Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Central Asia Metals confident despite fall in revenue, earnings
(Sharecast News) - Central Asia Metals reported a decrease in gross revenue in its 2023 results on Monday, to $207.4m, down from $232.2m in the prior year. The AIM-traded firm said its net revenue also fell, to $195.3m from $220.9m, while EBITDA dropped to $96.5m at a 47% margin, compared to $131.6m at a 57% margin in 2022.
It generated a free cash flow of $57.5m, a decrease from $90.22m year-on-year.
Despite the financial downturn, CAML reported capital investment of $27.8m in the year, aimed at bolstering long-term operational performance and growth.
The firm ended the year with $57.2m in cash reserves, and remained debt-free.
Its 2023 full-year dividend was declared at 18p per share, slightly lower than the 20p distributed in 2022.
On the operational front, CAML maintained safe and consistent production levels across its assets.
The Kounrad facility reported zero lost time injuries (LTIs), and the Sasa mine saw a reduction in LTIs from two to one.
Production figures slightly varied, with copper output at 13,816 tonnes, zinc in concentrate at 20,338 tonnes, and lead in concentrate production increasing to 27,794 tonnes.
The company continued to invest in its future with several significant developments, including the completion of Sasa's paste backfill plant, the start of the transition to paste fill mining methods, the initial phase of the new Central Decline, and the completion of the Kounrad solar power project.
CAML also launched CAML Exploration in Kazakhstan, securing two exploration licences to date.
Looking forward to 2024, CAML set its production guidance for copper, zinc, and lead concentrates and said it was planning to complete the dry stack tailings plant and the second phase of the Central Decline at Sasa.
An increase in exploratory drilling and exploration work was scheduled in Kazakhstan and Sasa, alongside a commitment to new business opportunities and adherence to the Global Industry Standard for Tailings Management (GISTM).
CAML anticipated a reduction in carbon emissions following the integration of solar power from the new Kounrad facility.
"I am pleased to report a solid performance for CAML in 2023 in which we have met our production guidance in a safe environment at both sites and achieved an improvement in our lost time injury frequency rate (LTIFR)," said chief executive officer Nigel Robinson.
"This performance has been achieved despite a challenging economic environment with metal prices deteriorating by an average of about 10% across our base metal portfolio and ongoing inflationary cost pressures.
"The company has performed well due to our low-cost operations and strong balance sheet."
Robinson said the company was "delighted" to have separately announced its intention to invest up to £5m in Scottish copper and nickel explorer Aberdeen Minerals on Monday.
"We have been impressed with the Aberdeen team and the company's exploration potential and we look forward to working together to explore the prospective Northeast area of Scotland.
"We will continue to search for additional growth opportunities both at the early exploration stage and also the larger transformational transactions which will enhance shareholder value in the short to medium term."
At 1412 GMT, Central Asia Metals shares were down 2.01% at 187.35p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.