The Annual General Meeting (AGM) of Central Asia Metals PLC (CAML), was led by Non-Executive Chairman Nick Clark. The meeting covered the company’s formal business, including resolutions and voting procedures, followed by an extensive presentation by CEO Nigel Robinson.
The presentation highlighted the company’s operational performance, financial health, and future strategies, emphasizing sustainability and business development efforts. Significant achievements, such as the completion of major projects and strong dividend payouts, were also discussed.
Key Insights:
Introduction and Formal Business
Nick Clark opened the AGM, noting it was the company’s 14th since listing on AIM in 2010. Formalities included the adoption of the director’s report and accounts, the approval of a final dividend, and the reappointment of directors and auditors. Voting was conducted via a poll, ensuring all proxies lodged in advance were considered.
Financial and Operational Highlights
Nigel Robinson presented the company’s impressive financial results for the year ended 31st December 2023. Key figures included:
- Revenue: Over $200 million.
- EBITDA: $96.5 million, representing a 47% margin.
- Free Cash Flow: $57.5 million.
- Capital Investment: $27.8 million.
- Dividend: $40 million for the year, with a final dividend of 9 pence per share.
Operational Performance
Robinson provided updates on CAML’s two primary operations:
Kounrad, Kazakhstan: This in-situ dump leaching facility has been in production for over 12 years, with a life expectancy until August 2034. Kounrad generated a significant portion of CAML’s copper production (13,816 tons) and maintained a high EBITDA margin of 71%.
Sasa, North Macedonia: Acquired in late 2017, this underground lead and zinc mine has a life expectancy until 2039. Sasa produced notable quantities of zinc (20,332 tons) and lead (27,194 tons), and significant investments were made in transitioning to more sustainable mining methods.
Sustainability Initiatives
CAML has made substantial progress in its sustainability efforts, highlighted by:
Solar Power Plant at Kounrad: Completed at a cost of $3.1 million, this plant will generate around 16-18% of the site’s electrical requirements.
Water Management and Biodiversity Strategies: Implemented to reduce environmental impact and improve local ecosystems.
Health and Safety: Achieved a low Lost Time Injury Frequency Rate (LTIFR) of 0.4, underscoring the company’s commitment to safe operations.
Business Development and Future Plans
Robinson emphasized CAML’s focus on growth through strategic acquisitions and exploration. The company is actively assessing new opportunities, with several projects under review. Key areas of focus include:
Maintaining Production Guidance: On track to meet production targets for 2024.
Capital Investments at Sasa: Completing major projects such as the dry stack tailings plant and central decline.
Exploration Efforts: Expanding activities in Kazakhstan and North Macedonia.
Q&A Session
The meeting concluded with a Q&A session where shareholders inquired about topics such as the timeline for exploration results, plans for further solar power projects, and the potential for future acquisitions. Robinson and his team provided detailed responses, reinforcing their commitment to sustainable growth and shareholder value.
Conclusion
The AGM of Central Asia Metals PLC showcased a company in robust health, with strong financial results, significant operational achievements, and a clear strategy for future growth. CAML’s focus on sustainability and community development, combined with its prudent financial management and strategic business development, positions it well for continued success.
