Report

Update: Ramping up to 15ktpa by 2016

Kounrad continues to produce copper steadily and in line with Central Asia Metals’ (CAML) FY14 production target of 11kt of copper cathode. Its US$35m expansion (funded solely from cash flows) to 15ktpa is firmly under way, with FY15 production forecast at 13kt copper cathode before the full effects of expansion come through in FY16. CAML reports a 5p interim dividend, 25% higher on a like-for-like basis, and we expect a similar final dividend to be declared. With CAML’s transaction to take sole ownership and control of Kounrad completed in May 2014, H114 caps a milestone period for the company.
Underlying
Central Asia Metals

Central Asia Metals is a holding company. Through its subsidiaries, Co. is engaged in the processing and subsequent production of copper cathodes, from secondary mining techniques; and the identification, acquisition and development of base and precious metals deposits primarily in the Central Asia region but also worldwide. Co. has two business segments consisting of an SX-EW copper plant at Kounrad in Kazakhstan and the Copper Bay project in Chile. As of Dec 31 2016, Co. owned 100.0% of the SX-EW copper project, and had a 75.0% equity interest in Copper Bay Limited, which is a private company that has conducted a feasibility study at its copper project in Chanaral Bay, Chile.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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