Tuesday, May 29, 2012 -
Central Asia Metals (CAML) said Monday it has sold the first copper cathode from its new project in east Kazakhstan.
The British mining company began producing copper from its Kounrad facility only two weeks ago.
The London-listed firm said it sold 556 short tons of copper to Traxys Europe on a spot contract.
Traxys provides marketing, financing, and investing services to the metals, minerals and mining industries.
"It is a significant milestone that we have sold the first batch of copper cathodes and started to generate revenues from the Kounrad SX-EW plant,” Nick Clarke chief executive officer of CAML said in a company news release.
Clarke added that the commissioning phase of the SX-EW plant is progressing well and that the firm is on track to achieve its 2012 production target of 5,512 tons.
The Kounrad plant cost the company around $42 million to build.
The producer is thinking of building a second plant in the same location that would be commissioned in the second half of 2014.
CAML also operates copper, gold, and molybdenum projects in neighboring Mongolia.