Business model
Our strategic objectives and everyday working practices are embedded in the Group to deliver long-term value for all stakeholders
Our immediate strategic objectives of sustainability, low costs and high margins, and prudent capital allocation are underpinned by our longer-term ambition of growth through acquisition.
We promote low-cost, sustainable, and ethical metal production to benefit our workforce, local communities, host governments and shareholders. We enrich communities close to our operations with employment opportunities and education, and other facilities, while focusing on the financial sustainability of our operations.
WHO WE ARE
GROSS REVENUE 2025
BY GEOGRAPHY
-
KAZAKHSTAN
$129.7m -
NORTH MACEDONIA
$100.1m
GROSS REVENUE 2025
BY METAL
-
COPPER
$129.7m -
ZINC, LEAD, SILVER
$100.1m
SASA
MINING ORE AND MINERAL PROCESSING
LIFE OF MINE TO
2034
2025 ORE MINED
796,171t
2025 ZINC GRADE
2.61%
2025 LEAD GRADE
3.35%
KOUNRAD
IN SITU-DUMP LEACHING AND SX-EW
LICENSED TO
2034
2025 COPPER SALES
13,311t
TONNES OF COPPER CATHODE RECOVERED SINCE 2012, OVER
180,000t
2025 COPPER PRODUCTION
13,311t
WHAT SUSTAINS US
PEOPLE & SKILLS
We are proud of the experienced and capable teams at Sasa, Kounrad and CAML X. In 2025, CAML had an average of 1166 employees across the Group. We provide wide-ranging training programmes for our operational teams and in some cases tertiary education for key talent. We have a strong Board with complementary skills and experience, and a London-based senior management team.
EMPLOYEES BY GEOGRAPHY
-
KAZAKHSTAN
30% -
NORTH MACEDONIA
68% -
UNITED KINGDOM
2%
RELATIONSHIPS
Maintaining strong employee, community and national relationships in our countries of operation are key to us retaining the strong licence to operate that we currently enjoy.
- % OF LOCAL EMPLOYEES 99%
INVESTMENT
In order to ensure safe, efficient and low-cost operations, which also optimise resource extraction and thus operational life, we ensure that Sasa and Kounrad are appropriately funded. We also invest in the long-term sustainability of the business by funding our exploration programmes.
- 2025 TOTAL CAPEX $19.0m
THE VALUE WE DELIVER
OUTCOMES
STAKEHOLDERS
2025 OUTCOMES
2025 COPPER
- 13,311t
2025 SASA PRODUCTION
- Zinc – 17,881t
- Lead – 25,156t
2025 GHG EMISSIONS
- 53,770t
2025 TAILINGS
- 726,313t
INVESTORS
Financial returns and long-term growth opportunities
-
EPS
18.51c2024: 29.10c
-
DIVIDEND FULL YEAR
18p2024: 18p
EMPLOYEES
Wide-ranging training programmes, competitive salaries
-
SASA EMPLOYEES
7872024: 788
-
KOUNRAD EMPLOYEES
3442024: 340
-
CAML X EMPLOYEES
122024: 7
GOVERNMENTS
Economic contribution to the countries in which we operate
-
TAX PAID IN NORTH MACEDONIA SINCE 2017
$109.6m -
TAX PAID IN KAZAKHSTAN SINCE 2012
$338.6m
COMMUNITIES
Investment and jobs for our local communities
-
SASA SOCIAL CONTRIBUTIONS SINCE 2017
$2.6m -
KOUNRAD SOCIAL CONTRIBUTIONS SINCE 2012
$3.7m
SUPPLIERS
Supporting local responsible suppliers
-
SASA % IN-COUNTRY PROCUREMENT
65% -
KOUNRAD % IN-COUNTRY PROCUREMENT
84%
SUSTAINABILITY
In order to operate effectively and responsibly, we ensure that sustainability underpins our business model.
Ensuring ethical practices
Maintaining health and safety
Valuing our people
Caring for the environment
Creating value for our communities