Generating value from waste
In 2025, CAML continued to embed circular economy principles across its operations. Through structured reuse, recovery and reintegration initiatives, the Group diverted 2,846 tonnes of non-mineral waste from disposal and returned 194,480 tonnes of tailings underground through paste backfilling. These outcomes reflect our systematic approach to waste management in which by-products are assessed for recovery potential before disposal pathways are considered. By prioritising reuse and reintegration, where possible, CAML reduces landfill demand, lowers long-term environmental liabilities and strengthens resource efficiency.
Non-mineral waste
At Kounrad, the majority of non-mineral waste arises from coal boiler ash. Representing approximately 85% of the site’s non-mineral waste stream, this amounted to 2,616 tonnes in 2025 (2024: 2,327 tonnes). The ash is captured and supplied to local community members for reuse in:
‣ cement;
‣ brick making; and
‣ agricultural soil applications.
This initiative not only diverts material from disposal but also supports local enterprise and practical circularity within our local community. Kounrad also contributes to industrial symbiosis within the metals value chain through the sale of lead-bearing sludge. The sludge is generated during the electrowinning process within the electrolysis cells and is periodically removed to maintain operational efficiency. Instead of being sent for disposal, the material is sold to third-party processors. This creates a modest additional revenue stream (generating $12,000 in 2025) while supporting the recovery of metals that would otherwise be lost.
In recent years, Sasa has installed two reverse-vending machines at our site for employees to use, and one in the local town of Makedonska Kamenica for the community. Reverse vending machines encourage recycling by rewarding plastic bottle and aluminium can returns with monetary-value tokens. These tokens are credited to individual accounts and can be redeemed in participating shops or donated to charity.
Mineral waste
At Sasa, paste backfilling remains central to responsible tailings management. In 2025, 194,480 tonnes of tailings were returned underground, reducing the volume requiring surface storage. Backfilling rates were 33% in 2024 and 27% in 2025. The lower rate in 2025 reflects the commissioning of the site’s dry-stack tailings (DST) facility. Through systematic diversion efforts, CAML continues to embed circular economy thinking into operational decision making while improving environmental performance across its portfolio.
Non-mineral waste diverted from disposal in 2025
78%
2024: 80%
Revenue from sale of lead bearing sludge at Kounrad in 2025
$12,000
Tailings stored underground at Sasa in 2025
194,480t
2024: 226,985t
Total plastic recycled across the Group in 2025
9.3t