Central Asia Metals on track for full-year production guidance

10th Oct 2022 11:06

(Sharecast News) - Central Asia Metals updated the market on its third quarter operations on Monday, reporting 4,067 tonnes of copper produced in the period at Kounrad.

The AIM-traded firm said that for the first nine months of 2022, 10,685 tonnes of copper was produced.

At Sasa, meanwhile, 5,746 tonnes of zinc in concentrate and 6,899 tonnes of lead in concentrate were products in the third quarter.

For the first nine months at Sasa, 16,211 tonnes of zinc in concentrate and 20,726 tonnes of lead in concentrate was produced.

Looking ahead, Central Asia Metals said it was on course to achieve its increased 2022 guidance for Kounrad's copper production of 13,500 to 14,000 tonnes.

It was also on track to meet Sasa's 2022 production guidance, for 20,000 to 22,000 tonnes of zinc in concentrate and 27,000 to 29,000 tonnes of lead in concentrate.

"I am pleased to report safe and strong production from both of our operations during the third quarter, with zero lost-time injuries," said chief executive officer Nigel Robinson.

"At Kounrad, we announced increased 2022 production guidance with our first half results, and we are on track to deliver this and meet our production targets at Sasa.

"Since recently announcing that we had received approval of the cut-and-fill project environmental and social impact assessment, we have now begun construction of the paste backfill plant."

Robinson said construction of that part of Sasa's cut-and-fill project remained on schedule to be completed in the first half of 2023.

"In August, we made our final repayment of the $187m debt which we secured to acquire Sasa less than five years ago.

"These repayments have been made while we remained consistently among the sector leading dividend payers, delivered value for all our stakeholders, and invested in our operations."

At 1140 BST, shares in Central Asia Metals were down 0.46% at 218.48p.

Reporting by Josh White at Sharecast.com.