We were incorporated in the United Kingdom and raised $60 million at IPO in September 2010, which was used to build the Kounrad recovery plant in central Kazakhstan. Construction of the Kounrad plant was completed in early 2012, 15% below budget. Copper production commenced in April 2012, and annual production increased to in the order of 12,500 to 13,500 tonnes. In September 2015, we reached the milestone of having returned to shareholders, through dividends and share buybacks, amounts in excess of those raised at IPO.
In November 2017, we completed the acquisition of the Sasa zinc and lead mine in North Macedonia for a total consideration of $402.5 million.
We now move forward as a low cost, diversified base metals producer, with capacity to generate annual copper production of up to 13,500 tonnes, lead production of up to 30,000 tonnes and zinc production of up to 24,000 tonnes.