Central Asia Metals reports record annual copper production of 14,020 tonnes in 2016 for the Kounrad dump leach, solvent extraction and electro-winning (SX-EW) copper recovery plant in Kazakhstan - up from 12,071 tonnes in 2015.4
Q4 copper production totalled 3,010 tonnes (2015: 3,661 tonnes).
2016 copper sales rose to 13,938 tonnes (2015: 12,040 tonnes) and 2017 production guidance is 13,000 to 14,000 tonnes.
Total copper produced from Kounrad since operations commenced in 2012 is now 54,322 tonnes.
Copper cathode sales for the year ending 31 December 2016 of 13,938 tonnes represents an increase of 16% on 2015. The copper was sold predominantly through CAML's off-take sales arrangement with Traxys.
As of 31 December 2016, CAML's cash position was $40 million.
Executive chairman Nick Clarke said: "Once again, we are pleased to report record annual copper production and sales in 2016.
"In the coming year, we target copper production of between 13,000 and 14,000 tonnes and we will begin to supplement copper from the Eastern Dumps with metal from the Western Dumps following the completion of our Stage 2 Expansion programme.
"In an improved copper price environment and with all major capital at Kounrad expended, we are optimistic about the future. Our objective of continuing to deliver value to shareholders through our industry leading dividend policy remains firmly in place. Our 2016 annual results are scheduled to be released on 4 April 2017, when our final dividend for 2016 will also be announced."