16.4 C
Belgrade
Supported byspot_img
spot_img

Central Asia Metals Doubles Half Year Profit On Macedonia Sasa Mine Acquisition

Member of Europium Groupspot_img
Supported byspot_img

Central Asia Metals PLC on Wednesday said its pretax profit nearly doubled in the first half of 2018 following the acquisition of the Sasa zinc-lead mine located in Macedonia.

The company’s pretax profit for the six months to June was USD38.4 million, rising sharply from USD20.7 million the prior year.

Central Asia Metals acquired Lyrnc Resurces Ltd, which owns the Sasa mine, in November for USD402.5 million. As a consequence, revenue hit USD96.6 million from USD37.2 million, with Sasa contributing USD57.3 million of this. The remaining revenue was provided by the company’s Kounrad copper project in Kazakhstan.

Supported by

The miner has maintained its interim dividend at 6.5 pence per share. This forms part of its new dividend policy to return between 30% and 50% of its free cash flow to shareholders.

During the period, four lost time injuries were reported at the company’s mining sites.

“The prices of copper, zinc and lead have been under considerable pressure since June over fears for global growth as a result of trade disputes. While we cannot control the prices of our metal products, we can control our costs and our output, and we are pleased to remain a low cost base metals producer with two operations that are on track to deliver 2018 annual production guidance,” said Centra Asia Metals Chief Executive Nigel Robinson.

“Given that our Sasa integration process is now largely complete, we are once again actively looking for additional growth opportunities,” Robinson added.

Shares in Central Asia Metals were up 2.7% at 224.49 pence on Wednesday.

Source: morningstar.co.uk

Supported byElevatePR Digital

Related News

OCSiAl expands SWCNT dispersion facility in Serbia to boost battery innovation

OCSiAl has completed construction of a state-of-the-art facility in Serbia dedicated to producing single wall carbon nanotube (SWCNT) dispersions. This facility, set to commence...

Europe’s position in the expanding battery market

The automotive industry is at a crossroads, necessitating transformation. Europe's focus on establishing expertise and capacity in battery cell production is crucial, supported by...

Ensuring responsible mineral supply chains in the renewable energy transition

The shift towards renewable energy is heavily reliant on minerals like copper, cobalt, bauxite and lithium for technologies such as batteries, electric vehicles, and...

Covas do Barroso: Local resistance against the push for lithium mining in Portugal

In the tranquil Portuguese village of Covas do Barroso, Nelson Gomes begins his day at dawn, tending to his cows and tending his vegetable...
Supported by
Supported by
Supported by
error: Content is protected !!