Central Asia Metals

Base metals producer owning and operating 100% of Kounrad and Sasa sites in Kazakhstan and Macedonia respectively



  • Kounrad is an in-situ dump leach site near the city of Balkhash in central Kazakhstan producing copper through a SX-EW recovery plant.

    • Owned 100% by CAML.

    • 165kt recoverable copper with 2020 production guidance of 12.5 – 13.5kt, having produced over 100kt to date.

    • H1 2019 Cu cash cost of $0.51/Ib, putting the operation into the lowest decile globally implying strong free cash flow generation potential even in weak pricing environments and has underpinned strong track record of dividend payments.

  • Sasa is an underground operating zinc-lead mine located in the Osogovo Mountains of North Macedonia.

    • 100% acquired in November 2017.

    • 19-year LOM with 2020 production guidance of 23-25kt Zn and 30-32kt Pb.

    • Life of mine optimisation review completed in H2 2019 which presents a significant opportunity to enhance mine efficiency and unlock value.

    • 2019 Zn equivalent C1 cash cost of $0.47/Ib.


Share Price

Strong Track Record of Dividends

  • 14.5p dividend in 2018. CAML has repaid 98p in dividends since listing at 96p in 2010 with cashflows underpinned by the low cost base of both operations.

Focus on Corporate Governance and Sustainability

  • Strong management team the core of which has been with the company since pre-development.

  • Produced an inaugural sustainability report in 2020 covering employee safety and operational performance, environmental impact, a tailings audit and community support.

  • Strong commitment to CSR with community support and funding in North Macedonia and Kazakhstan well in excess of any regulatory commitments.

Reserves & Resources