London miner Central Asia Metals looks for acquisitions in copper space
The chairman of Central Asia Metals said his firm has an “active” plan to make more acquisitions, especially in the copper space.
Nick Clarke told City PM the business will look to finance any potential takeovers through cash, new equity, debt and shares.
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“We are very busy looking at other opportunities,” he said, “we want to be able to bring in something and bolt on additional value for our shareholders.”
He pointed both to early-stage projects where the miner could add financing or building, or already producing mines, with copper as the preferred option.
He said the firm would look firstly to mining-friendly countries, such as Kazakhstan where it already operates a copper mine, which pumped out 14,049 tonnes of copper last year, a small reduction on 2017.
The firm expects production at the mine to fall to between 12,500 and 13,500 tonne this year, with output at its other mine set to remain fairly stable.
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His comments came after the firm lowered its 2018 dividend despite more than doubling earnings before interest, tax, depreciation or amortisation (Ebitda) to $125m (£95m)
It comes as the firm had its first full year of production for the company’s second asset, a zinc and lead mine in Macedonia.