities and the Group has substantial cash
balances as at 30 June 2021. During H1 2021, both the Kounrad
facility in Kazakhstan and the Sasa mine in North Macedonia
continued to operate with no disruptions to production or sales
volumes due to COVID-19.
The financial covenants of CAML's debt, which include the
monitoring of gearing and leverage ratios, are all routinely
monitored by management and the Group is compliant with its
covenants.
The Board have reviewed forecasts for the period to December
2022 to assess the Group's liquidity and debt covenant compliance
which demonstrate substantial headroom. Additional sensitivity
scenarios have been considered in terms of pricing and production
including consideration of inherent Covid-19 risks, together with
reverse stress testing of the forecasts in line with best practice.
Liquidity and covenant headroom was demonstrated in each reasonably
possible scenario. Accordingly, the Directors continue to adopt the
going concern basis in preparing the consolidated financial
information.
Revenue
IFRS 15 establishes a comprehensive framework for determining
whether, how much and when revenue is recognised. These steps are
as follows: identification of the customer contract; identification
of the contract performance obligations; determination of the
contract price; allocation of the contract price to the contract
performance obligations; and revenue recognition as performance
obligations are satisfied.
Under IFRS 15, revenue is recognised when the performance
obligations are satisfied and the customer obtains control of the
goods or services, usually when title has passed to the buyer and
the goods have been delivered in accordance with the contractual
delivery terms.
Those sales of zinc and lead made abroad to China and Korea are
sold under CIF where legal title transfers when the goods are
loaded onto the ship and leave the port. However, part of the
transaction price is allocated to a distinct 'shipping and
insurance' as we are responsible for arranging the freight and
insurance on behalf of customer. This amount is not material to the
Group so no adjustment has been made to the financial
statements.
Sales of lead made to our new European smelter customer are sold
under FOB where legal title transfers when the goods are loaded
onto the ship and leave the port.
Revenue is measured at the fair value of consideration received
or receivable from sales of metal to an end user, net of any
buyers' discount, treatment charges and value added tax. The Group
recognises revenue when the amount of revenue can be reliably
measured and when it is probable that future economic benefits will
flow to the entity.
The value of consideration is fair value which equates to the
contractually agreed price. The offtake agreements provide for
provisional pricing i.e. the selling price is subject to final
adjustment at the end of the quotation period based on the average
price for the month following delivery to the buyer. Such a
provisional sale contains an embedded derivative which is not
required to be separated from the underlying host contract, being
the sale of the commodity. At each reporting date, if any sales are
provisionally priced, the provisionally priced copper cathode, zinc
and lead sales are marked-to-market using forward prices, with any
significant adjustments (both gains and losses) being recorded in
revenue in the Income Statement and in trade receivables in the
Statement of Financial Position.
The Company may mitigate commodity price risk by fixing the
price in advance for its copper cathode with the offtake partner
and also its zinc and lead sales with the banks where a facility
has been set up and agreed. The price fixing arrangements are
outside the scope of IFRS 9 Financial Instruments: Recognition and
Measurement and do not meet the criteria for hedge accounting.
The Group reports both a gross revenue and revenue line. Gross
revenue is reported after deductions of treatment charges but
before deductions of offtakers fees and silver purchases under the
Silver Stream.
Derivative financial instruments
The Group uses commodity price contracts to reduce its exposure
to risks from commodity price movements. Derivative financial
instruments are primarily used as a means of managing exposure to
price in line with the Group risk management strategy. Derivative
financial liabilities are initially recognised and measured at fair
value on the date a derivative contract is entered into and then
subsequently re-measured at fair value by reference to valuation
models and the probability of outcome scenarios and categorised as
level 2 measurements:
-- Quoted prices (unadjusted) in active markets for identical
assets or liabilities (level 1)
-- Inputs other than quoted prices within level 1 that are
observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices) (level 2)
-- Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (level
3).
For the derivative contracts held the Group are recognising the
financial instruments with level 2 data as the valuation is
obtained using MTM market data using the forward curve of the
commodity prices. However, there is no readily observable market
information for these exact derivative instruments.
The realised and unrealised losses and gains are recognised in
other gains and losses in the income statement.
Taxation
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual profit or
loss.
Changes in accounting policies
Amendments regarding replacement issues in the context of the
IBOR reform have been brought in and are effective from 1 January
2021. The amendments to the IBOR reform will not have a significant
impact on the financial statements.
4. Critical accounting judgements and estimates
The preparation of condensed consolidated interim financial
information requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these judgements and estimates.
In preparing this condensed consolidated interim financial
information, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 31 December
2020 which can be obtained from www.centralasiametals.com .
5. Segmental information
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker
which is considered to be the Board.
The segment results for the six months ended 30 June 2021 are as
follows:
Unaudited
---------------------------------------- ------- -------- ----------- ---------
Kounrad Sasa Unallocated Total
---------------------------------------- ------- -------- ----------- -----------
$'000 $'000 $'000 $'000
------- -------- ----------- -----------
Gross revenue 57,287 49,018 - 106,305
Silver stream purchases - (3,780) - (3,780)
Offtake buyers' fees (1,149) (549) - (1,698)
---------------------------------------- ------- -------- ----------- -----------
Revenue 56,138 44,689 - 100,827
---------------------------------------- ------- -------- ----------- -----------
EBITDA 45,774 26,507 (7,899) 64,382
Depreciation and amortisation (2,003) (13,006) (122) (15,131)
Unrealised loss on financial instrument - - (4,855) (4,855)
Foreign exchange gain/(loss) 35 (209) (74) (248)
Other income/(expense) 93 4 (51) 46
Finance income 10 - 32 42
Finance costs (79) (309) (2,022) (2,410)
---------------------------------------- ------- -------- ----------- -----------
Profit/(loss) before income tax 43,830 12,987 (14,991) 41,826
---------------------------------------- ------- -------- ----------- -----------
Income tax (10,870)
---------------------------------------- ------- -------- ----------- -----------
Profit for the period after taxation
from continuing operations 30,956
---------------------------------------- ------- -------- ----------- -----------
Profit from discontinued operations 9
---------------------------------------- ------- -------- ----------- -----------
Profit for the period 30,965
---------------------------------------- ------- -------- ----------- -----------
Depreciation and amortisation includes amortisation on the fair
value uplift on acquisition of Sasa and Kounrad of $8.7
million.
The segment results for the six months ended 30 June 2020 are as
follows:
Unaudited
--------------------------------------- ------- -------- ----------- ---------
Kounrad Sasa Unallocated Total
--------------------------------------- ------- -------- ----------- -----------
$'000 $'000 $'000 $'000
------- -------- ----------- -----------
Gross revenue 36,976 38,440 - 75,416
Silver stream purchases - (2,949) - (2,949)
Offtake buyers' fees (1,210) (450) - (1,660)
--------------------------------------- ------- -------- ----------- -----------
Revenue 35,766 35,041 - 70,807
--------------------------------------- ------- -------- ----------- -----------
EBITDA 27,092 19,501 (4,137) 42,456
Depreciation and amortisation (2,045) (12,487) (118) (14,650)
Foreign exchange gain/(loss) 80 (434) (16) (370)
Other income/(expense) 103 290 (94) 299
Finance income 6 - 77 83
Finance costs (83) (158) (3,231) (3,472)
--------------------------------------- ------- -------- ----------- -----------
Profit/(loss) before income tax 25,153 6,712 (7,519) 24,346
--------------------------------------- ------- -------- ----------- -----------
Income tax (6,065)
--------------------------------------- ------- -------- ----------- -----------
Profit for the period after taxation
from continuing operations 18,281
--------------------------------------- ------- -------- ----------- -----------
Profit from discontinued operations 23
--------------------------------------- ------- -------- ----------- -----------
Profit for the period 18,304
--------------------------------------- ------- -------- ----------- -----------
Depreciation and amortisation includes amortisation on the fair
value uplift on acquisition of Sasa and Kounrad of $9.2
million.
A reconciliation between profit for the period and EBITDA is
presented in the Financial Review section.
Group segmental assets and liabilities as at the 30 June 2021
are as follows:
Segmental Assets Non-current Asset Segmental Liabilities
additions
---------------------- -------------------- -------------------- -----------------------
30-Jun-21 31-Dec-20 30-Jun-21 30-Jun-20 30-Jun-21 31-Dec-20
$'000 $'000 $'000 $'000 $'000 $'000
---------------------- --------- --------- --------- --------- ----------- ----------
Kounrad 67,650 66,562 1,208 721 (14,870) (11,142)
Sasa 415,971 435,141 5,364 3,997 (60,689) (62,792)
Assets held for sale 44 58 - - (18) (25)
Unallocated including
corporate 44,678 41,707 13 1 (60,480) (76,757)
---------------------- --------- --------- --------- --------- ----------- ----------
Total 528,343 543,468 6,585 4,719 (136,057) (150,716)
---------------------- --------- --------- --------- --------- ----------- ----------
6. Other gains and losses
Six months ended
------------------------------------------- -------------------------
30-Jun-21 30-Jun-20
$'000 $'000
------------------------------------------- ------------- ----------
Realised losses on financial derivatives (1,905) -
Unrealised losses on financial derivatives (4,855) -
(note 13)
Loss/(profit) on disposal of property,
plant and equipment (11) 296
Other income (net of other expenses); 57 3
--------------------------------------------- ------------- ----------
(6,714) 299
------------------------------------------- ------------- ----------
The Group entered into derivative financial instruments to
manager the Groups commodity price risk during the period and has
made a realised loss of during the period of $1,905,000 (H1 2020:
nil) as the actual commodity prices were in excess of the agreed
financial instruments.
The derivative financial instruments are classified as FVTPL and
at 30 June 2021 the financial instruments are measured at fair
value with reference to the forward curve of the commodity prices
with an unrealised loss recognised of $4,855,000 (H1 2020: nil) and
the unrealised loss movement recorded through the income
statement.
7. Income tax
Six months ended
-------------------------------------- -----------------------
30-Jun-21 30-Jun-20
$'000 $'000
-------------------------------------- ----------- ----------
Current tax on profits for the period 11,517 6,823
Deferred tax credit (note 14) (647) (758)
---------------------------------------- ----------- ----------
Income tax expense 10,870 6,065
---------------------------------------- ----------- ----------
Taxation for each jurisdiction is calculated at the rates
prevailing in the respective jurisdictions.
Corporate income tax is calculated at 19% (H1 2020: 19%) of the
assessable profit for the period for the UK parent company, 20% for
the operating subsidiaries in Kazakhstan (H1 2020: 20%) and 10% (H1
2020: 10%) for the operating subsidiaries in North Macedonia.
Deferred tax assets have not been recognised on tax losses
primarily at the parent company and Copper Bay subsidiaries as it
remains uncertain whether these entities will have sufficient
taxable profits in the future to utilise these losses.
8. Earnings 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 period
excluding ordinary shares purchased by the Company and held as
treasury shares.
Six months ended
---------------------------------------------------- --------------------------
30-Jun-21 30-Jun-20
$'000 $'000
---------------------------------------------------- ------------ ------------
Profit from continuing operations attributable to
owners of the parent 30,953 18,273
Profit from discontinued operations attributable
to owners of the parent 9 23
---------------------------------------------------- ------------ ------------
Total 30,962 18,296
---------------------------------------------------- ------------ ------------
Weighted average number of ordinary shares in issue 176,498,266 176,498,266
---------------------------------------------------- ------------ ------------
Earnings per share from continuing and discontinued
operations attributable to owners of the parent
during the period (expressed in $ cents per share) $ cents $ cents
From continuing operations 17.53 10.35
From discontinued operations 0.01 0.01
---------------------------------------------------- ------------ ------------
From profit for the period 17.54 10.36
---------------------------------------------------- ------------ ------------
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.
Six months ended
---------------------------------------------------- ---------------------------------
30-Jun-21 30-Jun-20
$'000 $'000
---------------------------------------------------- ------------------ ---------------
Profit from continuing operations attributable
to owners of the parent 30,953 18,273
Profit from discontinued operations attributable
to owners of the parent 9 23
---------------------------------------------------- ------------------ ---------------
Total 30,962 18,296
---------------------------------------------------- ------------------ ---------------
Weighted average number of ordinary shares in issue 176,498,266 176,498,266
Adjusted for:
- Share Options 4,789,387 4,523,208
---------------------------------------------------- ------------------ ---------------
Weighted average number of ordinary shares for
diluted earnings per share 181,287,653 181,021,474
---------------------------------------------------- ------------------ ---------------
Diluted earnings per share $ cents $ cents
From continuing operations 17.07 10.09
From discontinued operations 0.01 0.01
---------------------------------------------------- ------------------ ---------------
From profit for the period 17.08 10.10
---------------------------------------------------- ------------------ ---------------
c) Adjusted basic earnings per share
To allow comparability, the Directors believe that the Adjusted
EPS provides a more appropriate representation of the underlying
earnings of the Group given the temporary nature of the financial
instruments arrangements, with an unrealised loss of $4,855,000
recorded in the income statement. This is not expected to be
recurring as these arrangements were put in place to protect a
meaningful proportion of revenues during the higher capex period of
the Cut and Fill Projects and as the Group continues to rapidly
deleverage. The financial instruments also expire at the end of the
year, and unrealised losses will be reduced to zero.
The adjusting items are shown in the table below:
Six months ended
---------------------------------------------------- --------------------------
30-Jun-21 30-Jun-20
$'000 $'000
---------------------------------------------------- ------------ ------------
Profit from continuing operations attributable to
owners of the parent 30,953 18,273
Profit from discontinued operations attributable
to owners of the parent 9 23
---------------------------------------------------- ------------ ------------
Total 30,962 18,296
---------------------------------------------------- ------------ ------------
Adjustments:
Unrealised losses on financial instruments 4,855 -
---------------------------------------------------- ------------ ------------
Adjusted continuing profit for the period 35,817 -
---------------------------------------------------- ------------ ------------
Weighted average number of ordinary shares in issue 176,498,266 176,498,266
Adjusted earnings per share from continuing and
discontinued operations attributable to owners of
the parent during the period (expressed in $ cents
per share) $ cents $ cents
From continuing operations 20.28 10.35
From discontinued operations 0.01 0.01
---------------------------------------------------- ------------ ------------
From adjusted profit for the period 20.29 10.36
---------------------------------------------------- ------------ ------------
d) Adjusted diluted earnings per share
Six months ended
---------------------------------------------------- ---------------------------------
30-Jun-21 30-Jun-20
$'000 $'000
---------------------------------------------------- ------------------ ---------------
Profit from continuing operations attributable
to owners of the parent 30,953 18,273
Profit from discontinued operations attributable
to owners of the parent 9 23
---------------------------------------------------- ------------------ ---------------
Total 30,964 18,296
---------------------------------------------------- ------------------ ---------------
Adjustments:
Unrealised losses on financial instruments 4,855 -
---------------------------------------------------- ------------------ ---------------
Adjusted continuing profit for the period 35,817 -
---------------------------------------------------- ------------------ ---------------
Weighted average number of ordinary shares in issue 176,498,266 176,498,266
Adjusted for:
- Share Options 4,789,387 4,523,208
---------------------------------------------------- ------------------ ---------------
Weighted average number of ordinary shares for
diluted earnings per share 181,287,653 181,021,474
---------------------------------------------------- ------------------ ---------------
Adjusted Diluted earnings per share $ cents $ cents
From continuing operations 19.75 10.09
From discontinued operations 0.01 0.01
---------------------------------------------------- ------------------ ---------------
From adjusted profit for the period 19.76 10.10
---------------------------------------------------- ------------------ ---------------
9. Property, plant and equipment
Motor
vehicles
and
Construction Plant Mining ROU Mineral
in progress and equipment assets assets Land rights Total
------------------------- ------------------ --------------- -------- --------- ------ --------- --------
$'000 $'000 $'000 $'000 $'000 $'000 $'000
------------------------- ------------------ --------------- -------- --------- ------ --------- --------
Cost
At 1 January 2021 4,737 146,799 1,292 2,874 677 369,029 525,408
Additions 6,195 354 - 36 - - 6,585
Disposals (10) (9) - - - - (19)
Change in estimate
- asset retirement
obligation - 160 - - - - 160
Transfers (4,125) 4,122 - 3 - - -
Exchange differences (169) (2,841) (21) (24) (22) (9,948) (13,025)
At 30 June 2021 6,628 148,585 1,271 2,889 655 359,081 519,109
------------------------- ------------------ --------------- -------- --------- ------ --------- --------
Accumulated depreciation
At 1 January 2021 - 50,266 401 1,532 - 55,164 107,363
Provided during
the period - 6,069 51 192 - 7,985 14,297
Disposals - (8) - - - - (8)
Exchange differences - (439) (7) (14) - - (460)
------------------------- ------------------ --------------- -------- --------- ------ --------- --------
At 30 June 2021 - 55,888 445 1,710 - 63,149 121,192
------------------------- ------------------ --------------- -------- --------- ------ --------- --------
Net book value
at 30 June 2021 6,628 92,697 826 1,179 655 295,932 397,917
------------------------- ------------------ --------------- -------- --------- ------ --------- --------
The increase in estimate in relation to the asset retirement
obligation of $160,000 is due to adjusting the provision recognised
at the net present value of future expected costs using latest
assumptions on inflation rates and discount rates.
10. Intangible assets
Computer
Mining software
licences and website
Goodwill and permits Total
------------------------------- ---------- ------------- ------------ -------
$'000 $'000 $'000 $'000
------------------------------- ---------- ------------- ------------ -------
Cost
At 1 January 2021 31,553 36,160 271 67,984
Transfer from Property, plant
and equipment - - 55 55
Exchange differences (765) (605) (2) (1,372)
At 30 June 2021 30,788 35,555 324 66,667
-------------------------------- ---------- ------------- ------------ -------
Accumulated amortisation
At 1 January 2021 - 11,082 262 11,344
Provided during the period - 927 7 934
Exchange differences - (50) (1) (51)
-------------------------------- ---------- ------------- ------------ -------
At 30 June 2021 - 11,959 268 12,227
-------------------------------- ---------- ------------- ------------ -------
Net book value at 30 June 2021 30,788 23,596 56 54,440
-------------------------------- ---------- ------------- ------------ -------
Impairment assessment
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. When undertaken, an impairment review is completed for each
Cash Generating Unit ('CGU'):
Kounrad project
The Kounrad project located in Kazakhstan has an associated
goodwill balance of $8,020,000 (31 December 2020: $8,154,000). The
movement being due solely to foreign exchange differences.
While assessing the project for impairment the key economic
assumptions used in the review were a five-year forecast average
nominal copper price of $8,070 per tonne (2020: $6,581) and a
long-term price of $7,444 per tonne (2020: $6,724) and a discount
rate of 8% (2020: 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. Management
concluded that the net present value of the asset is significantly
in excess of the net book value of assets, and therefore no
impairment has been identified.
Sasa project
The Sasa project located in North Macedonia has an associated
goodwill balance of $22,768,000 (31 December 2020: $23,399,000).
The movement being due solely to foreign exchange differences. The
business combination in 2017 was accounted for at fair value under
IFRS 3 and therefore recoverable value is sensitive to changes in
commodity prices, operational performance, treatment charges,
future cash costs of production and capital expenditures.
At 30 June 2021, the Group has tested for impairment, using
forecasted commodity prices, treatment charges, discount rates,
operating and capital expenditure, and the mineral reserves and
resources' estimates which concluded that impairment is not
necessary. For the purposes of the impairment review a discount
rate of 9.54% (2020: 9.13%) was applied to calculate the present
value of the CGU. The increase in the discount rate from the 31
December 2020 was supported by a detailed WACC calculation and due
to increased risk free rate and an increase in the weighted equity
due to higher equity to debt ratio. The key economic assumptions
used in the review were a five-year forecast average nominal zinc
and lead price of $2,538 (2020: $2,391) and $1,990 (2020: $2,093)
per tonne respectively and a long-term price of $2,290 (2020:
$2,291) and $2,035 (2020: $2,095) per tonne respectively. Zinc and
lead treatment charges are forecast to reduce in future periods
returning to historic averages by 2022.
Management then performed sensitivity analyses whereby certain
parameters were flexed downwards for the CGU to assess whether the
recoverable value for the CGU would result in an impairment charge.
The following sensitivities when applied in isolation would result
in a breakeven position:
Long-term zinc price reduced by 5%
Long-term lead price reduced by 3%
Discount rate increased to 10%
Production decreased by 2.5%
Treatment charges increased by 15%
Operational expenditure increased by 4%
Capital expenditure increased by 24%
This is a simple sensitivity analysis and does not take into
account any of management's mitigation factors should these changes
occur. The Board considers the base case forecasts to be
appropriate and balanced best estimates.
11. Inventories
30-Jun-21 31-Dec-20
$'000
$'000
--------------- ---------- ---------
Raw materials 7,492 6,986
Finished goods 683 844
--------------- ---------- ---------
8,175 7,830
--------------- ---------- ---------
The Group recognise all inventory at the lower of cost and net
realisable value and did not have any slow-moving, obsolete or
defective inventory as at 30 June 2021 and therefore there were no
write-offs to the Income Statement during the period (H1 2020:
nil). The total inventory recognised through the Income Statement
was $3,823,000 (H1 2020: $2,506,000).
12. Trade and other receivables
30-Jun-21 31-Dec-20
Current receivables $'000 $'000
------------------------ ---------- ---------
Trade receivables 1,594 1,928
Prepayments 1,260 1,183
Accrued income 1,433 1,444
VAT receivable 1,636 1,260
Other receivables 1,488 3,130
7,411 8,945
------------------------ ---------- ---------
Non-current receivables
Prepayments 2,330 760
VAT receivable 3,351 3,082
5,681 3,842
------------------------ ---------- ---------
As of 30 June 2021, the total Group VAT receivable was
$4,987,000 (31 December 2020: $4,342,000) which included an amount
of $3,787,000 (31 December 2020: $3,396,000) of VAT owed to the
Group by the Kazakhstan authorities. During the period ended 30
June 2021, the Kazakhstan authorities refunded $245,255. A further
$279,409 was received in August 2021 and this has been classified
as current trade and other receivables as at 30 June 2021. The
Group is working closely with its advisors to recover the remaining
portion. The planned means of recovery will be through a
combination of the local sales of copper cathode to offset VAT
liabilities and by a continued dialogue with the authorities to
receive the remaining portion.
13. Trade and other payables
30-Jun-21 31-Dec-20
Current payables $'000 $'000
------------------------------------------------- ---------- ---------
Trade and other payables 3,148 4,652
Accruals 2,934 4,569
Derivative financial instruments 4,855 -
Corporation tax, social security and other taxes 8,260 3,674
19,197 12,895
------------------------------------------------- ---------- ---------
In January 2021 the Group entered into derivative financial
instruments to manage the Groups commodity price risk in line with
the Group's risk management strategy. The derivative financial
instruments are structured with the objective of maintaining a
strong free cash flow figure to repay debt and pay out an interim
and final dividend and has been limited to 30% of the Group's 2021
forecast annual metal production.
As the derivative financial instruments are classified as FVTPL
at 30 June 2021 the financial instruments are measured at fair
value with reference to the forward curve of the commodity prices
with an unrealised loss recognised of $4,855,000 and the unrealised
loss movement recorded through the income statement. As the
derivatives expire at the end of the year this liability is
temporary and the fair value will be reduced to zero at year
end.
14. Deferred income tax asset and liability
The movements in the Group's deferred tax asset and liabilities
are as follows:
Currency (Debit)
/ Credit
to income
translation statement
At 1-Jan-21 differences $'000 At 30-Jun-21
$'000 $'000 $'000
---------------------------------------- --------- ----------- -------------------- ----------- --------------
Other temporary differences (553) 9 (2) (546)
Deferred tax liability on fair value
adjustment on Kounrad transaction (5,501) 91 147 (5,263)
Deferred tax liability on fair value
adjustment on CMK acquisition (19,909) 631 502 (18,776)
Deferred tax liability, net (25,963) 731 647 (24,585)
--------------------------------------------------- ----------- -------------------- ----------- --------------
Reflected in the statement of financial
position as:
---------------------------------------- --------- ----------- -------------------- ----------- --------------
Deferred tax asset 236 (5) 123 354
--------------------------------------------------- ----------- -------------------- ----------- --------------
Deferred tax liability (26,199) 736 524 (24,939)
--------------------------------------------------- ----------- -------------------- ----------- --------------
A taxable temporary difference arose as a result of the Kounrad
Transaction and CMK Resources Limited acquisition, where the
carrying amount of the assets acquired were increased to fair value
at the date of acquisition but the tax base remained at cost. The
deferred tax liability arising from these taxable temporary
differences has been reduced by $649,000 during the period to
reflect the tax consequences of depreciating and amortising the
recognised fair values of the assets during the period.
All deferred tax assets are due after 12 months. 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.
15. Borrowings
30-Jun-21 31-Dec-20
$'000 $'000
--------------------- ----------- ---------
Secured: Non-current
Bank loans 13,796 32,320
---------------------- ----------- ---------
Secured: Current
Bank loans 38,400 38,400
Unsecured: Current
Bank overdrafts 8,674 9,692
---------------------- ----------- ---------
Total current 47,074 48,092
60,870 80,412
--------------------- ----------- ---------
The carrying value of loans approximates fair value:
30-Jun-21 31-Dec-20
$'000 $'000
----------------- ---------- ---------
Traxys bank loan 52,196 70,720
Bank overdrafts 8,674 9,692
60,870 80,412
----------------- ---------- ---------
The movement on the borrowings can be summarised as follows:
$'000
------------------------------------------------------- -------------
Balance at 1 January 2021 80,412
Repayment of borrowings (19,200)
Finance charge interest 1,445
Finance charge unwinding of directly attributable fees 675
Interest paid (1,446)
Repayment of overdraft (708)
Foreign exchange (308)
Balance at 30 June 2021 60,870
-------------------------------------------------------- -------------
During the period, $19,200,000 of the principal amount of
corporate debt was repaid as well as $708,000 repayment of the
overdrafts with total interest paid of $1,446,000. As at 30 June
2021, non-current and current borrowings were $13,796,000 and
$47,074,000 respectively (31 December 2020: $32,320,000 and
$38,400,000 respectively).
The Group holds one corporate debt package with Traxys repayable
on 4 November 2022. Interest is payable at LIBOR plus 4.00%.
Security is provided over the shares in CAML Kazakhstan BV, certain
bank accounts and the Kounrad offtake agreement as well as over the
Sasa offtake agreement.
The debt is subject to financial covenants which include the
monitoring of gearing and leverage ratios and these are all
currently complied with.
The overdraft facility agreed with Komercijalna Banka AD Skopje
with a fixed interest rate of 2.4% to 2.5% dependent on conditions
denominated in Macedonian Denar previously repayable in July 2021
was extended post period end for a further year to 30 July 2022.
This overdraft as at 30 June 2021 was $3,326,000 (31 December 2020:
$4,809,000).
In June 2020 an overdraft facility was agreed with Ohridska
Banka A.D. Skopje with a fixed interest rate of 2.5% denominated in
Macedonian Denar repayable on 26 June 2021 and this was extended
post period end for a further year to 26 June 2022. This overdraft
as at 30 June 2021 was fully drawn down amounting to $5,331,000 (31
December 2020: $4,883,000).
16. Cash generated from operations
Six months ended
Adjustments for: 30-Jun-21 30-Jun-20
$'000 $'000
------------------------------------------------- --------- ---------
Profit before income tax including discontinued
operations 41,835 24,369
Adjustments for:
Depreciation and amortisation 15,131 14,650
Silver stream commitment (621) (1,139)
Loss/(profit) on disposal of property, plant and
equipment (note 6) 11 (296)
Foreign exchange loss 248 370
Unrealised losses on financial derivatives 4,855 -
Share based payments 1,106 275
Finance income (42) (83)
Finance costs 2,410 3,472
Changes in working capital:
(Increase) / decrease in inventories (345) 558
(Increase) in Trade and other receivables (808) (4,008)
(Decrease) in Trade and other payables (2,826) (4,208)
Provisions for other liabilities and charges (23) 386
Cash generated from operations 60,931 34,346
------------------------------------------------- --------- ---------
17. Dividend per share
An interim dividend of 8 pence per ordinary share (H1 2020: 6
pence) was declared by the CAML Board on the 15 September 2021. In
the comparative period the CAML Board of Directors deferred the
decision regarding the CAML interim dividend while assessing the
financial impact of the TSF4 leakage, later during 2020 a 6 pence
dividend was paid.
18. Related party disclosure
The Kounrad Foundation, a charitable foundation through which
Kounrad donates to the community, was advanced $nil (H1 2020:
$62,473) as donations are expected in H2 2021. This is a related
party by virtue of common directors.
The Sasa Foundation was set up during the period, a charitable
foundation through which Sasa donates to the community, was
advanced $236,000 (H1 2020: $nil). This is a related party by
virtue of common directors.
19. Subsequent events
On 15 July 2021, the Group issued 1,018,871 long-term share
awards ("Awards") over ordinary shares in the Company at an
exercise price of $0.01 per share, to Executive Directors and
employees of the Company under the Central Asia Metals Employee
Share Plan 2011. These share options are on the same basis as the
grant in 2020 as they vest after three years depending on a
combination of the achievement of the Group of performance target
relating to the level of absolute total shareholder return compound
annual growth rate of the value of the Company's shares over the
performance period of three financial years ending 31 December 2023
relative to the mining index of companies as well as sustainability
performance targets.
Post period end, a decision was taken to repay an additional $10
million of the corporate debt facility during H2 2021.
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END
IR FFFFIAIISLIL
(END) Dow Jones Newswires
September 15, 2021 02:00 ET (06:00 GMT)
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