Our strategy is based on developing and managing profitable base metals projects for the benefit of all of our stakeholders

Central to our strategy is maintaining low cost operations. We have consistently remained in the lowest cash cost quartile for copper production at Kounrad and are confident that our copper equivalent costs, including zinc and lead production from Sasa, will remain highly competitive by industry standards.

As a result of our low cost, cash generative Kazakhstan operations and the inclusion of Sasa into our portfolio, we have now returned to shareholders through dividends and share buybacks $129 million.


employees at Kounrad, Kazakhstan

Our 2017 acquisition of the Sasa mine has resulted in:

  • CAML’s geographical, operational and commodity diversification: The acquisition of Sasa provided the Company with two low operating cost, long life, and cash generative base metal mines in highly prospective jurisdictions. CAML offers investors exposure to a range of base metals with attractive fundamentals, and the low cost nature of these combined operations should ensure the Company remains well positioned throughout the commodity cycle.
  • CAML ownership of two cash generative assets to support the dividend policy: Both Kounrad and Sasa are expected to be highly cash generative and should enable the Company to remain one of the leading dividend payers in the sector. From 2018, the CAML dividend policy is to return to shareholders a target range of between 30% and 50% of free cash flow, defined as net cash generated from operating activities less capital expenditure.
  • Operational growth opportunities: Sasa has significant Inferred Mineral Resources and other brownfield exploration targets that offer potential for growth in terms of production levels and the life of the mine.

employees at Sasa, North Macedonia