Source - SMW
Central Asia Metals posts pre-tax profits  of $114.96m for the six months to the end of June - up from $10.1m last time.

Copper production increased by 27% to  6,908 tonnes and gross revenues of $30.9m were up from $30.3m a year ago.

Executive chairman Nick Clarke SAID: "I am pleased to report another record period of copper production, resulting in a continued strong financial performance for the group. Indeed, during a time when the copper price has remained under considerable pressure, we have today reported a 49% increase in profit before tax when compared to H1 2015. 

"The devaluation of the local currency, the Kazakhstan tenge, has been a key factor in our reduced C1 cash costs of production and we are proud to be one of the very lowest cost copper producers in the world.

"While the devaluation of the local currency has helped CAML to maintain low costs of production, it has brought some economic challenges for our staff. We place great importance on our corporate social responsibilities and, as a result, we increased wages for our Kazakhstan based employees by 25% from January 2016. Meanwhile, we continue to focus on supporting local communities through health, education and charitable donations.

"At a time when many mining companies are cutting costs, we are pleased to be rewarding our investors with a dividend of 5.5 pence per share for the interim period. Once this dividend is paid, we will have returned over 135% of the $60 million raised at IPO through dividends and share buy backs."

At 9:18am: (LON:CAML) Central Asia Metals PLC share price was +0.88p at 176.75p

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