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Base metals producer Central Asia Metals reports profit of $33.8 million in 2022, down 60% y-o-y

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(Kitco News) - Base metals producer Central Asia Metals (AIM: CAML) today announced record copper production of 14,254 tonnes in 2022 (2021: 14,041 tonnes).

In 2022, the company also produced 21,473 tonnes of zinc in concentrate (2021: 22,167 tonnes) and 27,354 tonnes of lead in concentrate (2021: 27,202 tonnes).

CAML also reported 2022 gross revenue of $232.2 million (2021: $235.2 million), EBITDA of $131.6 million (2021: $141.5 million), free cash flow of $89.7 million (2021: $103.8 million), profit for the year of $33.8 million (2021: $84.2 million), adjusted earnings per share (excluding a non-cash impairment) of 48.15 cents, and reported earnings per share of 19.10 cents (2021: 47.69 cents).

CEO Nigel Robinson commented, "I am pleased to report a good set of financial results for 2022, and a year of solid performance for CAML. We ended 2022 with a strong balance sheet, having made the final payment on our corporate debt facility in August, with cash in the bank of $60.6 million.

"Following this strong performance, we propose a 10 pence per share final dividend, resulting in a full year dividend of 20 pence per share, comparable with 2021. The full year dividend represents 47% of our 2022 FCF and is in line with our stated policy of 30% to 50% of FCF."

In 2023, the company expects to produce between 13,000 and 14,000 tonnes of copper, between 19,000 and 21,000 tonnes of zinc in concentrate, and between 27,000 and 29,000 tonnes of lead in concentrate.

Central Asia Metals owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and 100% of the Sasa zinc-lead mine in North Macedonia.

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