Central Asia Metals Surges on Record Copper Prices and Acquisition Plans
Central Asia Metals (CAML) reported a strong first half of the year, driven by record copper prices and consistent production. The London-based mining company saw its pretax profit jump to $59.3 million, up from $19.6 million in the same period last year.
CAML's revenue increased to $145.5 million from $99.5 million, while adjusted earnings before interest, tax, depreciation, and amortization rose 89% to $75.5 million.
The company cited copper sales of 6,287 tonnes in the first half, a 9.5% increase from 5,744 tonnes in the same period last year. The average copper price received was $13,171 per tonne, up 39% from $9,458 per tonne.
CAML also announced plans to acquire Cygnus Metals Ltd and its Chibougamau copper-gold project in Quebec, subject to shareholder approvals. The acquisition is expected to significantly increase the company's exposure to copper.