LONDON (SHARECAST) - Shares of Central Asia Metals were sought after it raised its 2012 output target and swung into a first half profit following last year's loss.
The group, which completed its Kounrad copper mine in Kazakhstan at the start of 2012, posted a pre-tax profit of $530,435 in the six months ended June 30th from a loss of $1.8m in the equivalent period. Revenue jumped to $6.8m from $1.1m previously.
Chief Executive Officer Nick Clarke commented, "This has been a successful period for the company with the commissioning of the SX-EW plant at Kounrad during which the design capacity was achieved for an extended period of time."
Since the end of April this year the group has produced 4,318 tonnes of cathode copper with third quarter 2012 production to date in excess of 2,590 tonnes.
It also completed the Kounrad construction for $39m, $8m under budget.
As a result Central Asia said its 2012 production target has increased 15% to 5,750 tonnes and it has generated positive cash flow since the start of production.
The group said it would continue to focus on its flagship asset at Kounrad and the possibility of expanding production at the site in the short to medium term.
"In Mongolia, we remain focussed on obtaining a mining licence at Alag Bayan and completing the recently announced sale of Ereen and Handgait," it said.