CAML produces the base metals essential for modern living in a safe and sustainable environment for all its stakeholders. The Company is a copper producer with operations at Kounrad, Kazakhstan, and is a zinc and lead producer at the Sasa mine in North Macedonia. CAML listed on London's AIM market in 2010 and began producing copper in 2012. Kounrad has since produced over 100,000 tonnes of cathode at cash costs that are amongst the lowest globally and production plans are in place to 2034.
The Company acquired the Sasa mine in November 2017, which has a life to at least 2037 and cash costs of around the lowest zinc industry quartile. In the first full year of owning Sasa, CAML demonstrated that the acquisition was accretive on both an EBITDA per share and EPS basis. The Cut and Fill project is currently underway and is on track and on budget to be delivered in Q4 2022. This change of mining method will ensure maximum extraction of Sasa’s mineral resources, and incorporates a more environmentally friendly solution to tailings storage and a safer operation.
In the nine years since production commenced at Kounrad, CAML has distributed to shareholders $229 million in dividends. The Company is equally focussed on its other stakeholders, having in Q2 2020 published its first standalone Sustainability Report containing information regarding CAML’s efforts and achievements in the areas of health and safety, community support, the environment, looking after its people and ensuring good business governance. The Company produced its second Sustainability Report in Q2 2021, to Global Reporting Initiative (‘GRI’) standards ‘Core option’, committing to four of the UN Sustainable Development Goals and incorporating targets that are linked to executive director remuneration.
The Company is also developing its Climate Change Strategy and has recently announced a 35% reduction in annualised greenhouse gas emissions as a result of a renewable power purchase contract in North Macedonia.
With two sustainable, long life, low cost, cash generative operations and a deleveraging profile, CAML is looking once again at future growth opportunities.