Business
Interim Results for the 6 Months Ended 30 June 14
Interim Results for the 6 Months Ended 30 June 14.
About this update from Central Asia Metals Plc
[{"type":"text","content":"\n \nRNS Number : 5503S Central Asia Metals PLC 25 September 2014 \n \n\n25 September 2014\nTicker: CAML (AIM)\nCentral Asia Metals plc (\"the Group\", \"the Company\" or \"CAML\")\nInterim Results for the Six Months Ended 30 June 2014\nCentral Asia Metals plc (AIM: CAML), a copper producing company focussed on base metals in Central Asia is pleased to announce unaudited interim results for the six months ended 30 June 2014 (\"H1 2014\" or the \"Period\").\n \nThe Company is also pleased to declare an interim dividend of 5 pence per ordinary share (H1 2013: 4 pence) which represents a 25% increase on the 2013 interim dividend and equates to 25.8% of the attributable revenue for the period. The Company's dividend policy is that it will return a minimum of 20% of the attributable revenues to shareholders.\n \nOperational highlights\nCompletion of the Kounrad Transaction and the commencement of expansion plans on site \n· 5,094 tonnes of cathode copper produced and 4,698 tonnes sold (H1 2013: 4,857 produced and 5,035 sold) \n· Full year production guidance maintained at 11,000 tonnes of cathode copper production for 2014\n· On 23 May 2014, CAML completed the Kounrad Transaction and became the 100% owner of the Kounrad project\n· Work commenced on site in late May for the Stage 1 expansion programme to upgrade the Solvent Extraction - Electro Winning (SX-EW) plant to 15,000 tonne per annum capacity\n· The installation of two new boilers to increase production during the winter months was completed in September 2014 and the final commissioning is underway\n \nFinancial highlights\nContinued profitability driven by low cost operations supporting the payment of a 5 pence interim dividend\n· H1 2014 attributable Group revenue of $33.7 million (H1 2013: $21.2 million)\n· Average copper price received of $7,049 per tonne (H1 2013: $6,996 per tonne) \n· Cost base effectively managed and the Company remains in the lowest quartile on the industry cost curve:\no C1 cash costs of production of $1,586 per tonne of copper or $0.72 per lb (H1 2013: $1,...