Baku, Azerbaijan, Jan. 8
By Elena Kosolapova - Trend: Central Asia Metals company increased copper cathode production at the Kounrad Copper Project in Kazakhstan to 10,509 tons in 2013, the company reported on Jan. 7.
Production for the first full calendar year of operations at the Kounrad SX-EW plant following the completion of the construction phase in late April 2012 exceeded the 2013 target by 5 percent.
Sales of copper cathode during 2013 totaled 10,665 tons of which 10,500 tons were sold through the company's off-take arrangements with Traxys and 165 tons were sold locally in Kazakhstan.
The group's cash balance as of December 31, 2013 was $47.9 million.
In 2014 Central Asia Metals company will commence the process of increasing capacity for the plant with a number of planned capital programs, the company said.
The initial upgrade to the plant's infrastructure will consist of the installation of two additional coal fired boilers at a capital cost of $2.2 million, bringing the boiler capacity to 14MW which will facilitate an increased throughput in copper bearing solutions during winter operations.
These additional boilers will enable the company to increase its 2014 production target to 11,000 tons of copper.
Additional capital programs aimed at further increasing the plant capacity will be announced following completion of the transfer to Central Asia Metals of the remaining 40 per cent of the subsoil user license associated with Kounrad.
Central Asia Metals plc is an AIM-listed UK company based in London, cooperating with Kazakhstan and Mongolia. It is a copper production, precious and base metals exploration and development company with majority stakes in copper, gold and molybdenum projects.