Business
Interim Results and Operation
Interim Results and Operation.
About this update from Central Asia Metals Plc
[{"type":"text","content":"\n RNS Number : 5575T Central Asia Metals PLC 30 September 2010 \n \n\n \n30 September 2010\nCENTRAL ASIA METALS PLC\n (\"CAML\" or \"the Company\")\n \n \nInterim Results for the six months to 30 June 2010\n \n \nCentral Asia Metals plc (AIM:CAML), a mining exploration and development company focused on base and precious metals in Central Asia, announces its interim results for the six months to 30 June 2010, along with an operational update.\n \n \nFinancial Highlights for H1 2010 (including post period)\n \n· On 30 September 2010, CAML completed its planned Initial Public Offering (IPO) on AIM raising US$60m (gross), which will be used primarily for the construction of a 10,000 tonne per annum SX-EW facility at Kounrad in Kazakhstan.\n· As part of the IPO process, CAML converted from a private to a public limited company. This conversion included the transfer of the entire share premium account of the parent company of US$54.4m to distributable reserves as at 04 August 2010.\n· In May 2010 CAML raised US$5.4m (gross) by issuing convertible loan notes. These notes converted into equity at the IPO (5,160,833 new ordinary shares). \n· In February 2010, a $1m 'gold loan' was converted into ordinary shares.\n· CAML has no outstanding debt. \n· Sales of cathode copper at the Kounrad pilot plant in the six months to June 30 2010 were 184.5 tonnes which generated revenue of c US$1.1m.\n· General and administrative expenses amounted to US$3.9m, which is up by 61% compared to the same period of last year due to increased consulting and IPO costs.\n \n \nOperational Highlights for H1 2010 (including post period)\n \n· In July 2010, earthworks commenced on site at Kounrad and key personnel required for the construction and management of the project have been recruited.\n· The Tochtar (Kazakhstan) and Ereen (Mongolia) projects both have potential purchasers and are undergoing due diligence. Management remains hopeful of selling both assets in the next six months.\n· 30 year mining licences were obtained for both Ereen and Handgait...