Central Asia Metals PLC Operations Update to 30 June 2017 (1214K)
05 July 2017 - 4:00PM
UK Regulatory
TIDMCAML
RNS Number : 1214K
Central Asia Metals PLC
05 July 2017
5 July 2017
CENTRAL ASIA METALS PLC
("CAML" or the "Company")
Operations Update to 30 June 2017
Central Asia Metals plc (AIM: CAML) today provides a production
update for the six months to 30 June 2017 (H1 2017) for the Kounrad
dump leach, solvent extraction and electro-winning ("SX-EW") copper
recovery plant in Kazakhstan ("Kounrad"), and an exploration update
for the Shuak property ("Shuak").
Summary:
-- H1 2017 copper production up 2% to 7,027 tonnes (H1 2016: 6,908 tonnes)
-- H1 2017 copper cathode sales up 8% to 6,870 tonnes (H1 2016: 6,355 tonnes)
-- Shuak exploration programme underway
Kounrad H1 2017 production
Kounrad Q2 copper cathode production of 3,670 tonnes brings
output for the first six months of 2017 to 7,027 tonnes, a 2%
increase on the corresponding period of 2016.
In April 2017, the Company began irrigating the Western Dumps
and, during Q2 2017, approximately 1,300 tonnes of copper cathode
have been recovered.
H1 2017 copper cathode sales of 6,870 tonnes represents an
increase of 8% on H1 2016. The copper was sold predominantly
through CAML's offtake partner, Traxys.
Shuak
Together with partners, Aksu-Esil, CAML has been undertaking
geological mapping and is nearing completion of a TEM-FAST
geophysics programme, which has been designed primarily to
ascertain the depth and extent of the saprolite weathering
horizon.
The 2017 diamond drilling programme of approximately 4,700
metres has recently commenced, together with an initial 7,000 metre
core hydrotransport (CHT) drilling campaign. Priority areas for
both work programmes are Mongol V and Mongol North. In total,
22,000 metres of drilling are planned for 2017.
Cash
As of 30 June 2017, CAML had cash in the bank of $41.7 million
and no debt.
Nick Clarke, Executive Chairman, commented:
"We are pleased that our H1 2017 production is broadly in line
with that of 2016. This ensures that we are on course to achieve
our full year production guidance of between 13,000 tonnes and
14,000 tonnes of copper cathode.
"Q2 2017 has been an important period for us at Kounrad as we
commenced production at the Western Dumps and we are pleased to
report that copper recovery is in line with our expectations.
"We have also begun drilling and undertaking a wider exploration
programme at Shuak, and we look forward to reporting exploration
results in due course".
For further information contact:
Central Asia Metals plc Tel: +44 (0) 20 7898 9001
Nick Clarke, Executive Chairman
Nigel Robinson, CFO
Louise Wrathall, Investor Relations
louise.wrathall@centralasiametals.com
Peel Hunt (Nominated Adviser & Joint Broker) Tel: +44 (0) 20 7418 8900
Matthew Armitt
Ross Allister
Mirabaud Securities (Joint Broker) Tel: +44 (0) 20 7878 3362
Peter Krens
Bell Pottinger (PR Advisers) Tel: +44 (0) 20 3772 2500
Lorna Cobbett
Aarti Iyer
Note to editors:
Central Asia Metals, an AIM-listed UK company based in London,
owns 100% of the Kounrad SX-EW copper project in Kazakhstan. The
Company also has a 75% equity interest in Copper Bay Ltd, which is
a private company that has conducted a definitive feasibility study
at its copper project in Chañaral Bay, Chile. In November 2016,
Central Asia Metals signed a framework agreement to acquire an
effective 80% interest in the Shuak copper exploration property in
northern Kazakhstan. For further information, please visit
www.centralasiametals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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