CAML record output in Q3

Central Asia Metals reports record quarterly copper production of 4,102 tonnes during the third quarter – up 38%.

Copper output for the nine months to the end of September totalled 11,010 tonnes – up 31% – with record monthly copper production of 1,503 tonnes in August.

The group says 2016 copper cathode sales to 30 September were up 38% to 10,646 tonnes and it is on track to achieve upper end of 2016 production guidance of between 13,000 and 14,000 tonnes.

It also says that stage 2 expansion is on schedule for completion in October and approximately 25% below budget.

Executive chairman Nick Clarke said: “We are delighted to report record quarterly production from our Kounrad plant, and expect to achieve annual copper production towards the upper end of the 13,000 to 14,000 tonne guidance range.

“Looking ahead, we have nearly completed our Stage 2 Expansion and will begin leaching copper from the Western Dumps in Q2 2017. As a result of the devaluation of the Kazakhstan Tenge as well as some engineering cost savings, we remain confident that we can complete this capex programme approximately 25% below our initial budget of US$19.5m. In Q4 2016, we will also complete the definitive feasibility study that is currently being concluded on our Copper Bay project in Chile.”

At 8:01am: (LON:CAML) Central Asia Metals PLC share price was +2.13p at 182.88p

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