Central Asia Metals PLC on Tuesday reported broadly stable production levels in the first half of 2023 from the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia.

Central Asia Metals is a copper, zinc and lead production and exploration company with operations in Kazakhstan and North Macedonia. Shares in the firm were up 1.4% at 180.65 pence on Tuesday morning in London.

In the second quarter of 2023, copper production totalled 3,380 tonnes. This was up 1.3% from 3,336 tonnes in the first quarter of the year.

In the first half of the year, copper production totalled 6,716 tonnes, up 1.5% from 6,617 tonnes the year prior.

Zinc production in the second quarter was 4,847 tonnes, down 1.4% from 4,917 tonnes in the first quarter. Production also dropped in the first half as a whole, with zinc production falling 6.7% to 9,764 tonnes from 10,465 tonnes year-on-year.

Meanwhile, lead production in the first quarter in the second quarter rose 7.5% to 7,116 tonnes from 6,618 tonnes in the previous quarter. In the first half, lead production dipped 0.7% to 13,734 tonnes from 13,827 tonnes.

Consequently, Central Asia Metals said it was on-track to achieve its full-year guidance. In 2023, the company expects to report copper production between 13,000 to 14,000 tonnes, zinc in concentrate production between 19,000 to 21,000 tonnes, and lead in concentrate production between 27,000 to 29,000 tonnes.

‘Benefitting from our low production costs, [Central Asia Metals] continues to generate enviable cash flow and has a strong balance sheet with $50.6 million in cash and no debt. This enables us to continue to pay some of the highest dividends in the sector whilst actively considering various business development opportunities,’ commented Chief Executive Nigel Robinson.

Central Asia Metals will announce its half-year results on September 13.

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