The company produced 10.6ths tons of copper, which is 0.5% lower than in 9M2018. About 68% of all copper produced in Kazakhstan’s Kounrad field recovered from the Western Dumps, which is lower than in 1H2019 (72%).
At the SASA field, lead production decreased by 1.2% yoy and amounted to 21.7ths tons. At the same time, the company increased zinc production by 5.6% yoy to 17.7ths tons. Total production for 9M2019 amounted to 35.7ths tons of zinc concentrate with an average content of 49.6% (against 48.9% for 9M2018) and 30.0ths tons of lead concentrate with an average content of 72.5% (against 72.9% for 9M2018).
Our view
The company's production results for 9M2019 are in line with our expectations. At the same time, sensitivity of the company's revenue from market prices for sold metals remains at a high level.
According to Bloomberg, the average trading volume for CAML shares over the past year decreased by 74% and due to lower liquidity, we stop analytical coverage of Central Asia Metals.
