Highlights

  • Central Asia Metals reports 4.5% YoY revenue growth in H1FY24, driven by increased copper sales
  • Copper production at Kounrad reached 13,439 tonnes, meeting production forecasts for FY24
  • The company targets stable production levels for 2025 with strong copper and zinc output

Central Asia Metals PLC (LSE:CAML) is a copper producer based in the United Kingdom. It has operations in Kazakhstan, Kounrad  and Macedonia. The company’s stock is listed on the FTSE AIM UK 50 Index.

In the first half of the financial year 2024 (H1FY24), the company reported a 4.5% year-over-year increase in group net revenue, reaching USD 103.78 million compared to USD 99.33 million in H1FY23, reflecting a USD 4.45 million rise. This growth was driven by a 100-tonne increase in copper sales and higher metal prices, with copper prices rising by 6% and lead prices increasing by 3% compared to the previous year.

Meanwhile, EBITDA saw a modest increase of 0.4% YoY, rising from USD 48.91 million in H1FY23 to USD 49.13 million in H1FY24, an increase of USD 0.22 million. This positive change was primarily attributed to the higher revenue, though partially offset by forex gains.

Recent Business Update

On 09 January 2025, Central Asia Metals provided an update on its FY24 operations. The company reported activities at Kounrad, with copper production reaching 13,439 tonnes, in line with its forecast. At Sasa, lead-in-concentrate reached 26,617 tonnes and zinc-in-concentrate production totaled 18,572 tonnes, both slightly below expectations due to a mining transition.

On the strategic front, Sasa’s capital projects are advancing, including the Paste Backfill Plant, which has successfully placed 40% of tailings underground, and the Dry Stack Tailings Plant, expected to be operational in 1Q2025. The completion of the Central Decline in December added 3,735 meters of development, supporting the long-term sustainability of operations.

Company Outlook

In 2025, Central Asia Metals anticipates stable production levels, targeting between 13,000 and 14,000 tonnes of copper, 27,000 to 29,000 tonnes of lead-in-concentrate, and 19,000 to 21,000 tonnes of zinc-in-concentrate.

Top 10 Shareholders

Around 51.06% of CAML's total shares are owned by its top 10 shareholders combined. Fidelity International holds the maximum number of shares with ~9.65% shareholding, followed by BlackRock Investment Management (UK) Ltd with ~7.73% shareholding.

Stock Performance

The stock has declined approximately 12.88% over the past three months. It has a 52-week high of GBX 235.00 and a 52-week low of GBX 149.00, with its current price trading below the average of these two figures. As of January 16, 2025, the stock closed at GBX 156.80.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 16 January 2025. The reference data in this report has been partly sourced from EODHD/Others.