Central Asia Metals (lon:caml)
CAML – Leakage Of Waste

Central Asia Metals Financials

ItemCurrent PeriodPrevious Period
Year20192018
Period12 Months12 Months
Revenue$171m$194m
Earnings
Adjusted Earnings
EBITDA
Adjusted EBITDA
Statutory Profit$51m$54m
Adjusted Profit
Total Debt$108m$107m
Net Debt$80m$110m

Commentary History
Date Title
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Tue 15 Sep 2020CAML – Leakage Of Waste
Central Asia Metals Share Price
Grade:The Slate Grade - Shares That Are Of No Great Interest To Me, A Solid Business With No Reason To Expect A Price Change.
Title: CAML – Leakage Of Waste
Company: CAML - Central Asia Metals
Share Price Then: 151p
Author: Ian Smith
Date: Tue 15 Sep 2020
Comments: Central Asia Metals posted notification of a leakage of “Tailings” into a river into Sasa Macedonia.

Tailings are the leftovers from ore processing so exactly what they are depends upon the ore and the processing, generally they are harmful to some degree because they tend to be concentrated amounts of what would normally be left bound up in stable rock along with some form of the chemicals used, if any, in the processing.

The Sasa mine produces zinc and lead

According to the company’s web site, TSF4 is Under Construction with no tailings in storage and is in use from 2019 until 2025/2026. Allowing for the web site to lag a bit this would suggest a smallish use of the facility perhaps 20% or less of the 1.7 Million Cubic Metres capacity.

CAML also have 16 Million Cubic Metres capacity elsewhere in Sasa.

Production In 2019 was;

Sasa, North Macedonia: Zinc 23,369 tonnes (2018: 22,532 tonnes) and Lead 29,201 tonnes (2018: 29,388 tonnes). The lead contains a small amount of silver which yields a small extra revenue which is subject to a fixed supply .agreement.

Kounrad, Kazakhstan: Copper 13,771 tonnes (2018: 14,049 tonnes)

Sasa generates $91m of revenue (zinc $40m, lead $57m and silver$1.9m) and employees 67% of the staff, the mine has about 18 years more life.

Kounrad generates $82m of revenue from copper and employees 31% of the staff leaving 2% of staff in the UK, the mine has about 14 years more life.

A brief look seems to suggest that this is a stable business, the stability of the governments of Kazakhstan and Macedonia is critical to an investment decision.
Read Count/ID: 225/14181

Buy/No Buy In A Nutshell
NegativesWell established miner, where do they go in the future?
PositivesNot overburdened with debt so could borrow to expand.
Initial Review Price151p
Last Review Price151p
Last Review Date15-Sep-2020
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