VANCOUVER (miningweekly.com) – Small-scale Aim-listed copper producer Central Asia Metals has reached a new full-year production record in 2016 as the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan ramps up.

The London, England-based company reported record output during 2016, topping 14 020 t of finished copper – a 16% year-over-year improvement over 2015’s 12 071 t of red metal.

Despite the improved full-year result, fourth quarter output fell 17.7% year-over-year to 3 010 t.

“In an improved copper price environment and with all major capital at Kounrad expended, we are optimistic about the future. Our objective of continuing to deliver value to shareholders through our industry leading dividend policy remains firmly in place,” executive chairperson Nick Clarke stated.

Central Asia reported that the Stage 2 Kounrad expansion project is now materially complete, with the capital expenses coming in 30% below the budgeted $19.5-million. Copper production from the Western dumps will start on schedule in the second quarter, the miner said.

The Kounrad facility recovers copper from waste dumps (Eastern and Western dumps) that originated from the Kounrad openpit copper mine. Sitting on the surface, these dumps accumulated from openpit mining operations carried out between 1936 and 2005. Over time, oxides and low-grade sulphides of copper formed a significant tonnage deposited at the mine site.

Copper cathode sales for the year ending December 31 also rose 16% to 13 938 t, with offtake partner Traxys taking most production.

As at December 31, Central Asia had a cash position of $40-million.

Central Asia forecast 2017 Kounrad copper cathode output to be in line with the 2016 record. Copper will be leached from the Eastern Dumps, and supplemented with output from the Western Dumps when production starts.

Meanwhile, the company has completed a definitive feasibility study during the fourth quarter on its 75%-owned Copper Bay project, in Chile, and expects to publish the results in due course.

Central Asia expects to release its full-year results on April 4, when it will announce its final dividend for 2016.