CAML is exploring avenues to reduce emissions at its mines in North Macedonia and Kazakhstan28.Oct 2021.
London-listed Central Asia Metals (CAML) is exploring avenues to reduce emissions at its mines in North Macedonia and Kazakhstan, as the company continues working towards developing a climate change strategy.
CAML, which on Wednesday announced interim results, said that it had negotiated to acquire renewable power from its North Macedonian power provider, EVN, for its Sasa operations.
These power purchases, which would be audited subsequently, should lead to CAML being able to claim about a 35% reduction in greenhouse gas emissions across the group.
At Kounrad, in Kazakhstan, the company last year completed a solar plant scoping study.
“We are currently in the process of upgrading this [the scoping study] to a full feasibility study, which will offer a clearer view on the most effective way of reducing our GHG [greenhouse gas] emissions at the project”, said CEO Nigel Robinson.
Meanwhile, CAML reported a sharp increase in net revenue to $100.8-million in the first half of the year, compared with $70.8-million in the comparative period, bolstered by strong commodity prices.
Group earnings before interest, taxes, depreciation and amortisation increased to $64.4-million, from $42.5-million.
The positive performance over the last six months resulted in CAML declaring a dividend of 8p a share.
“This dividend, and a $10-million in accelerated debt repayments, which takes us closer to the debt free milestone, demonstrates our continued focus on delivering value for our shareholders, as well as our wider stakeholders,” noted Robinson.
CAML is on course to achieve the upper-end of the 2021 Kounrad production guidance and the lower-end of the Sasa production guidance.