Central Asia Metals climbs on ownership deal

published 2 February 2012

Central Asia Metals has risen sharply this morning after announcing the "material" completion of its Kounrad copper mine in Kazakhstan.

The company is also set to acquire a 100% stake in the project after the government of Kazkhstan sold its 40% interest.

The firm says it expects production to begin in April, with Nick Clarke, the Chief Executive, emphasising that he will not need additional funding.

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Kounrad is expected to produce around 10,000 tonnes per year of copper.

Central Asia's share price was up 7.28% at 11:46am after an initial jump of 11% in early trading.

Over the last 12 months the stock has lost 24% of its value.