Central Asia Metals PLC, during its recent ShareSoc Seminar investor presentation, outlined a solid financial and operational performance for 2024, underpinned by exceptional profitability from its primary mining assets in Kazakhstan (Kunrad) and North Macedonia (Sasa). The company reported EBITDA margins of 47%, notably higher than industry averages, with Kunrad achieving margins as high as 73% owing to its unique low-cost copper recovery process. CAML closed the year with $67.6 million in cash and generated nearly $66 million of free cash flow, positioning itself firmly as a low-debt, cash-strong operator.
Shareholders have benefited from a consistent dividend policy, with payouts between 30% and 50% of free cash flow, although the latest 18p annual dividend actually represented a payout of 63% of cash flow, reflecting the board’s commitment to return surplus capital to investors. Since its 2010 IPO, CAML’s dividend returns have exceeded funds raised, exemplifying its prudent capital management.
Operationally, the Kunrad copper operation stands out for its innovative in-situ leaching method, extracting copper from historic waste dumps without traditional mining, resulting in first-quartile cost performance and a reliable output profile. Sasa, in North Macedonia, remains a stable but higher-cost asset due to conventional underground mining, recent capital investment in new mining methods and infrastructure, and inflationary pressures closer to Europe.
CAML’s growth strategy pivots on selective expansion of its asset base. In 2024, the management evaluated 37 potential acquisitions, focusing on base metal properties in familiar jurisdictions such as Kazakhstan, the wider European time zone, and parts of Africa. The criteria for new investment emphasise accretive deals that bolster shareholder earnings and leverage CAML’s strong borrowing ability. The company also maintains minority stakes in exploration ventures such as the Arthra project in Scotland and the Camel X JV in Kazakhstan, aiming for scalable, affordable copper projects to support future production.
Sustainability and community engagement remain core to CAML’s ethos, with significant investments in solar energy reducing greenhouse gas emissions and philanthropic initiatives supporting local health, education, and disaster relief. Both Kunrad and Sasa have active programmes to minimise environmental footprint, including innovative tailings management and local entrepreneurship support.
Looking ahead to 2025 and beyond, CAML expects continued steady production, further asset optimisation, and sustained shareholder returns, maintaining its reputation as a defensive stock with a strong balance sheet. The company continues to operate debt-free, with ongoing efforts to extend mine life and pursue disciplined expansion in base metals.
