Central Asia Metals hurt by price pressure

Caitlin Morrison
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The falling price of copper hit revenue at Central Asia Metals in the first half of 2015
COPPER producer Central Asia Metals said yesterday that increasing pressure on commodity prices had led the company to focus on keeping costs low during the six months to 30 June.

The group increased copper production by seven per cent to 5,444 tonnes from 5,094 tonnes in the first half of last year.

The average copper price received was $5,936 (£3,848) per tonne, down from $7,049 per tonne. Group revenue also fell, from $33.7m in the first six months of 2014 to $30.3m this year.

However, the firm announced an interim dividend of 4.5 pence per share.

“The continued low cost of our operations together with our strong balance sheet enables us to continue market leading dividend payments in a challenging commodity environment,” said Nick Clarke, Central Asia Metals chief executive.

He added: “With the dividend announced today, total cash returned to shareholders now exceeds the funds raised at IPO five years ago, an achievement of which we are extremely proud.”

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