Central Asia Metals hails “successful” half as copper hits record high

Central Asia Metals PLC on Wednesday reported increased first half revenue and profit, propelled by record high copper prices and consistent production.

Central Asia Metals PLC also announced it has agreed to acquire Cygnus Metals Ltd and its Chibougamau copper-gold project in Quebec, subject to shareholder approvals.

The London-based mining company, which focuses on Kazakhstan and North Macedonia, said the acquisition would “significantly increase the company’s exposure to copper, in terms of in-ground resources, potential future production and exploration upside.”

Pretax profit was USD59.3 million, up sharply from USD19.6 million a year earlier. Revenue climbed to USD145.5 million from USD99.5 million. Adjusted earnings before interest, tax, depreciation and amortisation rose 89% to USD75.5 million from USD39.9 million.

Copper sales rose 9.5% to 6,287 tonnes in the first half of 2026 from 5,744 tonnes a year earlier. Average copper price received jumped 39% to USD13,171 per tonne from USD9,458. As a result, revenue from Kounrad rose 50% to USD80.8 million from USD53.0 million.

Chief Executive Gavin Ferrar said Kounrad’s steady production of 6,304 tonnes of copper in the first half, compared with 6,218 tonnes a year earlier, “underpinned” the company’s performance.

The average zinc price received also rose, jumping 26% to USD3,365 per tonne from USD2,675 per tonne. This more than offset a 4% decline in the average lead price to USD1,891 per tonne, Central Asia Metals said.

Central Asia Metals declared an improved interim dividend of 8 pence, up 78% from 4.5 pence a year earlier.

Looking ahead, Central Asia Metals said production is on track and maintained its 2026 guidance. It expects copper production of 12,000 to 13,000 tonnes, zinc-in-concentrate production of 18,000 to 20,000 tonnes and lead-in-concentrate production of 26,000 to 28,000 tonnes.

The company said its strong business enables it to “withstand a decline in commodity prices and inflationary cost pressures”. It highlighted its strong financial position, with USD97.2 million in cash, which it said would allow it to “continue to pay an attractive dividend whilst actively considering business development opportunities”.

CEO Ferrar said: “H1 2026 proved to be a successful and exciting period for CAML, as we achieved a solid production performance against a positive background of high metals prices. Copper has set new price records as growing demand, in particular for its conductive properties in electrification and data management, has combined with supply disruptions.

“We look forward to H2 2026 being an equally exciting period, with continued strong prices for copper and zinc, and to making further progress in our Kazakh exploration programmes. We have the prospect of adding the Chibougamau project to our portfolio, and we also look forward to welcoming Cygnus shareholders as new shareholders in CAML, both through our existing AIM quotation and our planned TSX listing.”

Shares in Central Asia Metals were up 7.3% to 179.80 pence on Wednesday morning in London.

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