Central Asia Metals Becomes Sole Owner Of Kazakh Copper Project

LONDON (Alliance News) - Mining and exploration company Central Asia Metals PLC Tuesday said it ...

Alliance News 20 May, 2014 | 3:36PM
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LONDON (Alliance News) - Mining and exploration company Central Asia Metals PLC Tuesday said it is now the sole owner of the Kounrad copper project in Kazakhstan after acquiring the 40% stake it didn't already own in the site from Non-Executive Director Kenges Rakishev.

Rakishev will receive 21.2 million shares, representing 20% of Central Asia Metal's issued share capital.

Rakishev will also receive 4 pence per share in lieu of the interim dividend declares by Central Asia Metal in September 2013, which amounts to a cash payment of GBP848,470.

Central Asia Metals said it now plans to increase copper production at Kounrad to around 15,000 tonnes a year by 2016 at an estimated cost of USD35 million, from its existing 10,000 tonnes a year. The company said the programme of works on site will start immediately.

All capital expenditure will be financed from current project cash flows and is not anticipated to have any impact upon the Central Asia Metals dividend policy, subject to currently accepted long-term copper price estimates being maintained, the company said.

Central Asia Metals shares were quoted up 4.1% at 172.75 pence Tuesday afternoon.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Central Asia Metals PLC 210.00 GBX -0.71 -
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