Mining News
Central Asia Metals profit down in H1 2023 on lower base metals prices, rising costs
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(Kitco News) - Mining company Central Asia Metals (AIM: CAML) today reported that in H1 2023, it generated EBITDA of $48.9 million (H1 2022: $74.9 million) and profit of $21.1 million (H1 2022: $53.3 million).
The company also reported H1 2023 Kounrad copper production of 6,716 tonnes (H1 2022: 6,617 tonnes), as well as Sasa zinc in concentrate production of 9,764 tonnes (H1 2022: 10,465 tonnes) and lead in concentrate production of 13,734 tonnes (H1 2022: 13,827 tonnes).
The company said that the group's “strong” base metal production offset by weaker base metals prices resulted in CAML reporting gross revenue of $99.3 million for H1 2023 (H1 2022: $119.5 million).
The group’s EBITDA of $48.9 million was lower than the previous corresponding period primarily due to deteriorating base metals prices and ongoing inflationary cost pressures.
Importantly, CAML said that given its “strong” balance sheet with $50.6 million cash and no debt together with continued “robust” underlying operational cashflows, the company’s board has declared an interim dividend of 9 pence per share (H1 2022: 10 pence).
The company added it is on track to meet its 2023 copper production guidance of 13,000-14,000 tonnes, zinc in concentrate production of 19,000-21,000 tonnes and lead in concentrate production of 27,000-29,000 tonnes.
Central Asia Metals is a mining company with operations in Kazakhstan and North Macedonia. The group's principal business activities are the production of copper at its Kounrad operations in Kazakhstan and the production of lead, zinc, and silver at its Sasa operations in North Macedonia.
