2023년 전체 연도 결과
월 25 2024
중앙 아시아 금속 PLC
('CAML' 또는 '회사')
2023년 전체 연도 결과
Central Asia Metals plc(AIM: CAML)는 오늘 12년 31월 2023일에 종료된 XNUMX개월 동안의 전체 연도 실적을 발표합니다.
재무 요약
? | 그룹 총 수익1 207.4억 2022만 달러(232.2년: XNUMX억 XNUMX만 달러) |
- | 그룹 순수익 195.3억 2022만 달러(220.9년: XNUMX억 XNUMX만 달러) |
? | Group earnings before interest, tax, depreciation, and amortisation ('EBITDA')1 of $96.5 million (2022: $131.6 million) at a margin of 47% (2022: 57%) |
? | Group free cash flow ('FCF')1 of $57.5 million (2022: $90.22 백만) |
? | Capital investment of $27.8 million creating strong platform for long-term operational performance and growth |
? | Cash in the bank of $57.2 million3 (2022: $60.6million) as at 31 December 2023 |
? | CAML remains debt free |
? | 2023년 연간 배당금은 주당 18펜스입니다(2022년: 20펜스). |
운영 개요
Safe and consistent production
? | Zero lost time injuries ('LTIs') at Kounrad (2022: zero) and one LTI at Sasa (2022: two) |
? | 구리 생산량 13,816톤(2022년: 14,254톤) |
? | 아연 정광 생산량 20,338톤(2022년: 21,473톤) |
? | 납 정광 27,794톤(2022년: 27,354톤) 생산 |
미래에 대한 투자
? | Completion of construction of Sasa's Paste Backfill ('PB') Plant and commencement of transition to paste fill mining methods |
? | Completion of initial phase of Sasa's new Central Decline |
? | Updated 2023 Mineral Resource Estimate ('MRE') demonstrates that an additional 2.4 million tonnes have been identified at Sasa under CAML ownership |
? | Completion of Kounrad Solar Power Project |
? | Formation of CAML Exploration ('CAML X') in Kazakhstan and approval received for two exploration licences to date |
1. See Financial Review section for definition of non-IFRS alternative performance measures
2. The definition of FCF was updated to include interest received which changed the 2022 FCF to $90.2 million
3. The cash balance figure disclosed includes restricted cash balance
포스트 기간 종료
? | Intention to invest up to £5 million in Scottish copper and nickel explorer, Aberdeen Minerals, announced separately today |
2024 전망
? | 생산지도 |
- | 구리, 13,000~14,000톤 |
- | 아연 정광, 19,000~21,000톤 |
- | 정광 내 납, 27,000~29,000톤 |
? | Completion of construction of Dry Stack Tailings ('DST') Plant and Landform at Sasa |
? | Completion of development of second phase of Central Decline at Sasa |
? | Increased exploration work planned in Kazakhstan through CAML X subsidiary as well as 6,600 metres of exploratory drilling planned at Sasa |
? | Continued active assessment of new business opportunities with increase in activity in the last six months |
? | Reporting to Global Industry Standard for Tailings Management ('GISTM') |
? | Reduced carbon emissions expected in 2024 due to contribution of solar power from new Kounrad facility |
Nigel Robinson 최고경영자(CEO)는 다음과 같이 말했습니다.
"I am pleased to report a solid performance for CAML in 2023 in which we have met our production guidance in a safe environment at both sites and achieved an improvement in our lost time injury frequency rate ('LTIFR'). This performance has been achieved despite a challenging economic environment with metal prices deteriorating by an average of c.10% across our base metal portfolio and ongoing inflationary cost pressures. The Company has performed well due to our low-cost operations and strong balance sheet.
"It has also been a busy year of development and investment in our business both at Sasa and Kounrad. At Sasa we made significant strides towards the completion of our transition to paste fill mining, whilst at Kounrad we completed the construction of the solar power project.
"Alongside the investment at both of our sites during 2023, we have been very active in trying to grow our business and have reviewed 37 opportunities, signed 17 NDAs and conducted seven site visits.
"As part of our growth strategy, we set up our new exploration subsidiary, CAML X with a team of early-stage exploration geologists in Kazakhstan, and I am pleased to report we have been awarded two exploration licences to date.
"Following this performance, we propose a 9 pence per share final dividend, equating to a total dividend for 2023 of 18 pence per share. We are delighted to be able to propose this above-policy dividend, underscoring our track record of delivering attractive returns to shareholders in the absence of a material business development transaction and / or level of debt during the period.
"During 2024 we intend to complete the installation and commissioning of the DST Plant at Sasa and the transition to paste fill mining. This will complete our capital investment programme at Sasa and will ensure the maximum extraction of resources in the safest and most environmentally friendly way through to at least 2039.
"We were delighted to have announced separately today our intention to invest up to £5 million in Scottish copper and nickel explorer, Aberdeen Minerals. We have been impressed with the Aberdeen team and the company's exploration potential and we look forward to working together to explore the prospective Northeast area of Scotland. We will continue to search for additional growth opportunities both at the early exploration stage and also the larger transformational transactions which will enhance shareholder value in the short to medium term."
분석가 전화 회의 및 웹캐스트
A live conference call and webcast hosted by Nigel Robinson (Chief Executive Officer), Gavin Ferrar (Chief Financial Officer) and Louise Wrathall (Director of Corporate Development) will take place at 09:30 (GMT) today.
The conference call can be accessed by dialling +44 (0) 33 0551 0200 and quoting the confirmation code 'Central Asia Metals - Results', and the webcast can be accessed using the link:
https://brrmedia.news/CAML_FY
프리젠테이션은 회사 웹사이트에서 볼 수 있으며 프리젠테이션이 끝난 후 전화 통화를 다시 볼 수 있습니다. www.centralasiametals.com
Investor Meet Company를 통한 프레젠테이션
The Company will also hold a live presentation relating to the 2023 Full Year Results via the Investor Meet Company platform on Monday 25 March 2023 at 16:30 (GMT). The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Central Asia Metals Plc via:
www.investormeetcompany.com/central-asia-metals-plc/register-investor
자세한 정보는 다음으로 문의하십시오.
중앙 아시아 금속 | 전화 : + 44 (0) 20 7898 9001 |
나이젤 로빈슨 | |
대표이사 | |
개빈 페라 | |
최고 재무 담당자 | |
루이스 레이솔 | |
기업 개발 이사 | |
엠마 체트윈드 스테이플턴 | |
투자자 관계 관리자 | |
Peel Hunt (추천 고문 및 공동 Broker) | 전화 : + 44 (0) 20 7418 8900 |
로스 알리스터 | |
데이비드 맥키온 Georgina Langoulant | |
BMO캐피탈마켓(공동 Broker) | 전화 : + 44 (0) 20 7236 1010 |
토마스 라이더 | |
파스칼 루시에 뒤케트 | |
BlytheRay(홍보 고문) | 전화 : + 44 (0) 20 7138 3204 |
팀 브라이스 | |
메건 레이 |
편집자 주 :
런던에 본사를 둔 AIM 상장 영국 회사인 Central Asia Metals는 카자흐스탄 중부 Kounrad SX-EW 구리 프로젝트의 지분 100%와 북마케도니아 Sasa 아연-납 광산의 지분 100%를 소유하고 있습니다. CAML 탐사 자회사는 최근 카자흐스탄의 초기 탐사 기회를 진행하기 위해 설립되었습니다.
자세한 내용은 다음을 방문하십시오. www.centralasiametals.com Twitter(@CamlMetals) 및 LinkedIn(Central Asia Metals Plc)에서 CAML을 팔로우하세요.
회장 성명
Fulfilling our purpose
Our purpose is to produce base metals, essential for modern living, profitably in a safe and sustainable environment for all our stakeholders and we have fulfilled this purpose during 2023.
Our solid operational performance in 2023 generated EBITDA of $96.5 million, earnings per share ('EPS') of 20.51 cents and FCF of $57.5 million. Whilst this was significantly less than the prior year due to reduced commodity prices and inflationary cost pressures, it was a strong performance in a difficult market.
2023 has been a notable year for several reasons, not least the fact that, in Q3 2023, we reached the milestone of having generated over $1 billion in revenue from our Kounrad project. Operationally, in addition to completing construction of our Solar Power Project in Kazakhstan, we also completed the first part of the development of our Central Decline at Sasa, by joining the two tunnels totalling over two kilometres that had been simultaneously constructed from within the mine and from surface. Also, at Sasa, we completed construction of our PB Plant and began transitioning to our new paste fill mining methods, while starting construction of the final phase of our capital investment - the DST project.
In terms of developing our business for the long term, we continue to place much focus on appraising opportunities for future growth. In 2023, we were pleased to have entered into an arrangement with a team of experienced early-stage exploration geologists with international and significant Kazakhstan experience and a proven track record of discovery, and have set up our new exploration subsidiary, CAML X. The team is reviewing a series of potential target areas using historical data and its advanced database, and applications for several exploration licences in Kazakhstan have been made, with two already granted.
지속 가능성
We have continued to advance our sustainability efforts during 2023. In Q2 2023, we published our fourth standalone Sustainability Report. This was the Company's third report drafted in accordance with the Global Reporting Initiative ('GRI') Standards, and the first to GRI's new Universal Standards.
We maintain our focus on minimising our environmental impacts on the areas surrounding our operations while creating value for our local stakeholders and, to that end, we have progressed in several key sustainability areas during 2023. We have established the template to estimate our Scope 3 greenhouse gas ('GHG') emissions, and these will be detailed in our forthcoming Climate Change Report for 2023 and also retrospectively for 2022. Our efforts towards conforming with the new GISTM have intensified and we remain confident that we will be able to comprehensively detail our progress and status at the end of H1 2024.
During Q4 2023, we also commenced projects on both biodiversity and occupational health, and we look forward to advancing our work and developing strategies for these two areas in 2024.
통치
In April 2023, Nurlan Zhakupov left the CAML Board, we thank him for his 11 years of service as a Non-Executive Director.
We remain committed to strong corporate governance practices. Aside from Nurlan's departure, our Board and its committees have enjoyed a period of stability. Our Technical Committee visited Sasa twice to see progress and provide guidance to the team delivering the projects that will enable us to complete the transition to paste fill mining methods.
Our Audit Committee continues to oversee the financial aspects of our business as well as placing an increasing importance on risk management. CAML's Remuneration Committee continues to ensure clear and measurable targets for our Executive Directors and senior management team, which always incorporate sustainability-related targets, while our Nomination Committee aims to ensure we retain, develop, and attract the right talent for the future. Our Sustainability Committee has this year advised our charitable foundations regarding a longer-term approach to our community investments and has ensured Board oversight on our climate change initiatives and tailings management in particular.
감사의 글
At the end of 2023, Pavel Semenchenko retired as Kounrad's General Director. Pavel has been with us for 17 years, overseeing the construction and the safe and successful operation of Kounrad. My sincere thanks go to Pavel for all that he has done for Kounrad and for CAML and I am delighted that he has agreed to remain with us as our Regional Manager in Kazakhstan. I am confident that his replacements, Raulan Kozgambayev and Vitaliy Logachev, will continue to ensure Kounrad's success for the future.
I would like to thank the Board of Directors, our senior management team and all our employees for their dedication to our business during 2023. Your efforts are noted, and we very much appreciate your hard work. I would like to extend my thanks to our stakeholders for their support.
최고 경영자 성명서
2023 Financial overview
During 2023 we reported gross revenue of $207.4 million, an EBITDA of $96.5 million, at a margin of 47% and generated free cash flow of $57.5 million. Following this performance, we propose a 9 pence per share final dividend, equating to a total dividend for 2023 of 18 pence. We are delighted to be able to propose this above-policy dividend, underscoring our track record of providing attractive returns to shareholders in the absence of a material business development transaction during the period.
Our Kounrad operations continued to perform well, with production towards the upper end of our guidance range at 13,816 tonnes of copper. Kounrad's C1 cash cost of production remained very low by global standards at $0.74 per pound, despite inflationary pressures.
Meanwhile, at Sasa we produced 20,338 tonnes of zinc in concentrate and 27,794 tonnes of lead in concentrate, which was in the middle of our guidance range, at a C1 zinc equivalent cash cost of production of $0.68 per pound.
Despite the above solid financial and operational performance, CAML's shares performed poorly over the course of the year due to the challenging economic environment.
쿤라드
During the year at Kounrad, leaching operations performed well, as did the solvent extraction - electrowinning ('SX-EW') processing facilities with recorded availability of over 99%.
We continued to develop more of the Western Dumps for future leaching operations, while focusing on maximising copper extraction in the Eastern Dumps, which has already delivered more copper than was originally anticipated.
In July 2023, our Board paid a successful visit to site, viewing both the leaching and SX-EW operations plus the construction progress of the Solar Power Project. The Board also took the opportunity to hold meetings with local management and various stakeholders in the area as well as visiting the Kounrad Foundation projects to see their development.
In Q4 2023, the Solar Power Project construction was completed, and I was delighted to officially open the facility. It is now generating renewable power and anticipated to provide 16-18% of the site's electrical needs on an annualised basis and reduce Kounrad's Scope 1 and 2 emissions by 10% versus 2020. The majority of the installation and other works were conducted in-house, and the project was completed on schedule and under budget at a final cost of $3.1 million.
I would like to join Nick Clarke in thanking Pavel Semenchenko who, after 17 years as General Director, is stepping away from the day-to-day running of the operations at Kounrad.
사사
During 2023, significant construction work took place at site as we built the infrastructure necessary for the transition to paste fill mining methods.
The initial development of the Central Decline is complete, and the decline is now operational with the completion of Phase 1 connecting surface to the 910 level in H1 2023. Phase 2 is scheduled to be completed by the end of H1 2024 and will connect 910 level with the 800 level.
Construction of the PB Plant is complete, and the plant is now effectively operational with cemented tailings being placed underground, and the extraction of ore at the 800 level in line with our new paste fill mining methods is underway.
In 2023, the final design and review process for the DST Plant was completed and the construction of the plant foundations and clearing of vegetation for the landform started in H2 2023. During 2024, the placement of dry stack tailings will commence, and the project is due to be completed by the end of the year.
지속 가능성
To demonstrate our efforts and achievements, we will soon be publishing our fifth sustainability report, our fourth to GRI standards and our second to the new GRI 'universal standards'. During 2023, we undertook an internal review process to check the materiality of the topics and their priorities, and the new GRI mining sector standards were taken into account. From this process, we have made the decision to include human rights as an additional material topic. Diversity and inclusion have been identified as a key focus area and have also been added as a material topic. Therefore, we have begun to develop a diversity and inclusion strategy that will be built upon in 2024. Additionally, to support employees during the current global inflationary environment, all staff at both sites were given pay rises.
In 2023, we began to estimate our Scope 3 emissions for 2022 and 2023 and have included this data in our forthcoming 2023 Climate Change Report.
Our Health and Safety performance across the Group continues to be strong and we have always maintained a key focus on this aspect of our business. We were disappointed to report one LTI at Sasa during the year but this is a continued improvement on previous years. We recorded zero LTIs at Kounrad and therefore our 2023 total as a Group was one, with a LTIFR of 0.40.
In Q4 2023, Sasa won a top national safety award from the Council of Health and Safety at work in North Macedonia, recognising that our work to implement effective safety training and supervision for our employees is a priority and is crucial to achieving an improving safety record.
We remain committed to reporting to GISTM for our tailings storage facilities ('TSFs') by end of H1 2024. A working group has been formed, comprising members of the production, tailings, sustainability and communications teams, overseen by the Group Sustainability Director and Sasa's General Director, to ensure all workstreams are effectively covered.
In 2023, we reported that we would increase funding to both of our local Foundations from 0.25% from 0.50% of revenue. This is a vital aspect of what we do in the areas close to our operations and, as a result, we enjoy good relations with our neighbours, and we believe we have brought some real, positive change. At Kounrad, the Foundation contributed to equipment for the local hospital, computers for the medical college, educational support for children from low-income families and sports equipment for various youth teams amongst other causes. This year at Sasa, funds were allocated to various projects, including the reconstruction of the medical centre, support of youth sports teams and educational scholarships.
Additionally, we have purchased a foetal heart monitoring piece of equipment in Balkhash and funds have been allocated for an x-ray machine at Sasa to enhance the medical facilities for the local community.
In Kazakhstan, the Kounrad Foundation has engaged the Eurasia Foundation for Central Asia ('EFCA') to develop a long-term community investment strategy that will be implemented over the next five years. This plan will create new opportunities for the residents of Balkhash, working with local authorities, the community, and other stakeholders to improve their quality of life and the environment. Representatives from the Kounrad Foundation undertook a tour study of other Foundations in Kazakhstan in H1 2023, and a Strategic Plan has been drafted.
At Sasa, Phase 1 of the Local Economic Development Plan ('LEDP') and Local Environment Action Plan ('LEAP') activities was completed in 2023, comprising the development of a community-based tourism concept and the establishment of a brand identity for Makedonska Kamenica which was created by the community itself through workshops with community leaders and existing businesses.
Outlook
While we do foresee global challenges, we are confident that CAML will continue to perform robustly and that we have the teams in place to continue to deliver safe, consistent and low-cost production.
At Kounrad, we expect to produce between 13,000 and 14,000 tonnes of copper during 2024. Our production guidance for Sasa is 790,000 to 810,000 tonnes of ore, which should deliver between 19,000 and 21,000 tonnes of zinc in concentrate and between 27,000 and 29,000 tonnes of lead in concentrate. Our focus at Sasa during 2024 will be the completion of DST Project as the final component of our investment in the infrastructure required to transition to the paste fill mining methods. Completion of these projects at Sasa will then enable us to extract the maximum resources in a safer, more sustainable and efficient manner.
In 2024, Sasa expects to spend between $8 million and $9 million in completing the construction of the DST Plant and Landform and completing Phase 2 of the Central Decline. This will bring to an end the major capital investment programme undertaken at Sasa over the past three years. CAML also expects to commit between $14 million and $16 million to sustaining capex across the Group in 2024.
We were extremely active throughout 2023 in terms of business development, having reviewed 37 opportunities, signed NDAs for 17 of them and conducted seven site visits. In December 2023, we were delighted to receive confirmation that one of our new licence applications for our target generation exploration programme in Kazakhstan had been granted and, in Q1 2024, we received confirmation of a second. We look forward to a full exploration season for our new CAML X entity this year.
This business development momentum has continued into 2024 and we remain in a strong position from which to grow through acquisition, building the business for the future and producing the base metals essential for modern living.
운영 검토
카자흐스탄
보건 및 안전
There were no LTIs at Kounrad during 2023, and there have now been 2,054 days since the last LTI to the end of 2023.
Leaching operations
Both the Eastern and Western Dumps were simultaneously leached during 2023, with the production split being 32% and 68%, respectively.
At the Eastern Dumps, the team focused on irrigating the side slopes of Dump 7 which had been levelled by a bulldozer during 2022. Additionally, commencing in early spring of 2023, the bulldozer was assigned to levelling the side slopes of the Dump 5 perimeter, thus exposing additional resources of previously unleached material. The leaching response from these two side slope areas was excellent, with the Eastern Dumps producing 4,382 tonnes of copper, a contribution last seen in 2020.
In other areas of the dumps, rotational 'rest and rinse' irrigation was continued, which continues to generate economic levels of PLS in the region of 0.5 to 0.7 grammes per litre ('gpl') copper. The late autumn/early winter temperatures were very mild in 2023 and allowed leaching of the uncovered summer blocks to be extended by a month longer than normal, assisting in overall production. The old winter blocks that are still covered with heat retaining high density polyethylene ('HDPE') sheeting, were brought under leach in the first week of December and will be on-line until Spring 2024. It should be noted that winter leaching of the Eastern Dumps will not be conducted after the current season has ended in March 2024, as the economics of placing the HDPE cover materials and the cost of heating the raffinate to this area are not justified. From 2024 onwards, leaching at the Eastern Dumps will be conducted only during the eight/nine warmer months of the year.
2023 production takes the total quantity of copper recovered from the Eastern Dumps, since operations commenced, to over 85,000 tonnes, higher than the quantity forecast at the time of the CAML Initial Public Offering ('IPO') in 2010. Typically, the daily average area under irrigation at the Eastern Dumps during the year was 22 hectares, noting that winter leaching is restricted to an area of around 12 hectares.
The irrigation plan for 2024 is to focus on the 180,000 cubic metres of materials that were relocated from the edge of the railway link and placed atop Dumps 9-10. It is forecast that this material should produce approximately 1,000 tonnes of copper and will be supplemented with continued side slope irrigation of Dumps 5 and 7, together with rotational 'rest and rinse' from older blocks. It has been noted that a typical ore block that has been subjected to over 600 days of irrigation, through several 'rest/rinse' cycles, is still capable of producing economical PLS grades containing 0.6 to 0.7 gpl of copper pick-up.
The continued successful and economic generation of copper from the Eastern Dumps is anticipated to continue at least into 2025 and potentially beyond.
At the Western Dumps, the focus of irrigation remained on parts of Dumps 16, 21, 22 and 1A, from which 9,434 tonnes of copper were recovered, contributing approximately 68% of the total Kounrad copper production. The average daily area under irrigation on the Western Dumps slightly decreased to 34.6 hectares (38.2 hectares in 2022) of both new and previously leached material. This was as a result of the higher production level at the Eastern Dumps, allowing Western ore blocks to be leached for longer whilst still generating economic returns at planned production target levels. The volume of raffinate pumped around the site averaged 1,299 cubic metres per hour ('m3/hr'), an increase of 5% over 2022 rates. As in previous summer periods, a proportion of the off-flow solutions from the Eastern Dumps were recycled across to the Western Dumps with the aim of maintaining broadly stable PLS grades to the solvent extraction ('SX') plant.
Application rates of solution to the dumps were maintained at a level of 2.44 litres per square metre per hour ('l/m2/hr') throughout the year, slightly higher than in 2022.
During the course of the year, the 890 metres of trenches excavated northwards around Dump 16 edge in 2022 were fully lined with HDPE and brought into operation. An extension of the trench encircling Dump 21 was undertaken this year, with 900 metres being excavated of which 450 metres were lined with HDPE, the balance to be completed in 2024.
Two bulldozers continued with levelling and shaping earthworks, primarily on the Western Dumps. At the Eastern Dumps, bulldozer work was relatively limited to the preparation of unleached side slope and road access areas.
The new winter irrigation/boiler measurement and control systems, which were designed and prepared in late 2021, continue to operate very effectively. Since 2021 there has been a stable reduction in coal consumption by 13%, with both 2022 and 2023 being within 100 tonnes of each other.
SX-EW plant
The SX-EW plant continued to operate efficiently during 2023 and the overall operational availability throughout the year was 99.4%. This was 0.1% above that of 2022, primarily due to a reduced number of power supply interruptions this year. With the process plant now having passed 10 years of permanent operations, for the first time the number of planned maintenance schedules were increased from two to three in an attempt to minimise unscheduled stoppages due to mechanical or electrical failure.
With the average Western Dumps copper grade of around 0.1% and largely fully leached Eastern Dump materials, the average PLS grade for the year was 2.05 gpl, approximately 0.2 gpl lower than in 2022. Solution flow rates through the SX increased to 1,071 m3/hr for the year, with rates in Q3 2023 averaging over 1,200 m3/hr. During the year, each of the four extract settler units were taken off-line to facilitate inspection and undertake any necessary repairs. In addition, a new heat exchanger was installed on the solution line feeding the fourth mixer unit, which now allows it to be run through the winter with the aim of mitigating and optimising organic reagent consumption and therefore production costs through this period.
Operations within the electrowinning ('EW') sections were steady throughout the year, with the operations teams focusing on minimising reagent consumptions in the off gas scrubber units, whilst maintaining high efficiency levels. A further focus was placed on improving ventilation within the EW buildings, through comprehensive checks and renewal of the ventilation piping and increased frequency of atmospheric measurements. To this end gas sampling equipment was purchased, which allowed more frequent monitoring of this parameter. The EW plating bath units were cleaned of accumulated lead sludge in order to ensure high quality copper cathode quality. In Q4 2023, an order was placed for 1,064 new anode plates, with expected delivery to site being Q3 2024 and installation scheduled for the start of Q4 2024.
During the year, the site management team continued their emphasis on reagent consumptions and controls, particularly imported organic reagents such as LIX, achieving a saving of 7.5% compared to 2022. As a consequence of the lower copper grade entering the SX, levels of transferred iron into the rich electrolyte increased by almost 12% and was ameliorated by a higher level of bleeding and fresh make-up water. As such consumption levels of cobalt, acid and smoothing agent were slightly higher but assisted in maintaining the electrical power consumed per tonne of copper at a slightly lower level than 2022, at 4,252 kWh per tonne (4,266 kWh in 2022).
구리 판매
Throughout the year, the quality of CAML's copper cathode product has once again been maintained at high levels. Regular in-house and independent metallurgical analyses have consistently reported 2023 copper purity of around 99.998%. The Company continues to sell the majority of its copper production through offtake arrangements with Traxys.
2024년 생산지도
The 2024 guidance for Kounrad's copper cathode production is between 13,000 and 14,000 tonnes.
Solar Power Project
Following approvals for the Solar Power Project capital expenditure by the CAML Board, all orders for the associated equipment and materials were placed in 2022, with the majority of items received at site during Q1 2023. Working with the technical oversight of a Kazakh licensed engineering consultant, TGS, an in-house team of construction and installation engineers were assembled to undertake the site installation works in March 2023 after earthworks associated with levelling the 10 hectare site had been completed in 2022. During Q4 2023, the installation of the 4.77 MW facility, comprising 8,850 solar panels, 24 DC-AC inverters and associated items was essentially completed and the plant commissioned. In November, the facility was officially opened by the CEO in the presence of regional dignitaries. Since then, the facility has generated over 709,000 kWh to year end, equating to 7% of the total site demand and in accordance with winter period forecasts estimated in the feasibility study.
With the vast majority of the installation and other works being conducted in-house, the project was completed under budget at a final cost of $3.1 million.
노스 마케도니아
In 2023, Sasa mined 805,621 tonnes of ore and processed 805,819 tonnes of ore. The average head grades for the year were 2.97% zinc and 3.70% lead and the average 2023 metallurgical recoveries were 85.0% for zinc and 93.1% for lead.
Sasa production statistics
단위 | 2023 | 2022 | 2021 | |
채굴 된 광석 | t | 805,621 | 806,069 | 818,609 |
식물 사료 | t | 805,819 | 806,653 | 830,709 |
아연 등급 | % | 2.97 | 3.15 | 3.14 |
아연 회수 | % | 85.0 | 84.6 | 84.9 |
납 등급 | % | 3.70 | 3.63 | 3.52 |
납 회수 | % | 93.1 | 93.4 | 93.1 |
아연 농축액 | t (건조) | 40,226 | 42,824 | 44,383 |
- 등급 | % | 50.6 | 50.1 | 49.9 |
- Contained zinc | t | 20,338 | 21,473 | 22,167 |
납 농축액 | t (건조) | 39,136 | 38,439 | 37,893 |
- 등급 | % | 71.0 | 71.2 | 71.8 |
- Contained lead | t | 27,794 | 27,354 | 27,202 |
보건 및 안전
At Sasa, we continue to improve our health and safety standards reflected in a reduction in our LTIFR to 0.40 in 2023.
채굴
The ore was mined using a combination of sub-level caving and cut and fill mining methods during the year from the 990, 910 and 830 level production areas. The ore and waste from the underground operations is transported to surface via a combination of hoisting via the Golema Reka shaft and trucking via the existing XIVb decline and increasingly the Central Decline using a fleet of 20 tonne Epiroc trucks.
The average combined zinc and lead grade of the ore mined was 6.67%, compared to 6.78% in 2022.
Ore development across the three working areas totalled 6,549 metres, which was broadly in line with last year, included opening the new 830 production area in Q3 2023. Waste development for the year totalled 2,574 metres, approximately 8% above last year, and generated 104,048 tonnes of waste from internal ramp access and crosscuts to the ore body, raise development and the development of the Central Decline. The mine produced a total of 909,669 tonnes of ore and waste during the year, approximately 1% more than last year.
유지보수
The computerised maintenance management system ('CCMS') for surface and underground equipment is operational and in the process of being updated with additional mobile equipment and fixed plant. As part of the strategy to modernise the procedures, a new underground Wi-Fi communications system was completed across the main areas of the mine and is now in the process of being extended to all working areas.
During the year, certain equipment was purchased to maintain production and improve efficiency:
? an Epiroc Bolting Drill Rig Boltec S, for the safe and efficient installation of support including roof and cable bolts
? a Manitou MHT-X790 Mining, for installation of the underground reticulation system
? a Paus MinCa people transporter
? a CAT 320 excavator
? a Simba S7 long hole drilling machine
처리
Sasa processed 805,819 tonnes of ore during the year which is consistent with 2022 production, and the plant had an overall availability of 95%.
In addition to the planned maintenance works completed during the year, the process of improving the automated oil lubrication systems and flow meter continues with additional units installed and commissioned during 2023.
The tailings storage facility systems at Sasa ran to a high standard and without incident during the year, managed by a designated tailings management team. An internal GISTM review was completed in Q3 and the new system captures all recommendations from the Knight Piésold Technical Reviewer, Independent Technical Reviewer ('ITR') and the Engineer of Record ('EoR') reports. Over the course of the year significant progress has been made towards conformance with GISTM in 2024.
During the year, construction of the TSF4 waste rock toe continued with the placement of 21,000 m3 waste rock from the underground mine.
A seismic monitoring system and piezometer sensors were installed in 2022 and additional piezometers have been added and commissioned in 2023 to continue the drive to automate and improve the TSF monitoring systems.
The rehabilitation of the TSF3.2 facility continued throughout the year with the placement of waste rock from the underground mine and is now 90% complete, including placement of rock armouring and topsoil of the face of TSF3.2 to reduce dust and comply with environmental legislation.
A total of 10,157 metres of exploitation drilling was completed during the year across the three working areas, the 830, 910, and 990 levels, to provide additional information on the grade and thickness of the three orebodies. During H1 2024, an additional production area on the 750 level is planned to come into operation to continue the transition to paste fill mining methods.
A total of 1,615 metres of exploration drilling was completed below the 830+14 metre level to improve the geological understanding of the mineralisation at Svinja Reka at depth.
A total of 3,541 metres of exploration drilling in eight holes was completed from surface at the Golema Reka deposit to improve understanding of the geology at depth below the 700 metre level. One hole intersected three zones of mineralisation down to at least the 580 metre level, demonstrating the extension of the mineralisation at depth to the south-west and adding to the Inferred Mineral Resources.
In Kozja Reka and the Gap target (the area between Golema Reka and Kozja Reka), 4,300 metres of exploration drilling was completed in 2023.
자본 투자
The transition to using paste fill at Sasa will create a safer and more sustainable underground mining operation for the long term and provide the ability to improve the overall recovery of metal from the orebody. Investments have been made in three key areas and consist of a PB Plant and the associated surface and underground reticulation, a DST Plant and associated Landform and the development of a new Central Decline.
PB Plant
Following the ESIA approval for the PB Plant in 2022, a contract was signed with local construction company, Aktiva, and excavation and civil works began shortly after. The PB Plant and associated surface and underground infrastructure is now complete and in operation with extension to the underground reticulation system continuing as the mine opens new production areas.
중앙 하락
The development of the Central Decline continues to progress well and is now operational, with phase 1 complete in Q2 2023 connecting the surface to the 910 working level. During 2023, 1,056 metres of development were completed and as at the end of 2023, the Central Decline had been developed for a total of 2,610 metres from surface.
The Central Decline has been equipped with a new paste fill reticulation line and is fully serviced with power, stage pumping and cuddies mined at 200 metre intervals. In Q4 2023, a surface 75 kW fan was installed and commissioned, improving mine ventilation by up to 24m3 초당.
DST Plant
During 2023 the final design and review process for the DST Plant was completed, and construction of the plant foundations and clearing of vegetation for the landform started in Q4 2023. In H1 2024, the project is due to be complete and the placement of dry stack tailings will commence.
찌꺼기 관리
A key benefit to the transition to paste backfill mining is the improved storage of tailings. Previously, all tailings generated from Sasa's processing plant were stored in TSF4. For the remaining life of the mine, tailings will be stored in the following three locations; underground paste backfill, DST Landform and TSF4.
2024 생산 지침
The transition to the paste fill mining methods is underway. CAML maintains its ore mined guidance year on year of 790,000 to 810,000 tonnes. Expected metal production in 2024 is between 19,000 to 21,000 tonnes of zinc in concentrate and 27,000 to 29,000 tonnes of lead in concentrate.
Sasa Mineral Resources, Ore Reserves and life of mine ('LOM')
During 2023, the technical services team updated Sasa's Mineral Resource Estimate ('MRE') for the Svinja Reka and Golema Reka deposits and the Ore Reserves for the Svinja Reka deposit.
The updated work took into account recent additional drilling, mining depletion and changes to the metal price and transport charges used in the Net Smelter Return ('NSR') calculation. Sasa's MRE and Ore Reserves are shown in the following tables.
Total Sasa Mineral Resources increased by 0.9 million tonnes versus 2022. Svinja Reka Mineral Resources decreased to 11.5 million tonnes at grades of 4.3% lead and 2.9% zinc (2022: 12.3 million tonnes at grades of 4.2% lead and 2.9% zinc) due to mining depletion. Total Golema Reka Mineral Resources increased to 9.3 million tonnes at grades of 3.8% lead and 1.2% zinc (2022: 7.6 million tonnes at grades of 3.6% lead and 1.4%), due to changes in geological reinterpretation based on the results of the 2023 drilling and the use of a NSR cut-off value for reporting.
The Svinja Reka 2023 Ore Reserve is 9.0 million tonnes at grades of 4.0% lead and 2.6% zinc (2022: 8.8 million tonnes at grades of 3.9% lead and 2.6% zinc). Mining depletion of approximately 0.8 million tonnes has been offset by design changes associated with increased metal prices and additional geotechnical data. Based on the latest Mineral Resources and Ore Reserves, CAML expects Sasa to maintain annual production rates of between 800,000 and 830,000 tonnes per annum for an expected life of mine of 15 years until 2039.
Approximately 6,600 metres of exploration drilling is planned at Sasa for 2024, which will focus on underground drilling of the Kozja Reka deposit from the Central Decline to explore for down dip and northern extensions of the previously mined mineralisation. In addition, down dip exploration and infill drilling at Svinja Reka below the 750 level is planned, as well as a structural geology study of the Sasa area to assist with the definition of exploration targets.
Mineral Resource Estimate for Svinja Reka and Golema Reka
Sasa's technical services team has updated the Mineral Resource Estimate ('MRE') for the Svinja Reka and Golema Reka deposits as of 31 December 2023:
학년 | 금속 함유 | ||||||||
분류 | 입금 | Mt | 납 (%) | 아연(%) | Ag(g/t) | 납(kt) | 아연(kt) | Ag(코즈) |
|
지정 광물 자원 | Svinja Reka | 9.6 | 4.6 | 3.0 | 34.6 | 441 | 286 | 10,634 |
|
Golema Reka | 1.9 | 4.0 | 1.3 | 13.5 | 77 | 26 | 841 |
| |
총 표시 | 11.5 | 4.5 | 2.7 | 31.0 | 518 | 312 | 11,475 |
| |
추정 광물 자원 | Svinja Reka | 2.0 | 2.5 | 2.4 | 19.5 | 48 | 47 | 1,221 |
|
Golema Reka | 7.3 | 3.7 | 1.2 | 12.8 | 274 | 87 | 3,031 |
| |
총 추론 | 9.3 | 3.5 | 1.5 | 14.2 | 322 | 135 | 4,242 |
| |
Total Indicated and Inferred Resources | 20.8 | 4.0 | 2.1 | 23.5 | 840 | 446 | 15,717 |
|
노트
- Mineral Resources have an effective date of 31 December 2023.
- The Competent Person for the declaration of Mineral Resources is Graham Greenway, BSc.Honours (Geology), PGeo. Graham Greenway, CAML's Group Geologist, is a Practising Registrant of the Professional Geoscientists of Ontario and has over 35 years' experience in the exploration, definition and mining of precious and base metal Mineral Resources, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a 'Competent Person' as defined by JORC and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. He has reviewed, and consents to, the inclusion in the Annual Report of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.
- 광물 자원은 광석 매장량을 포함하여 보고됩니다.
- The Svinja Reka Mineral Resource is reported based on a NSR cut-off of $46 per tonne for Sub-Level Caving and $53 per tonne for Cut and Fill and Long Hole Stoping and are based on metal price assumptions of $2,933 per tonne for zinc, $2,300 per tonne for lead and $26 per ounce for silver (these being 15% higher than the prices assumed for the Ore Reserve so as to include mineralisation that has "Reasonable prospects for eventual economic exploitation" but which is not economic assuming the prices used for reporting the Ore Reserve).
- The Golema Reka Mineral Resource is reported based on a NSR cut-off of $53 per tonne for Cut and Fill Stoping.
- Mineral Resources are reported as undiluted. No mining recovery has been applied in the Statement.
- Tonnages are reported in metric units, grades in percent (%) or grams per tonne (g/t), and the contained metal in metric units or ounces. Tonnages, grades, and contained metal totals are rounded appropriately.
- Rounding may result in apparent summation differences between tonnes, grade and contained metal content.
Svinja Reka Ore Reserve statement
The following Ore Reserve Statement has been prepared by Sasa's technical services team based on a LOM plan that includes a transition from the Sub-Level Caving mining method to Cut and Fill as well as Long Hole Stoping with paste backfill. The Ore Reserve Statement considers the updated Indicated Resources constrained within a practical and economic mine design only.
학년 | 금속 함유 | ||||||
Svinja Reka | Mt | 납 (%) | 아연(%) | Ag(g/t) | 납(kt) | 아연(kt) | Ag(koz) |
유망한 후보자 | 9.0 | 4.0 | 2.6 | 29.8 | 359 | 236 | 8,661 |
금액 | 9.0 | 4.0 | 2.6 | 29.8 | 359 | 236 | 8,661 |
노트
- Ore Reserves have an effective date of 31 December 2023.
- The Competent Person who has reviewed the Ore Reserves is Scott Yelland, C. Eng, FIMMM, MSc, who is a full-time employee and Chief Operating Officer of CAML. He is a mining engineer with over 40 years' experience in the mining and metals industry, including operational experience in underground zinc and lead mines, and as such qualifies as a Competent Person
as defined in the JORC Code (2012).
- The Ore Reserve is reported using a NSR cut-off of $46 per tonne for Sub-Level Caving, $53 per tonne for Cut and Fill and Long Hole Stoping and $37 per tonne for Ore Development drives that are required to establish stope access and are based on metal price assumptions of $2,550 per tonne for zinc, $2,000 per tonne for lead and $23 per ounce for silver.
- Rounding may result in apparent summation differences between tonnes, grade and contained metal content.
- The Mineral Resources and Ore Reserves are reported in accordance with the guidelines of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code').
- Ore reserves have been estimated utilising 3D modelling software (Deswik) and are reported within practical mining shapes.
SUSTAINABILITY SUMMARY
Sustainability is central in our approach to mining and how we do business. For our investors, it is critical we not only manage our sustainability risks but capture the opportunities that come with being a producer of sustainable metals. This enables us to ensure we have a positive environmental and socio-economic impact on the communities in which we work.
살펴보기
Producing base metals, essential for modern living, profitably in a safe and sustainable environment drives CAML's strategy and business model. In turn, our sustainability strategy is built upon the five pillars shown on page 34 in our annual report. This means protecting the longevity of our operations and working towards an enduring net positive outcome after the end of asset life by upholding strong ethical practices throughout the Company and our supply chain. Additionally, this allows prioritising the safety, health and development of our people, conducting business in an environmentally responsible manner and positively contributing to our communities and countries of operation.
CAML's Board has accountability for risk management, including those relating to the Company's impacts on the economy, environment and people. Our Sustainability Committee has overall responsibility for overseeing these impacts, and its report can be found on page 93 in our annual report.
In our fourth year of reporting in line with GRI standards, we have worked to further improve and develop disclosure. During 2023, we undertook an internal review of our materiality topics and their prioritisation.
CAML's sustainability strategy and practices continue to develop, and we have advanced our approach to contributing to the SDGs in 2023. We recognise that all 17 SDGs are important and that many of them are interconnected; however, for the purposes of our sustainability activities, we believe that it is helpful to prioritise and have therefore identified these primary and supporting SDG.
관리를 통한 가치 전달
At CAML, we set high standards that are crucial for the effective running of our operations and the long-term sustainability of our business. With a robust framework to promote ethical behaviour and strong corporate governance, we believe we can contribute to a responsible and stable value chain and business environment.
Leading from the top, the Board is responsible for setting the appropriate culture to drive good governance and ethical behaviour throughout the Company. We believe that a robust approach to human rights is vital to fulfilling our corporate responsibilities, not only in respect of our employees but for the workers along our supply chains and within the communities in which we operate.
건강과 안전 유지
Safety has been identified both by the Company and our stakeholders as one of our key material issues and is at the heart of everything we do. Our goal of achieving zero harm in the workplace for all employees, contractors and visitors is laid out in the Company's Sustainability Policy, and we have a clear safety improvement target for the Group.
With fully integrated and robust health and safety management systems at both sites, we aim to ensure the wellbeing of all employees. We strive to implement world-class health and safety practices across our operations. It is important that both management and staff are aware of their responsibilities and accountability, and that they feel empowered to prioritise health and safety in the workplace.
Wherever possible, we look to eliminate occupational health risks and believe that a strong workforce, supported by the appropriate programmes to monitor and promote health, is paramount in achieving high levels of productivity.
사람들에게 집중하기
We recognise core labour and human rights principles and acknowledge workers' freedom of association and the right for our employees to bargain collectively within prescribed laws, communicating issues to management through designated employee representatives.
We believe that by encouraging employee development, we can also foster satisfaction and fulfilment amongst our employees. This involves a targeted approach to training facilitated by comprehensive needs analysis. Succession planning is a key focus for the Group in order to develop our leaders of tomorrow.
CAML attaches importance to diversity, specifically when considering the breadth of thought, approach and opinion that can be fostered by a diverse group. By embracing diversity and fostering inclusion, we believe we can unlock the power of all talent and work collaboratively and effectively. Site-level diversity focus groups have been put in place to identify areas for improvement and we have implemented long-term targets to improve levels of gender diversity in the Group. We do not tolerate discrimination in any form and have mechanisms in place to raise any issues.
환경 보호
CAML has robust and comprehensive environmental management systems which aim to substantially reduce (if not avoid) the risk of any potential negative environmental impacts from our operations. We are mindful of our duty to manage and minimise waste responsibly and are firmly committed to environmental and socially responsible tailings and dump leach management, with safety at the centre of our approach.
We employ water management strategies and aim to minimise freshwater or makeup usage wherever possible. Biodiversity, rehabilitation and closure programmes are in place across our assets to avoid or mitigate any adverse effects of our operations.
Tackling climate change is one of the most important challenges of our time and we believe that every government, community, company and individual has a vital role to play in reducing carbon emissions and safeguarding the future of the planet. We recognise the growing importance of understanding and addressing the impact of climate change on the environment and its potential impact on the business.
We conducted a scenario planning exercise in 2022 to increase our understanding of transition risks that may affect our operations as well as to extend our physical risk analysis to our supply chain. In 2023, we began to implement key recommended actions from the scenario planning exercise, including working on estimating our Scope 3 emissions for 2022 and 2023. Scope 3 emissions for 2023 were 272,123 tCO2e (2022: 267,892 tC02e), details of which are in the Climate Change Report.
Creating value for our communities
CAML aims to provide demonstrable benefits to stakeholders in our local communities and host countries. By contributing to the economic security of local workers, the provision of employment opportunities is one of the primary ways the Company can provide a positive impact and CAML therefore prioritises local hiring.
The Company is committed to fostering sustainable development, facilitating socio-economic progress (specifically in the field of community training and education) and helping the youth and most vulnerable members of the community in line with our human rights commitments.
Our economically robust business that underpins our ability to generate profits and dividends for our shareholders also ensures that our successes are shared with other important stakeholders. This aligns with international priorities such as the UN SDGs, in particular SDG 8 'Decent Work and Economic Growth'. We strongly believe that by creating shared value we are ensuring
the long-term sustainability of our operations and acting as a good corporate citizen.
CAML is proud of the value that it brings to its host countries, with total taxes of $55.6 million paid to the Governments of North Macedonia and Kazakhstan during the year and $349.2 million paid during our ownership.
Advancing our climate change work in 2023
We are committed to transparent disclosure of our climate impacts, risks, and opportunities. We report under TCFD in our Sustainability and Climate Change reports, despite the disbandment of TCFD in October 2023. We believe these standards continue to offer a fitting framework for our disclosures. Currently, we are reviewing the recommendations of the International Sustainability Standards Board (ISSB), particularly IFRS S1 General Requirements for Disclosure of Sustainability-related financial information and IFRS S2 Climate-related Disclosures. The latter aligns closely with the TCFD recommendations, and we aim to adhere to these standards in our reporting moving forward.
We adopted the TCFD framework and recommendations as a guide for our efforts to understand how climate change could impact a broad range of our business drivers. This approach helps us integrate climate considerations into our decision-making processes and allows us to leverage best practices in reporting and disclosure. By building on our existing efforts in this area, we aim to enhance the quality and transparency of our disclosures while continuing our TCFD reporting roadmap. Through these actions, we seek to improve stakeholders' understanding of CAML's operational and business resilience to climate change, as well as our strategies for addressing climate-related risks and opportunities within our business model.
climate-related reporting
Progress report and next steps
We shared our climate strategy and our medium- and long-term goals which were the result of much internal work undertaken and we felt able to commit to a 50% reduction in our Kounrad and Sasa Scope 1 and Scope 2 emissions by 2030 from a 2020 base, and to being net zero by 2050. To that end, we were delighted to report a 41% reduction in our CAML Group GHG emissions in 2023 versus our base year (2020).
During 2023, we finalised the construction and commissioning of the 4.77 MW Solar Power Project at Kounrad. The facility is anticipated to contribute to 16-18% of Kounrad's total power needs, which equates to a 10% emissions (Scope 1 and Scope 2) reduction at Kounrad. Throughout 2023, we continued to receive solely renewable power for our Sasa operation, as confirmed in North Macedonia by PwC.
In 2021, we undertook a detailed review of fuel sources that could potentially replace coal for generating heat at Kounrad. Though the proposed alternatives were not considered viable due to a combination of limited GHG reduction potential and significant operating and capital cost implications, opportunities to reduce coal consumption were identified. One of which was the installation of temperature sensors on the dripper lines on the Western Dumps during the 2021-2022 and 2022-2023 winter periods. The sensors allow the site team to monitor the temperature of the leaching solution at the end of the dripper lines and fuel the boilers accordingly to ensure the solution is kept at the optimum temperature and not heated unnecessarily.
During 2023, Sasa replaced its old compressors with three new and more efficient air compressors and, in association with this project, four air-water thermal pumps were installed to improve the regulation of heating across the site and to allow the hot water from the compressors to be recycled within the heating system. In 2023, Sasa planted 1,910 seedlings in the local area and is working with Public Enterprise National Forests to identify other areas for tree planting.
During 2023, we calculated our Scope 3 emissions for both 2022 and 2023, which are fully disclosed and reported in our Climate Change Report and GHG Methodology Report.
재무 검토
CAML continues to plan for the future with significant capital investment in 2023 of $27.8 million across the Group including $14.0 million on the transition to paste fill mining at Sasa and $3.0 million on finalising the Solar Power Project at Kounrad.
CAML's strong operational performance during 2023 is reflected in our achieved EBITDA of $96.5 million, underscoring our reliable production and ability to control costs in an inflationary environment and despite the decline in the prices of our metals. We continue to provide returns to our shareholders with a final dividend announced of 9 pence equating to 18 pence for 2023.
We remain effectively debt free and have a strong balance sheet, ending 2023 with cash in the bank of $57.2 million.
2023 시장 개요
In 2023, the CAML share price fluctuated between £1.57 and £2.93, closing the year at £1.81 reflecting the challenging trading conditions and geopolitical uncertainties experienced throughout the year.
거시경제 환경
상품 가격
The prices of our base metals copper, zinc and lead are highly dependent on global economic conditions, including supply and demand dynamics. The fluctuation in prices directly affects our profitability, which has an impact on our share price.
인플레이션
2023 inflation rates of 9.8% in Kazakhstan and 9.4% in North Macedonia have significantly impacted the cost of living for our local employees. As a result, we have made appropriate pay rises to ensure our remuneration remains competitive. Global inflationary rates have impacted the prices we pay for inputs into our mining processes including electricity, reagents and spare parts, which directly affect our profitability margins.
통화 변동
Our operations' functional currencies are the North Macedonian Denar ('MKD') for Sasa and the Kazakhstan Tenge ('KZT') for Kounrad and therefore fluctuations in these currency exchange rates impact our financial results. During the year, the MKD and the KZT strengthened against the US dollar ('USD') by 3% and 2% respectively, and this led to an increased cost base. Historically, currencies have typically depreciated in value against the USD.
구리
In 2023, copper prices peaked at $9,331 per tonne in January but stabilised around $8,000 per tonne for most of the year, before rising to $8,500 per tonne in December.
There was strong demand for copper in China, driven by its use in Lithium-ion batteries for renewable energy projects. In terms of supply, there were constraints driven by operational disruptions, labour strikes and regulatory hurdles in major copper-producing regions like Chile, Indonesia and Peru.
아연
Zinc ended 2023 at elevated levels, reaching prices above $2,600 per tonne after hitting lows of $2,200 per tonne in May. However, current prices remain below the levels of $3,508 per tonne reached in the early part of 2023.
Overall, 2023 was a volatile year for zinc, which at one point fell by approximately 36% from its year high. The weak pricing environment placed renewed focus on mines' operating costs and margins, in turn leading to multiple mine closures over the course of the year, including Boliden's Tara mine in Ireland and Nyrstar's Gordonsville and Cumberland mines in Tennessee, USA.
리드
The lead price began 2023 at the $2,337 per tonne mark and remained relatively stable throughout the year, trading around $2,100 per tonne. Despite recording the best price performance of the year amongst base metals, lead ended 2023 on the weaker side, slipping to around S$2,000 per tonne in early December.
Lead held up generally well in 2023, despite the headwinds facing base metals markets. This can be attributed to strong auto sales and demand from China for use in lead-acid batteries and relatively consistent demand from battery replacement.
지정학적 풍경
We continue to monitor the ongoing challenges of the geopolitical landscape and uncertain global economic situation. The recent energy crisis, Ukraine conflict and expanding sanctions regime, historically high inflation and potential economic recession and their impact on our operations are matters under close review.
Kazakhstan's proximity to Russia has a direct impact on its economy and has put pressure on its treasury. The impact has led to two tax changes, which translate to lower FCF from Kounrad. Effective from 1 January 2023, dividends paid from our Kazakhstan entities to our parent company are subject to withholding tax at a rate of 10%. Further to this, there was an increase in the Mineral Extraction Tax ('MET') rate in Kazakhstan from 5.7% to 8.55%. The tax is applied to the copper that we produce.
The conflict in Ukraine has had an impact on global inflation as there have been increases in the cost of living and in the electricity prices in North Macedonia in particular. The route to market for our copper has been altered to divert away from Russia.
The Israel/Hamas War and tensions in the Middle East present challenges in terms of transportation and, although the direct impact on global maritime logistics is expected to be minimal, we have taken steps to ensure our supply chain remains unaffected.
We continue to be proactive in managing our working capital by constantly reviewing our supply chain to ensure sufficient levels of inventory and stock are held on site to continue to operate without interruption.
How our metals support the drive to Net Zero and environmental sustainability
구리
Copper demand continues to grow with the ongoing transition to a low-carbon global economy and a global shift towards renewable energy sources, such as wind and solar power. Copper is a vital component in renewable energy technologies, including photovoltaic cells, wind turbines and electric vehicle batteries. As countries commit to reducing carbon emissions and increasing renewable energy capacity, the demand for copper in the renewable energy sector increases.
Copper itself is an essential component of the mass electrification at the heart of this transition, as it is used in wiring, electric motors, wind turbines and many other technologies. This is due to its unique properties with high conductivity, ductility, efficiency and recyclability.
The metal will continue to maintain a significant role in the transition towards a green economy, powered by renewable power, and accompanied by an expectation of increased governmental incentives and subsidies that will steadily increase the uptake of copper-intensive clean technologies.
아연
Zinc will have a crucial role in the clean energy transition due to its versatile properties. It offers natural corrosion resistance, forming protective layers, and readily forms alloys with other metals, enhancing versatility. Zinc is utilised in various battery technologies, such as zinc-air batteries, contributing to energy storage solutions in the shift towards cleaner energy sources. Furthermore, its high recyclability promotes sustainability and aligns with the principles of a circular economy, supporting efficient material production and use.
It can be applied to battery technology, solar energy, galvanisation for corrosion protection, water purification and wind turbines.
Zinc demand is closely related to its uses in the manufacturing and construction sectors. Its importance, in particular from the sustainability perspective, is its anti-corrosion properties that prolong the useful life of steel products, thereby limiting the use for those raw materials.
리드
Lead remains essential in lead-acid batteries and also in many healthcare applications, such as equipment for radiologists.
The market for lead is dependent on lead acid batteries which account of over 80% of its usage. There is potential for an increase in demand for lead for static battery storage systems. As the world transitions toward electric vehicles that are powered by technologies such as Lithium-ion batteries, we are reminded that electric vehicles also require a smaller lead acid battery. Therefore, we see an important use and maintained demand for lead into the future.
2024 전망
구리
The outlook for 2024 is improved, with analysts reducing their forecasts of potential inventory build-ups, mostly due to a combination of limited new copper projects along with existing assets falling short of production targets. Hence, the small deficit experienced in 2023 is likely to carry over to 2024, as supply side challenges continue to mount amidst a backdrop of strong demand coming out of China.
아연
With multiple mine closures in 2023 and a major fire at the Ozernoe mine, global output is expected to fall, at least in the early part of 2024. This would help buoy short-term zinc prices. Longer term, supply of both concentrate and refined zinc is expected to rise, with increased mine production coming from new projects and mine life extensions to coincide with steadily growing demand.
리드
In 2024, a modest market surplus is to be expected, while high energy costs and supply chain disruptions continue to affect lead production. Demand for lead is well positioned in the long term with the transition towards the green economy, as lead-acid batteries continue to be used in electric vehicles and energy storage potentially becomes a major demand driver.
성능 개요
CAML's 2023 gross revenue was down 11% versus 2022 to $207.4 million (2022: $232.2 million). The decrease was primarily driven by lower commodity prices for all base metals, especially the zinc price, which declined by 24% compared to the prior year.
The Group generated 2023 EBITDA of $96.5 million (2022: $131.6 million), at an EBITDA margin of 47% (2022: 57%) reflecting the lower revenue as well as an increase in our cost base. This increase was driven by higher MET rates introduced in 2023 in Kazakhstan and increased salaries across the Group in response to local inflationary pressures.
Group profit before tax from continuing operations increased by 19% versus 2022 to $65.1 million (2022: $54.6 million) primarily due to a non-cash impairment charge in the prior year. There was a foreign exchange loss of $3.4 million (2022: gain of $6.8 million) caused by the weakening of the US dollar against our local currencies.
EPS from continuing operations was higher than the previous year at 20.54 cents (2022: EPS of 19.10 cents). CAML generated free cash flow of $57.5 million (2022: $90.2 million), with a healthy net cash balance of $56.5 million (2022: $58.9 million), allowing the Board to propose a final 9 pence dividend.
Kounrad's 2023 EBITDA was $82.3 million (2022: $94.9 million), with a margin of 71% (2022: 77%). Kounrad's reduced EBITDA margin reflects lower gross revenue and an increase in costs due to higher MET rate, increased payroll and reagent prices.
Sasa's 2023 EBITDA was $35.7 million (2022: $56.4 million), with a margin of 39% (2022: 52%). The margin declined predominantly due to the average zinc price received, which decreased by 24% compared to 2022. Zinc treatment charges increased from April 2023 onwards due to reduced European smelter capacity resulting from the energy price crisis at the time of price negotiations. During the year, Sasa increased its headcount, and salaries were increased; however, the impact of cost increases has been largely mitigated by the 40% reduction in electricity prices.
손익 계산서
수익
CAML generated 2023 gross revenue of $207.4 million (2022: $232.2 million), reported after deduction of treatment charges but before deductions of offtake buyers' fees and silver purchases related to the Sasa silver stream. Net revenue after these additional deductions was $195.3 million (2022: $220.9 million).
쿤라드
Total Kounrad copper sales were 13,687 tonnes in 2023 (2022: 14,342 tonnes). The offtake arrangement with Traxys has been extended from 1 January 2023 on a one-year rolling basis. The commitment is for a minimum of 95% of Kounrad's annual production.
Gross revenue decreased due to lower production than in 2022, a minor increase in copper inventory during 2023 and a 2% decrease in the copper price received to an average of $8,466 per tonne (2022: $8,625 per tonne). This generated gross revenue for Kounrad of $116.3 million (2022: $123.7 million). During 2023, the offtaker's fee for Kounrad decreased to $3.0 million (2022: $3.1 million) due to lower sales made during the year.
사사
Overall, Sasa generated 2023 gross revenue of $91.1 million (2022: $108.5 million). A total of 17,113 tonnes (2022: 17,862 tonnes) of payable zinc in concentrate and 26,298 tonnes (2022: 26,320 tonnes) of payable lead in concentrate were sold during 2023.
The zinc price received decreased by 24% to an average of $2,552 per tonne (2022: $3,358 per tonne), and for lead, the price decreased by 1% to an average of $2,085 per tonne (2022: $2,113 per tonne), resulting in an overall decrease in gross revenue generated from the mine.
Treatment charges during the year increased to $17.6 million (2022: $16.2 million) due to reduced European smelters' capacity resulting from the energy price crisis at the time of price negotiations. Going forward, Zinc treatment charges have been negotiated at a reduced rate for the period from April 2024 to April 2025.
During 2023, the offtake buyers' fee for Sasa, was $1.0 million (2022: $1.2 million). Zinc and lead concentrate sales agreements have been extended with Traxys on a one-year rolling basis for 100% of Sasa production.
Under a silver streaming agreement with Osisko Gold Royalties, Sasa receives approximately $6 per ounce for its silver production for the life of the mine.
매출원가
The Group cost of sales for the year was $92.9 million (2022: $87.3 million). This includes depreciation and amortisation charges of $27.4 million (2022: $26.7 million). The increase in cost of sales is due to higher MET rates in Kazakhstan and wages as the Group responded to local inflationary pressures by ensuring employee remuneration remains competitive. The Company continues to focus on factors such as disciplined capital investments, working capital initiatives, and other cost control measures.
쿤라드
Kounrad's 2023 cost of sales increased to $31.2 million (2022: $26.5 million). The main factor behind this was outside our control with a significant increase in the MET rate to 8.55% (2022: 5.7%). This led to an increase of $3.0 million with the total MET reaching $10.2 million (2022: $7.2 million).
Additionally, there was a $1.0 million salary increase, $0.4 million increase in reagent prices for Escaid and sulphuric acid and $0.2 million increase in power costs due to higher electricity rates.
사사
Sasa's cost of sales for the year increased only marginally by 1% compared to the previous year, reaching $61.7 million (2022: $60.8 million). Sasa faced some cost increases partially offset by a 40% decrease in electricity prices to an average of 11c/kWh.
Concession fees for 2023 were reduced to $2.5 million (2020: $2.9 million) due to lower zinc sales resulting from lower zinc production and the lower actual realised price, down 24%. This tax is calculated at the rate of 2% (2022: 2%) on the value of metal recovered during the year.
유통 및 판매 비용
There was an increase in distribution and selling costs to $2.8 million (2022: $2.2 million) due to additional freight and forwarding costs incurred while shipping our lead concentrate further afield as we continue to diversify our customer base. The increase in costs was partly offset by some savings in lead treatment charges with new customers which had decreased since April negotiations during the energy crisis.
C1 현금 생산 비용
C1 cash cost of production is a standard metric used in the mining industry to allow comparison across the sector. In line with the industry standard, CAML calculates C1 cash cost by including all direct costs of production at Kounrad and Sasa (reagents, power, production labour and materials, as well as realisation charges such as freight and treatment charges), in addition to local administrative expenses. Royalties, depreciation, and amortisation charges are not included in the calculation of the C1 cash cost.
쿤라드
Kounrad's C1 cash cost of copper production in 2023 was $0.74 per pound (2022: $0.65 per pound) remaining among the lowest in the copper industry. The increase in C1 cash cost compared to 2022 is primarily due to higher costs resulting from employee pay increases, higher reagent costs, higher electricity prices and lower production.
사사
Sasa's on-site operating costs increased by 5% to $47.2 million (2022: $44.8 million). The on-site unit cost increased by 5% to $58.6 per tonne (2022: $55.6 per tonne) due to the higher costs of salaries and increased spare parts expenditure while the total tonnes of ore mined remained consistent year on year.
Sasa's total C1 cash cost base, including realisation costs, increased to $68.6 million (2022: $64.3 million), and Sasa's C1 zinc equivalent cash cost of production decreased to $0.68 per pound (2022: $0.78 per pound). The $0.10 per pound decrease in the C1 calculation was primarily due to the change in pro-rata calculation of zinc sales.
그룹
CAML reports its Group C1 cash cost on a copper equivalent basis, incorporating the production costs at Sasa and by also converting lead and zinc production into copper equivalent tonnes. The Group's C1 copper equivalent cash cost in 2023 was $1.63 per pound (2022: $1.39 per pound). This figure is calculated based on Sasa's zinc and lead payable production in 2023, equivalent to 11,636 copper equivalent tonnes (2022: 13,402 copper equivalent tonnes), added to Kounrad's copper production in 2023 of 13,816 tonnes (2022: 14,254 tonnes). The C1 cash cost increase on a copper equivalent basis is due to the higher C1 cost base at both Sasa and Kounrad as well as lower copper equivalent tonnes produced.
CAML also reports a fully inclusive cost that encompasses sustaining capital expenditure, local taxes (including MET and concession fees), and corporate overheads associated with the Kounrad and Sasa projects, as well as the C1 cost component. The Group's fully inclusive copper equivalent unit cost for the year was $2.25 per pound (2022: $1.92 per pound).
관리비
During the year, administrative expenses increased to $31.2 million (2022: $27.1 million). The increase reflects our business development activities, including due diligence on new projects and work related to obtaining exploration licenses in Kazakhstan. Additionally, we committed to an increase in our annual contributions to our charitable foundations to 0.5% of revenue, with further focus on initiatives to promote sustainable development. Finally, there was also an increase in employee-related costs due to pay rises and appointments of senior technical staff overseeing the capital projects.
외환 손실
The Group incurred a non-cash foreign exchange loss of $3.4 million in 2023 (2022: gain $6.8 million). This loss resulted from the re-translation of USD-denominated monetary assets held by foreign subsidiaries with a local functional currency. The loss was due to the strengthening of the Kazakhstan Tenge and North Macedonian Denar versus the US dollar during the year.
금융 비용
The Group incurred finance costs of $1.9 million (2022: $2.1 million) which in 2023 primarily relate to non-cash unwinding charges of Group asset retirement obligations. The costs have lowered compared to last year resulting from reduced overdraft balances compared to prior year.
과세
In 2023, the Group's income tax rose to $27.7 million (2022: $20.6 million). This increase was primarily driven by the introduction of a 10% withholding tax on intercompany dividend distributions from Kazakhstan to the UK, effective from 1 January 2023, resulting in an additional charge to $7.5 million (2022: $nil). Additionally, the adoption of IAS 12 led to an increase in deferred tax liability on our asset retirement provisions and a $1.0 million non-cash increase in income tax (2022: decrease of $4.6 million)
However, the actual corporate income tax charge was reduced to $19.2 million (2022: $25.1 million), mainly due to lower profits at Kounrad, where taxes are levied at a corporate income tax rate of 20%, and at Sasa, taxed at a rate of 10%.
중단 된 운영
The Group continues to report the results of the Copper Bay entities within discontinued operations. These assets were fully written off in prior years.
대차 대조표
자본 지출
During the year, there were additions to property, plant, and equipment of $27.8 million (2022: $17.4 million).
쿤라드
The capital expenditure additions were a combination of $1.5 million (2022: $2.5 million) sustaining capital expenditure and $3.0 million on the construction of the Solar Power Project.
Kounrad's sustaining capital expenditure includes $0.5 million on a new irrigation system, $0.2 million down payment on new anodes and $0.2 million on dripper pipes. The $3.0 million on the Solar Power Project is an investment in our future working towards decarbonisation and will replace approximately 16-18% of the project's energy consumption with renewable energy.
사사
At Sasa, there was a total of $8.7 million (2022: $7.7 million) spent on sustaining capital and $14.0 million (2022: $7.2 million) in relation to the transition to paste fill mining.
Sasa's sustaining capital expenditure included capitalised mine development of $2.8 million, $1.7 million on flotation equipment and $2.8 million on mining equipment including underground fleet.
Transition to paste fill mining
The Group continues to invest significantly at Sasa with the continued transition to paste fill mining. During the year the PB Plant construction was completed with capital expenditure of $2.4 million in 2023 and is now operational. At year end, the total expenditure on this plant of $10.3 million was transferred from construction in progress to plant, property and equipment. The associated underground reticulation infrastructure expenditure amounted to $0.9 million in 2023.
The DST Plant and associated landform expenditure totalled $7.5 million in 2023 for the construction of the plant, equipment including the conveyor, and electrical installations.
The development of the Central Decline and equipment totalled $2.8 million in 2023 and it is now operational.
탐구
During the year, CAML developed an arrangement with a team of experienced explorers and formed a new subsidiary, CAML X. Potential target areas have been reviewed and remain under review, and currently two exploration licences have been granted, with others in application. No significant expenditure has yet been incurred; however, the Company expects to spend between $2 million and $3 million during 2024 on continuing its target generation work in Kazakhstan and those post-licence exploration costs will be capitalised as intangible assets.
2024
CAML expects 2024 capital expenditure of between $22 million and $24 million, of which between $14 million and $16 million is expected to be committed to sustaining capex. CAML expects transition to paste fill mining capital expenditure in the order of between $8 and $9 million in 2024. This will be largely related to completion of the DST Plant and Landform, as well as further advancing the Central Decline.
유동 자산
As at 31 December 2023, current trade and other receivables were $12.2 million (31 December 2022: $8.7 million). This increase from the prior year is mainly due to an overpaid Group corporate income tax balance of $6.8 million (31 December 2022: $1.1 million) which will be offset against corporate income tax liabilities arising in the same entities in the next financial year. Additionally, this balance also includes trade receivables from the offtake sales of $1.4 million (31 December 2022: $2.4 million) and $2.3 million in relation to prepayments and accrued income (31 December 2022: $3.0 million).
Non-current trade and other receivables were $13.8 million (31 December 2022: $11.5 million). This balance includes advances for plant, property and equipment amounting to $9.3 million (31 December 2022: $8.2 million) as our capital investment programme continues. As of 31 December 2023, a total of $4.5 million (31 December 2022: $3.4 million) of VAT receivable was owed to the Group by the Kazakhstan authorities. Recovery is still expected through a continued dialogue with the authorities for cash recovery and further offsets.
31년 2023월 17.3일 기준으로 현재 거래 및 기타 미지급금은 31만 달러(2022년 16.6월 XNUMX일: XNUMX만 달러)였습니다.
현금 및 차입금
As at 31 December 2023, the Group had cash in the bank of $57.2 million (31 December 2022: $60.6 million) and current borrowings of $0.3 million (31 December 2022: $1.4 million) which is our North Macedonian overdraft facilities.
현금 흐름
Net cash flow generated from operations was $66.4 million (2022: $99.8 million).
In 2023, corporate income tax payments to governments totalled $27.5 million (2022: $22.2 million). This included $19.2 million (2022: $20.5 million) of Kazakhstan corporate income tax and the newly introduced Kazakhstan WHT of 10% on dividends amounting to $7.5 million (2022: nil) paid during the year. In North Macedonia $0.6 million (2022: $1.7 million) of corporate income tax was paid in cash in addition to a $5.5 million (2022: $4.5 million) non-cash payment offset against VAT and corporate income tax receivable. As a result, there was overpaid Group income tax of $6.8 million (31 December 2022: $1.1 million) which will be offset against corporate income tax liabilities arising in the same entities in the next financial year.
Taking into consideration the sustaining capital expenditure of $10.8 million, which excludes project capex of $17.0 million, CAML's free cash flow for 2023 was $57.5 million (2022: $90.2 million).
피제수
The Company's dividend policy is to return to shareholders a range of between 30% and 50% of free cash flow, defined as net cash generated from operating activities less sustaining capital expenditure plus interest received. The dividends will only be paid provided there is sufficient cash remaining in the Group to meet any contractual debt repayments and that any banking covenants are not breached.
During the year, the Company paid $41.5 million (2022: $48.2 million) which consisted of a 2023 interim dividend of 9 pence per share and 2022 final dividend of 10 pence per share (2022: 2022 interim dividend of 10 pence per share and 2021 final dividend of 12 pence per share).
In conjunction with CAML's 2023 annual results, the Board proposes a final 2023 dividend of 9 pence per Ordinary Share. This brings total dividends (proposed and declared) for the year to 18 pence (2022: 20 pence) which represents 69% of free cash flow. The final dividend is payable on 22 May 2024 to shareholders registered on 26 April 2024. This latest dividend will increase the amount returned to shareholders in dividends since the 2010 IPO listing to 170p per share or $339.0 million.
관심가는
The Group sells and distributes its copper cathode product primarily through an annual rolling offtake arrangement with Traxys Europe S.A. with a minimum of 95% of the Kounrad SX-EW plant's forecasted output committed under this contract. The Group sells Sasa's zinc and lead concentrate product through an annual rolling offtake arrangement with Traxys. The commitment is for 100% of the Sasa concentrate production.
The Group meets its day-to-day working capital requirements through its profitable and cash generative operations at Kounrad and Sasa. The Group manages liquidity risk by maintaining adequate committed borrowing facilities and the Group has substantial cash balances as at 31 December 2023.
The Board has reviewed forecasts for the period to December 2026 to assess the Group's liquidity which demonstrate substantial headroom. The Board has considered additional sensitivity scenarios in terms of the Group's commodity price forecasts, expected production volumes, operating cost profile and capital expenditure. The Board has assessed the key risks which could impact the prospects of the Group over the going concern period including commodity price outlook, cost inflation and supply chain disruption with reverse stress testing of the forecasts in line with best practice. Liquidity headroom was demonstrated in each reasonably possible scenario. Accordingly, the Directors continue to adopt the going concern basis in preparing the consolidated financial information.
비IFRS 재무 측정
그룹은 IFRS와 같은 일반적으로 인정되는 회계원칙('GAAP')에 의해 정의되지 않은 대체 성과 측정을 추가 지표로 사용합니다. 이러한 측정은 비교 가능한 GAAP 측정과 함께 경영진이 비즈니스 성과를 평가하는 데 사용됩니다. 이 측정값은 GAAP 측정값을 대체하기 위한 것이 아니며 다른 회사에서 유사하게 보고된 측정값과 비교할 수 없을 수도 있습니다. 이 보고서에는 다음과 같은 비IFRS 대체 성과 재무 측정이 사용되었습니다.
이자, 세금, 감가상각비 차감 전 이익
EBITDA는 그룹의 유동성 창출 능력을 나타내는 귀중한 지표이며 투자자와 분석가가 가치 평가 목적으로 자주 사용합니다. 이는 또한 다음과 같이 조정되는 비IFRS 재무 측정치이기도 합니다.
2023 $'000 | 2022 $'000 | |
올해의 이익 | 37,382 | 33,805 |
플러스/(덜): | ||
소득세 비용 | 27,703 | 20,588 |
감가상각 및 상각 | 28,192 | 27,285 |
비유동자산의 손상 | - | 55,116 |
외환 손실/(이익) | 3,378 | (6,829) |
다른 수입 | (75) | (86) |
금융 수입 | (1,992) | (515) |
금융 비용 | 1,852 | 2,060 |
중단 영업 손실 | 63 | 187 |
EBITDA | 96,503 | 131,611 |
총 수익
총 수익은 아연, 납, 은의 판매와 관련하여 직접적으로 발생하는 처리 비용을 공제한 후 모든 상품의 판매로 얻은 총 수익으로 표시됩니다. 이 수치는 아연 및 납 정광과 관련하여 받은 총 수익을 반영하고 연중 상품 가격 및 처리 비용의 변동을 반영하는 데 사용되므로 제시됩니다. 이사회는 IFRS 수익 동인에 대한 귀중한 정보를 제공하기 위해 순 IFRS 수익에 대한 조정과 함께 총 수익을 고려합니다.
순 현금
Net cash is a measure used by the Board for the purposes of capital management and is calculated as the total of the borrowings held plus the cash and cash equivalents held at the end of the year. This balance does not include the restricted cash balance of $0.3 million (31 December 2022: $0.3 million):
31년 23월 XNUMX일 $'000 | 31년 22월 XNUMX일 $'000 | |
차입금 | (326) | (1,390) |
제한된 현금을 제외한 현금 및 현금등가물 | 56,832 | 60,298 |
순 현금 | 56,506 | 58,908 |
무료 현금 흐름
Free cash flow is a non-IFRS financial measure of the cash from operations less sustaining capital expenditure on property, plant and equipment and intangible assets plus interest received and is presented as follows:
2023 $'000 | 2022 $'000 | |
영업 활동에서 발생한 순 현금 | 66,410 | 99,845 |
덜: 부동산, 식물 및 장비 구매 | (10,726) | (10,124) |
덜: 무형 자산의 구매 | (54) | (68) |
추가: 이자 수령 | 1,916 | 515 |
무료 현금 흐름 | 57,546 | 90,168 |
The purchase of sustaining property, plant and equipment figure above does not include the $17.0 million (2022: $7.2 million) of capitalised expenditure on the transition to Sasa paste fill mining and Solar Power Project. These costs are not considered sustaining capital expenditure as they are expansionary development costs required for the transition to the paste fill mining techniques and our net zero commitment. The definition of FCF was updated to include interest received which changed the 2022 FCF to $90.2 million.
지속가능성 보고 표준
Sustainability is at the core of our business values, and we have reported in accordance with GRI Standards for the period 1 January 2023 to 31 December 2023. We have an economically robust business that underpins our ability to generate profits and dividends for our shareholders and ensures that our successes are also felt by other important stakeholders. We strongly believe that by creating shared value we are ensuring the long-term sustainability of our operations and acting as a good corporate citizen. The table below highlights the economic value that has been distributed amongst CAML stakeholders during 2023.
주주 | 2023 $'m | 2022 $'m | |
직접적인 경제적 가치 창출 | 207.4 | 232.2 | |
경제적 가치 배분: | |||
운영 비용 | 공급업체 및 계약업체 | 53.7 | 57.8 |
직원에 대한 임금 및 기타 지급 | 교직원 | 39.9 | 35.8 |
주주에 대한 배당금 지급 | 주주 | 41.5 | 48.2 |
Payment to creditors: Interest payments on loans | 대금업자 | - | 0.5 |
세금 납부1 | Government | 39.8 | 35.5 |
커뮤니티 투자 | 지역 사회 | 1.1 | 0.5 |
경제적 가치 배분 | 176.0 | 178.4 | |
경제적 가치 유지(생성 - 분배) | 31.4 | 53.8 |
The tax disclosed is the total corporate income tax recognised in the income statement, MET, concession fees and property taxes. The figure excludes the payroll taxes and additional cash payments made on corporate income tax during the year.
이사회를 대신하여
개빈 페라
최고 재무담당자(CFO)
월 24 2023
연결 손익 계산서
31년 2023월 XNUMX일로 종료되는 회계연도
그룹 | ||||
주의 사항 | 2023 | 2022 | ||
지속적인 운영 | ||||
수익 | 6 | 195,280 | 220,855 | |
다음과 같이 표시됨: | ||||
총 수익1 | 6 | 207,416 | 232,206 | |
적게: | ||||
실버 스트림 구매 | 6 | (8,181) | (7,080) | |
구매자 수수료 할인 | 6 | (3,955) | (4,271) | |
수익 | 195,280 | 220,855 | ||
매출원가 | 7 | (92,894) | (87,271) | |
유통 및 판매 비용 | 8 | (2,844) | (2,166) | |
매출 총 이익 | 99,542 | 131,418 | ||
관리비 | 9 | (31,231) | (27,092) | |
비유동자산의 손상 | 18,19 | - | (55,116) | |
다른 수입 | 10 | 75 | 86 | |
외환(손실)/이익 | (3,378) | 6,829 | ||
영업 이익 | 65,008 | 56,125 | ||
금융 수입 | 14 | 1,992 | 515 | |
금융 비용 | 15 | (1,852) | (2,060) | |
소득세 전 이익 | 65,148 | 54,580 | ||
소득세 | 16 | (27,703) | (20,588) | |
계속 운영으로 인한 연간 이익 | 37,445 | 33,992 | ||
중단 된 운영 | ||||
중단영업손실 | 21 | (63) | (187) | |
올해의 이익 | 37,382 | 33,805 | ||
귀속 이익: | ||||
비 지배 지분 | 20 | 68 | (6) | |
부모의 소유자 | 37,314 | 33,811 | ||
올해의 이익 | 37,382 | 33,805 | ||
Earnings/(loss) per share from continuing and discontinued operations attributable to owners of the parent during the year (expressed in cents per share) | $센트 | $센트 | ||
주당 기본이익/(손실) | ||||
지속적인 운영에서 | 17 | 20.54 | 19.10 | |
중단 된 운영에서 | (0.03) | (0.10) | ||
연간 이익에서 | 20.51 | 19.00 | ||
희석주당순이익/(손실) | ||||
지속적인 운영에서 | 17 | 19.64 | 18.39 | |
중단 된 운영에서 | (0.03) | (0.10) | ||
연간 이익에서 | 19.61 | 18.29 |
1. Gross revenue is a non-IFRS financial measure that is used by management, alongside the comparable GAAP measures, in evaluating the business performance. The measures are not intended as a substitute for GAAP measures and may not be comparable to similarly reported measures by other companies.
연결포괄손익계산서
31년 2023월 XNUMX일로 종료되는 회계연도
그룹 | |||
주의 사항 | 2023 | 2022 | |
올해의 이익 | 37,382 | 33,805 | |
기타포괄손익/(비용): 차후에 당기손익으로 재분류될 수 있는 항목: | |||
통화 환산 차이 | 26 | 12,925 | (29,311) |
기타포괄손익/(경비), 순 세액 | 12,925 | (29,311) | |
당해 년도 총 포괄 이익 | 50,307 | 4,494 | |
원인 : | |||
비 지배 지분 | 68 | (6) | |
부모의 소유자 | 50,239 | 4,500 | |
당해 년도 총 포괄 이익 | 50,307 | 4,494 | |
주주에게 귀속되는 총포괄손익/(비용)은 다음에서 발생합니다. 지속적인 운영 | 50,370 | 4,681 | |
중단 된 운영 | (63) | (187) | |
50,307 | 4,494 |
재무 상태 표
31년 2023월 XNUMX일 현재
등록번호 5559627
그룹 | 기업 정보 | ||||
주의 사항 | 2023 | 2022 | 2023 | 2022 | |
자산 비유동 자산 |
|
| |||
재산, 식물 및 장비 | 18 | 338,121 | 322,197 | 1,851 | 184 |
무형 자산 | 19 | 25,425 | 26,552 | - | - |
이연법인세자산 | 36 | 512 | 328 | - | - |
투자 | 20 | - | - | 5,107 | 5,107 |
기타비유동채권 | 22 | 13,801 | 11,478 | 282,244 | 268,750 |
377,859 | 360,555 | 289,202 | 274,041 | ||
유동 자산 |
|
| |||
재고 | 23 | 14,879 | 13,149 | - | - |
매출 채권 및 기타 채권 | 22 | 12,224 | 8,715 | 11,515 | 19,577 |
현금 제한 | 24 | 318 | 264 | - | - |
현금 및 현금성 자산 | 24 | 56,832 | 60,298 | 45,326 | 35,812 |
84,253 | 82,426 | 56,841 | 55,389 | ||
매각예정으로 분류된 처분자산집단의 자산 | 21 | 76 | 64 | - | - |
84,329 | 82,490 | 56,841 | 55,389 | ||
총자산 | 462,188 | 443,045 | 346,043 | 329,430 | |
Equity attributable to owners of the parent |
|
| |||
보통주 | 25 | 1,821 | 1,821 | 1,821 | 1,821 |
프리미엄 공유 | 25 | 205,725 | 205,437 | 205,725 | 205,437 |
자기 주식 | 25 | (15,413) | (15,831) | (15,413) | (15,831) |
통화 환산 준비금 | 26 | (121,167) | (134,092) | - | - |
이익 잉여금 | 310,345 | 312,107 | 117,365 | 94,354 | |
381,311 | 369,442 | 309,498 | 285,781 | ||
비 지배 지분 | 20 | (1,254) | (1,322) | - | - |
총 자본 | 380,057 | 368,120 | 309,498 | 285,781 | |
부채 비유동 부채 | |||||
실버 스트리밍 약정 | 29 | 16,042 | 17,085 | - | - |
이연법인세부채 | 36 | 18,983 | 17,286 | - | - |
임대 책임 | 1,325 | 10 | 1,197 | - | |
기타 책임 및 비용에 대한 조항 | 31 | 26,801 | 20,744 | 94 | - |
63,151 | 55,125 | 1,291 | - | ||
유동 부채 | |||||
차입금 | 30 | 326 | 1,390 | - | - |
실버 스트리밍 약정 | 29 | 1,002 | 1,095 | - | - |
매입 채무 및 기타 채무 | 28 | 17,327 | 16,643 | 35,116 | 43,471 |
임대 책임 | 176 | 295 | 138 | 178 | |
기타 책임 및 비용에 대한 조항 | 31 | 55 | 333 | - | - |
18,886 | 19,756 | 35,254 | 43,649 | ||
Liabilities of disposal group classified as held for sale | 21 | 94 | 44 | - | - |
18,980 | 19,800 | 35,254 | 43,649 | ||
총 부채 | 82,131 | 74,925 | 36,545 | 43,649 | |
총 지분 및 부채 | 462,188 | 443,045 | 346,043 | 329,430 |
The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent company income statement or statement of comprehensive income. The profit for the parent company for the year was $62,087,000 (2022: $62,066,000).
연결 자본 변동표
31년 2023월 XNUMX일로 종료되는 회계연도
부모의 소유자에게 귀속 | 주의 사항 | 보통의 | 공유 | 국고 | 통화 환산 준비금 | 이익 잉여금 | 금액 | 비 지배 지분 | 금액 |
1년 2022월 XNUMX일 기준 잔액 | 1,765 | 191,988 | (2,360) | (104,781) | 323,951 | 410,563 | (1,316) | 409,247 | |
해당 연도의 이익/(손실) | - | - | - | - | 33,811 | 33,811 | (6) | 33,805 | |
기타 종합비용 - 통화환산차이 | 26 | - | - | - | (29,311) | - | (29,311) | - | (29,311) |
총포괄손익/(비용) | - | - | - | (29,311) | 33,811 | 4,500 | (6) | 4,494 | |
소유자와의 거래 | |||||||||
발행주식수 | 25 | 56 | 13,440 | (13,496) | - | - | - | - | - |
주식 기반 지불 | 27 | - | - | - | - | 3,818 | 3,818 | - | 3,818 |
옵션 행사 | 27 | - | 9 | 25 | - | (1,263) | (1,229) | - | (1,229) |
배당 | 34 | - | - | - | - | (48,210) | (48,210) | - | (48,210) |
자본에 직접 인식되는 소유주와의 총 거래 | 56 | 13,449 | (13,471) | - | (45,655) | (45,621) | - | (45,621) | |
31년 2022월 XNUMX일 기준 잔액 | 1,821 | 205,437 | (15,831) | (134,092) | 312,107 | 369,442 | (1,322) | 368,120 | |
올해의 이익 | - | - | - | - | 37,314 | 37,314 | 68 | 37,382 | |
기타포괄손익 - 통화환산차이 | 26 | - | - | - | 12,925 | - | 12,925 | - | 12,925 |
총 포괄 손익 | - | - | - | 12,925 | 37,314 | 50,239 | 68 | 50,307 | |
소유자와의 거래 | |||||||||
주식 기반 지불 | 27 | - | - | - | - | 4,540 | 4,540 | - | 4,540 |
옵션 행사 | 27 | - | 288 | 418 | - | (2,091) | (1,385) | - | (1,385) |
배당 | 34 | - | - | - | - | (41,525) | (41,525) | - | (41,525) |
자본에 직접 인식되는 소유주와의 총 거래 | - | 288 | 418 | - | (39,076) | (38,370) | - | (38,370) | |
31년 2023월 XNUMX일 기준 잔액 | 1,821 | 205,725 | (15,413) | (121,167) | 310,345 | 381,311 | (1,254) | 380,057 |
회사 자본 변동 내역서
31년 2023월 XNUMX일로 종료되는 회계연도
기업 정보 | 주의 사항 | 보통의 | 공유 | 국고 | 잉여금 | 금액 |
1년 2022월 XNUMX일 기준 잔액 | 1,765 | 191,988 | (2,360) | 77,943 | 269,336 | |
올해의 이익 | - | - | - | 62,066 | 62,066 | |
총 포괄 손익 | - | - | - | 62,066 | 62,066 | |
소유자와의 거래 | ||||||
발행주식수 | 25 | 56 | 13,440 | (13,496) | - | - |
주식 기반 지불 | 27 | - | - | - | 3,818 | 3,818 |
옵션 행사 | 27 | - | 9 | 25 | (1,263) | (1,229) |
배당 | 34 | - | - | - | (48,210) | (48,210) |
자본에 직접 인식되는 소유주와의 총 거래 | 56 | 13,449 | (13,471) | (45,655) | (45,621) | |
31년 2022월 XNUMX일 기준 잔액 | 1,821 | 205,437 | (15,831) | 94,354 | 285,781 | |
올해의 이익 | - | - | - | 62,087 | 62,087 | |
총 포괄 손익 | - | - | - | 62,087 | 62,087 | |
소유자와의 거래 | ||||||
주식 기반 지불 | 27 | - | - | - | 4,540 | 4,540 |
옵션 행사 | 27 | - | 288 | 418 | (2,091) | (1,385) |
배당 | 34 | - | - | - | (41,525) | (41,525) |
자본에 직접 인식되는 소유주와의 총 거래 | - | 288 | 418 | (39,076) | (38,370) | |
31년 2023월 XNUMX일 기준 잔액 | 1,821 | 205,725 | (15,413) | 117,365 | 309,498 |
연결 현금 흐름표
31년 2023월 XNUMX일로 종료되는 회계연도
주의 사항 | 2023 | 2022 | |
영업 활동으로 인한 현금 흐름 | |||
운영에서 발생하는 현금 | 32 | 93,985 | 122,565 |
이자 지급 | (94) | (554) | |
법인소득세 납부 | (27,481) | (22,166) | |
영업활동으로 발생한 순현금흐름 | 66,410 | 99,845 | |
투자 활동으로 인한 현금 흐름 | |||
부동산, 플랜트 및 장비 구매 | (27,807) | (17,396) | |
자산, 플랜트 및 장비 판매 수익 | 27 | 7 | |
무형 자산 매입 | (54) | (68) | |
받은이자 | 1,916 | 515 | |
(Increase)/decrease in restricted cash | (50) | 3,252 | |
투자 활동에 사용 된 순 현금 | (25,968) | (13,690) | |
금융 활동으로 인한 현금 흐름 | |||
당좌 대월 상환 | 30 | (1,090) | (7,531) |
차입금 상환 | 30 | - | (23,820) |
부모의 소유주에게 지급되는 배당금 | 34 | (41,525) | (48,210) |
주식선택권의 현금결제 | (1,394) | (1,939) | |
주식선택권 행사영수증 | 27 | 7 | 6 |
금융 활동에 사용 된 순 현금 | (44,002) | (81,494) | |
Effect of foreign exchange gain/(loss) on cash and cash equivalents | 105 | (31) | |
현금 및 현금 등가물 순 (감소) / 증가 | (3,455) | 4,630 | |
연초의 현금 및 현금성자산 | 24 | 60,361 | 55,731 |
현금 및 현금성자산 연말정산 | 24 | 56,906 | 60,361 |
Cash and cash equivalents at 31 December 2023 includes cash at bank and on hand included in assets held for sale of $74,000 (31 December 2022: $63,000) (Note 21). The consolidated statement of cash flows does not include the restricted cash balance of $318,000 (2022: $264,000) (Note 24).
Corporate income tax paid includes $7,547,000 (2022: nil) of Kazakhstan withholding tax paid on intercompany dividend distributions.
아래의 주석은 연결재무정보의 일부입니다.
재무정보에 대한 주석
31년 2023월 XNUMX일로 종료되는 회계연도
1. 일반 정보
Central Asia Metals plc ('CAML' or the 'Company') and its subsidiaries (the 'Group') are a mining organisation with operations in Kazakhstan and North Macedonia and a parent holding company based in England in the United Kingdom ('UK').
The Group's principal business activities are the production of copper cathode at its Kounrad operations in Kazakhstan and the production of lead, zinc and silver at its Sasa operations in North Macedonia. CAML owns 100% of the Kounrad SX-EW copper project in Kazakhstan and 100% of the Sasa zinc-lead mine in North Macedonia. The Company also owns a 76% equity interest in Copper Bay Limited, which is currently held for sale. See Note 21 for details.
CAML is a public limited company, which is listed on the AIM market of the London Stock Exchange and incorporated and domiciled in England, UK. The address of its registered office is Masters House, 107 Hammersmith Road, London, W14 0QH. The Company's registered number is 5559627.
2. 중요한 회계정책의 요약
The principal accounting policies applied in the preparation of the consolidated financial information are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
재무정보 작성근거
여기에 명시된 재무 정보는 31년 2023월 2023일에 종료된 연도의 그룹 법정 재무제표를 구성하지 않지만 그룹의 감사 재무제표에서 파생되었습니다. 감사인은 498년 재무제표를 보고했으며 보고서는 적합하지 않았으며 2년 회사법 s3(2006) 또는 (2023)에 따른 진술을 포함하지 않았으며 계속 기업과 관련된 중요한 불확실성도 포함하지 않았습니다. 24년 연차 보고서는 2024년 2024월 434일 이사회에서 승인되었으며 2006년 XNUMX월에 주주들에게 우편으로 발송될 예정입니다. 이 명세서의 재무 정보는 감사를 받았지만 XNUMX조의 의미 내에서 법정 계정 상태를 갖지 않습니다. 회사법 XNUMX.
The Group's consolidated financial statements, which form part of the 2023 Annual Report, have been prepared in accordance with international accounting standards as adopted in the United Kingdom and the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention with the exception of assets held for sale that have been held at fair value. The accounting policies that follow set out those policies that apply in preparing the financial statements for the year ended 31 December 2023. The Group financial information is presented in US dollars ($) and rounded to the nearest thousand.
The parent company meets the definition of a qualifying entity under FRS 100 (Financial Reporting Standard 100) issued by the Financial Reporting Council. The parent company financial statements have therefore been prepared in accordance with FRS 101 (Financial Reporting Standard 101) 'Reduced Disclosure Framework' as issued by the Financial Reporting Council. As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to share-based payments, financial instruments, fair value measurements, capital management, presentation of a cash flow statement, new standards not yet effective, impairment of assets and related party transactions. Where relevant, equivalent disclosures have been given in the Group financial statements of CAML.
The preparation of the Group financial information in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial information, are explained in Note 4.
관심가는
The Group sells and distributes its Kounrad copper cathode product primarily through an annual rolling offtake arrangement with Traxys Europe S.A. ('Traxys') with a minimum of 95% of the SX-EW plant's forecasted output committed as sales. The Group sells Sasa's zinc and lead concentrate product through an annual rolling offtake arrangement with Traxys. The commitment is for 100% of the Sasa concentrate production.
The Group meets its day-to-day working capital requirements through its profitable and cash-generative operations at Kounrad and Sasa. The Group manages liquidity risk by maintaining adequate committed borrowing facilities, and the Group has substantial cash balances as at 31 December 2023.
The Board has reviewed forecasts for the period to December 2026 to assess the Group's liquidity, which demonstrates substantial headroom. The Board has considered additional sensitivity scenarios in terms of the Group's commodity price forecasts, expected production volumes, operating cost profile and capital expenditure. The Board has assessed the key risks that could impact the prospects of the Group over the going concern period including commodity price outlook, cost inflation and supply chain disruption with reverse stress testing of the forecasts in line with best practice. Liquidity headroom was demonstrated in each reasonably possible scenario. Accordingly, the Directors continue to adopt the going concern basis in preparing the consolidated financial information.
Please refer to Notes 6, 24 and 28 for information on the Group's revenues, cash balances and trade and other payables.
그룹이 채택한 신규 및 수정된 표준과 해석
The Group has adopted the following standards and amendments for the first time for the annual reporting period commencing 1 January 2023. The following have no impact on the current reporting period as they are either not relevant to the Group's activities or require accounting that is consistent with the Group's current accounting policies:
? IFRS 17 보험계약;
? 회계정책 공개(IAS 1 재무제표 표시 및 IFRS 실무기술서 2 개정)
? Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors);
? International Tax Reform - Pillar Two Model Rules (Amendment to IAS 12 Income Taxes);
? Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes);
In May 2021, the IASB issued amendments to IAS 12, which clarify whether the initial recognition exemption applies to certain transactions that result in both an asset and a liability being recognised simultaneously (e.g. a lease in the scope of IFRS 16). The amendments introduce an additional criterion for the initial recognition exemption, whereby the exemption does not apply to the initial recognition of an asset or liability that at the time of the transaction, gives rise to equal taxable and deductible temporary differences.
An entity applying these amendments shall also, at the beginning of the earliest comparative period presented i.e. 1 January 2022:
a. recognise a deferred tax asset to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised and a deferred tax liability for all deductible and taxable temporary differences associated with:
i. right-of-use assets and lease liabilities; and
II. decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost of the related asset; and
b. recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings at that date.
The application of this amendment for the first time in the current year resulted in an increase in Group deferred tax assets of $514,000, an increase in deferred tax liabilities of $2,075,000 and a net increase in the income tax expense of $1,561,000. There was no material impact on the comparative year consolidated financial statements. There was no significant impact on the Company financial statements.
아직 유효하지 않은 새로운 표준, 해석 및 수정안
There are a number of standards, amendments to standards, and interpretations that have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early.
다음 개정 사항은 1년 2024월 XNUMX일부터 시작되는 기간 동안 유효합니다.
? Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases);
? Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements);
? Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and
? Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures).
The following amendment is effective for the period beginning 1 January 2025:
? Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).
이러한 기준은 현재 또는 미래의 보고 기간과 예측 가능한 미래 거래에 기업에 중대한 영향을 미칠 것으로 예상되지 않습니다.
통합 근거
The Group financial information consolidates the financial statements of CAML and the entities it controls drawn up to 31 December 2023.
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Intercompany transactions, balances and unrealised losses/gains on transactions between Group companies are eliminated with unrealised losses/gains eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
사업결합
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, at the non-controlling interest's proportionate share of the recognised amounts of the acquiree's identifiable net assets. Acquisition-related costs are expensed as incurred and reported within other expenses.
친선
사업결합으로 이전된 대가, 피인수기업의 비지배지분 금액, 피인수기업의 이전 지분에 대한 취득일 공정가치의 초과분 over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income.
Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date.
영업권은 최초 인식 후에는 원가에서 손상차손누계액을 차감한 금액으로 표시하며, 장부가치에 손상이 발생하였는지 여부는 적어도 매년, 사건이나 상황의 변화로 장부가치가 손상될 수 있음을 나타낼 때마다 검토됩니다.
For the purpose of impairment testing, goodwill is allocated to the cash-generating unit (CGU) expected to benefit from the business combination in which the goodwill arose. See Note 19 for managements determination of CGUs. Where the recoverable amount is less than the carrying amount, including goodwill, an impairment loss is recognised in the income statement. The carrying amount of goodwill allocated to an entity is taken into account when determining the gain or loss on disposal of the unit.
현금대가 중 일부의 결제가 이연되는 경우 미래에 지급할 금액은 교환일의 현재가치로 할인됩니다. 사용된 할인율은 기업의 증분 차입율이며, 유사한 조건에서 독립 금융기관으로부터 유사한 차입금을 얻을 수 있는 이자율입니다.
비 지배 지분
Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity in the consolidated statement of financial position distinct from parent shareholder's equity. Non-controlling interests were held at year end by third parties in relation to Copper Bay Limited, Copper Bay (UK) Limited, Copper Bay Chile Limitada and Minera Playa Verde Limitada (see Note 20).
부분 소유 자회사에 손실이 발생한 경우 손실에 대한 비지배지분의 지분이 이익과 동일한 방식으로 배분되도록 연결됩니다.
Where profits are then made in future periods, such profits are then allocated to the parent company until all unrecognised losses attributable to the non-controlling interests but absorbed by the parent are recovered, at which point, profits are allocated as normal.
세그먼트보고
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, which is considered to be the Board. The Group's segmental reporting reflects the operational focus of the Group. The Group has been organised into geographical and business units based on its principal business activities of mining production, having two reportable segments as follows:
? 카자흐스탄 Kounrad(구리양극 생산)
? 북마케도니아의 Sasa(납, 아연, 은 생산)
Included within the unallocated segment are corporate costs for Central Asia Metals Plc and other companies within the Group that are not separately reported to the Board.
외화 번역
The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. The consolidated financial information is presented in US dollars, which is the Group and Company presentation currency. The functional currency of the Company is US dollars.
Transactions in currencies other than the currency of the primary economic environment in which they operate are initially recorded at the rate ruling at the date of the transaction. Foreign currency monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the reporting date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in profit or loss.
Exchange gains and losses arising on the retranslation of monetary financial assets are treated as a separate component of the change in fair value and recognised in profit or loss. Exchange gains and losses on non-monetary other comprehensive income ('OCI') financial assets form part of the overall gain or loss in OCI recognised in respect of that financial instrument.
On consolidation, the results of overseas operations are translated into US dollar at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those operations, are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rates are recognised in OCI and accumulated in the foreign exchange reserve.
해외사업장을 처분할 때 처분일까지 그 영업과 관련하여 외환보유고에 인식한 누적환차이는 처분손익의 일부로 연결포괄손익계산서에 이전됩니다.
외국 기업의 취득으로 인해 발생하는 영업권 및 공정 가치 조정은 외국 기업의 자산과 부채로 처리되며 마감 환율로 환산됩니다.
재산, 식물 및 장비
유형자산은 원가에서 감가상각누계액과 손상차손누계액을 차감한 금액으로 표시됩니다. 원가는 자산을 취득하기 위해 지급한 총액과 기타 대가의 공정가치로 구성되며, 자산을 의도한 대로 운영할 수 있게 만드는 데 직접적으로 관련된 원가를 포함합니다.
항목 비용에는 재건 작업을 수행해야 하는 현재의무가 있는 건물이나 공장 및 장비를 해체하고 부지를 개선하는 비용도 포함됩니다.
Development costs relating to specific mining properties are capitalised once management determines a property will be developed. A development decision is made based upon consideration of project economics, including future metal prices, reserves and resources, and estimated operating and capital costs. Capitalisation of costs incurred and proceeds received during the development phase ceases when the property is capable of operating at levels intended by management and is considered commercially viable.
Costs incurred during the production phase to increase future output by providing access to additional reserves, are deferred and depreciated on a units-of-production basis over the component of the reserves to which they relate. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined.
Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Development costs are not depreciated until such time as the areas under development enter production.
Depreciation is provided on all property, plant and equipment on a straight-line basis over its total expected useful life. As at 31 December 2023, the remaining useful lives were as follows:
? 진행중인 건설 | - not depreciated |
? 땅 | - not depreciated |
? 공장 및 장비 | - over 5 to 15 years |
? 채굴 자산 | - over 2 to 15 years |
? 자동차 | - over 2 to 10 years |
? 사무 기기 | - over 2 to 10 years |
? 사용권 자산 | - term of lease agreement |
Mineral rights are depreciated on a Unit of Production basis ('UoP'), in proportion to the volume of ore mined in the year compared with total proven and probable reserves as well as measured, indicated and certain inferred resources that are considered to have a sufficiently high certainty of commercial extraction at the beginning of the year. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight-line basis.
진행 중인 건설은 다른 유형자산으로 이전될 때까지 감가상각되지 않습니다.
The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying values may not be recoverable and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and, where adjustments are required, these are made prospectively.
An item of property, plant and equipment is de-recognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on de-recognition of the asset is included in the income statement.
임대
리스는 연결실체가 리스자산을 사용할 수 있게 된 시점에 사용권자산과 이에 상응하는 부채로 인식됩니다.
리스로 인한 자산과 부채는 최초에 현재가치로 측정하고 있습니다. 리스부채에는 다음 리스료의 순현재가치가 포함됩니다.
? 고정지급(실질적으로 고정지불 포함)에서 받을 리스 인센티브와 지수나 요율에 따른 변동지불을 차감한 금액
? amounts expected to be payable by the Group under residual value guarantees; and
? 리스 기간이 해당 옵션을 행사하는 그룹을 반영하는 경우 리스 종료에 대한 위약금 지불.
합리적으로 특정 연장 선택권 하에서 이루어지는 리스료도 부채 측정에 포함됩니다. 리스료는 리스에 내재된 이자율을 사용하여 할인됩니다. 일반적으로 연결실체의 리스에서와 같이 이율을 쉽게 결정할 수 없는 경우에는 리스이용자의 증분차입이자율이 사용됩니다. 유사한 조건, 담보 및 조건으로 유사한 경제 환경에서 사용권 자산으로.
The Group leases offices and equipment. Rental contracts are typically made for fixed periods of six months to five years and have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
무형 자산
a) Exploration and evaluation expenditure
자본화된 비용에는 프로젝트 타당성에 대한 높은 신뢰도가 있는 관심 분야의 그룹 탐색 및 평가 활동과 직접적으로 관련된 비용이 포함됩니다. 자본화된 탐사 및 평가 지출에는 탐사, 지형, 지질학, 지구화학적, 지구물리학 연구, 탐사 시추, 도랑 파기, 시료 채취 및 광물 자원 추출의 기술적 타당성 및 상업적 실행 가능성 평가와 관련된 활동에 대한 권리 취득이 포함됩니다.
Exploration and evaluation assets are measured at cost less amortisation and provision for impairment, where required.
b) Mining licences, permits and computer software
무형자산의 원가에서 상각누계액과 손상차손누계액을 차감한 금액을 장부금액으로 하는 역사적 원가모형이 적용됩니다. 수명이 유한한 무형자산은 잔존가치가 없으며 예상 내용연수 동안 정액법으로 상각되며, 비용은 판매원가나 관리비에 포함됩니다.
컴퓨터 소프트웨어 | - over 2 to 5 years |
광업 면허 및 허가 | - over the duration of the legal agreement |
무형자산의 장부금액은 사건이나 상황의 변화가 장부금액을 회수할 수 없음을 나타낼 때마다 손상 여부를 검토합니다.
비금융 자산의 손상
The Group carries out impairment testing on all assets when there exists an indication of an impairment. If any such indication exists, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or CGU's fair value less costs to sell or its value in use.
Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognised in the income statement.
사용가치를 평가할 때, 추정 미래현금흐름은 화폐의 시간가치와 자산 특유의 위험에 대한 현재 시장 평가를 반영하는 세전 할인율을 사용하여 현재가치로 할인됩니다.
The best evidence of an asset's fair value is the value obtained from an active market or binding sale agreement. Where neither exists, fair value less costs to sell is based on the best available information to reflect the amount the Group could receive for the CGU in an arm's length sale. In some cases, this is estimated using a discounted cash flow analysis on a post?tax basis.
A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a reversal of the conditions that originally resulted in the impairment. This reversal is recognised in the income statement and is limited to the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised in prior years.
Goodwill is also reviewed annually, as well as whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Non-financial assets other than goodwill that have suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
수익
IFRS 15는 수익 인식 여부, 금액 및 시기를 결정하기 위한 포괄적인 틀을 확립합니다. 이러한 단계는 다음과 같습니다: 고객 계약 식별; 계약 이행 의무의 식별; 계약 가격 결정; 계약 이행 의무에 대한 계약 가격 할당; 수행의무가 충족됨에 따라 수익을 인식합니다.
IFRS 15에서는 수행의무가 충족되고 고객이 재화나 서비스에 대한 통제권을 획득할 때 수익을 인식합니다. 일반적으로 소유권이 구매자에게 이전되고 재화가 계약 인도 조건에 따라 인도된 때입니다.
Revenue is measured at the fair value of consideration received or receivable from sales of metal to an end user, net of any buyers' discount, treatment charges and value added tax. Revenue is net of treatment charges, as the cost of smelting and refining is borne by the customer and the transaction price is agreed to be net of these charges. The Group recognises revenue when the amount of revenue can be reliably measured and when it is probable that future economic benefits will flow to the entity.
The value of consideration is fair value, which equates to the contractually agreed price. The offtake agreements provide for provisional pricing, i.e. the selling price is subject to final adjustment at the end of the quotation period based on the average price for the month following delivery to the buyer. Such a provisional sale contains an embedded derivative, which is not required to be separated from the underlying host contract, being the sale of the commodity. At each reporting date, if any sales are provisionally priced, the provisionally priced copper cathode, zinc and lead sales are marked to market using forward prices, with any significant adjustments (both gains and losses) being recorded in revenue in the income statement and in trade receivables in the statement of financial position.
The Group may mitigate commodity price risk by fixing the price in advance for its copper cathode with the offtake partner and also its zinc and lead sales with the banks where a facility has been set up and agreed. The price fixing arrangements are outside the scope of IFRS 9 Financial Instruments: Recognition and Measurement and do not meet the criteria for hedge accounting.
The Group reports both a gross revenue and revenue line. Gross revenue is reported after deductions of treatment charges but before deductions of offtaker fees and silver purchases under the Silver Stream (Note 6). Offtaker fees and silver purchases are deducted from revenue as they represent a reduction in the amount of net revenue received by the company rather than a direct cost of sale being incurred.
목록
재고자산은 원가와 순실현가능가치 중 낮은 금액으로 표시됩니다. 비용은 가중평균법을 사용하여 결정됩니다.
완제품 및 진행 중인 작업의 비용은 원자재, 직접 노동 및 광석 채굴 및 판매 가능한 제품 처리와 관련된 기타 모든 직접 비용으로 구성됩니다.
순실현가능가치는 정상적인 영업과정의 예상 판매가격에서 완료까지 발생할 것으로 예상되는 추가 비용을 차감한 금액입니다. 필요한 경우 이동 속도가 느리고 오래되고 결함이 있는 재고에 대한 준비가 이루어집니다.
비유동자산(또는 처분자산집단) 매각예정 및 중단영업
비유동자산(또는 처분자산집단)은 장부금액이 계속 사용이 아닌 매각거래를 통해 주로 회수되고 매각 가능성이 매우 높은 경우 매각예정으로 분류합니다. 이연법인세자산, 종업원급여에서 발생하는 자산, 금융자산 및 보험계약에 따른 계약상 권리와 공정가치로 측정되는 투자부동산 등을 제외하고 장부금액과 순공정가치 중 작은 금액으로 측정합니다. , 이 요구 사항에서 특별히 면제됩니다.
An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition.
비유동자산(처분자산집단에 포함된 자산 포함)은 매각예정으로 분류되는 동안 감가상각 또는 상각하지 않습니다. 매각예정으로 분류된 처분자산집단의 부채와 관련된 이자 및 기타 비용은 계속 인식합니다.
매각예정으로 분류된 비유동자산과 매각예정으로 분류된 처분자산집단의 자산은 다른 자산과 구분하여 대차대조표에 표시하고 있습니다. 매각예정으로 분류된 처분자산집단의 부채는 다른 부채와 구분하여 대차대조표에 표시하고 있습니다.
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of comprehensive income.
당기법인세 및 이연법인세
당기법인세비용은 연결실체의 자회사가 영업을 영위하고 과세소득을 창출하는 국가에서 보고일 현재 제정되었거나 실질적으로 제정된 세법에 기초하여 계산됩니다.
Deferred income tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated statement of financial position differs from its tax base, except for differences arising on:
? 영업권의 최초 인식
? the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and
? 그룹이 차액의 소멸 시점을 통제할 수 있고 예측 가능한 미래에 차액이 소멸되지 않을 가능성이 높은 자회사 및 공동 약정에 대한 투자.
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). When there is uncertainty concerning the Group's filing position regarding the tax bases of assets or liabilities, the taxability of certain transactions or other tax-related assumptions, then the Group:
? considers whether uncertain tax treatments should be considered separately, or together as a group, based on which approach provides better predictions of the resolution;
? 세무 당국이 불확실한 세금 처리를 수용할 가능성이 있는지 결정합니다. 그리고
? 불확실한 세금 처리가 받아들여질 가능성이 높지 않은 경우 불확실성 해결을 더 잘 예측하는 방법에 따라 가장 가능성이 높은 금액 또는 예상 가치를 기준으로 세금 불확실성을 측정합니다. 이러한 측정은 각 과세당국이 조사할 권리가 있는 금액을 조사하고 그러한 조사를 할 때 모든 관련 정보를 완전히 알고 있다는 가정에 기초해야 합니다.
Deferred income tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:
? 동일한 과세 그룹 회사; 또는
? different group entities that intend either to settle current tax assets and liabilities on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
현금 및 현금성 자산
현금및현금등가물에는 보유중인 현금, 은행예금, 기타 원래 만기가 XNUMX개월 이하인 매우 유동적인 단기 투자자산이 포함됩니다.
현금 제한
Restricted cash is cash with banks that is not available for immediate use by the Group. Restricted cash is shown separately from cash and cash equivalents on the statement of financial position.
투자
종속기업에 대한 투자는 원가에서 손상충당금을 차감한 금액으로 기록됩니다.
주식 자본
보통주는 자본으로 분류됩니다. 신주발행과 직접적으로 관련되는 증분비용은 세액공제 후 수익금에서 공제되어 자본에 표시됩니다.
자기 주식
Where any Group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company's equity holders until the shares are cancelled or reissued. Where such Ordinary Shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company's equity holders.
공유 기반 보상
Where equity-settled share options are awarded to employees the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Additionally, the fair value of the options includes considerations of dividends employees are entitled to over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market-vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market-vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market-vesting condition or where a non-vesting condition is not satisfied. An option pricing model is used to measure the fair value of the options.
가득되기 전에 선택권의 조건을 변경하는 경우에는 변경 직전과 직후에 측정한 선택권의 공정가치 증가분도 나머지 가득기간에 걸쳐 연결포괄손익계산서에 반영하고 있습니다.
The Company may in limited circumstances have no choice but to settle in cash. The cash payment is accounted for as the repurchase of an equity interest, i.e. as a deduction from equity..
매출 채권 및 기타 채권
매출채권 및 기타수취채권은 IFRS 9에 따라 예상신용손실모형을 사용하여 회계처리하고 최초에 공정가치로 인식한 후 상각후원가에서 예상신용손실충당금을 차감한 금액으로 측정합니다.
금융 자산의 손상
Impairment provisions for current and non-current trade receivables are recognised based on the 'simplified approach' within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables.
For trade receivables, that are reported net, such provisions are recorded in a separate provision account with the loss being recognised in profit or loss. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
Impairment provisions for receivables from subsidiaries and loans to subsidiaries are recognised based on the 'general approach' within IFRS 9. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset with the assessment also taking into account the ability of the subsidiary to repay the receivable or loan in the event that it was called due. For those where the credit risk has not increased significantly since initial recognition of the financial asset, twelve months of expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of the loan whereas twelve-month expected credit losses are a portion of lifetime expected credit losses that represent the expected credit losses that result from default events that are possible within twelve months of the reporting date.
From time to time, the Group elects to renegotiate the terms of trade receivables due from customers with which it has previously had a good trading history. Such renegotiations will lead to changes in the timing of payments rather than changes to the amounts owed and, in consequence, the new expected cash flows are discounted at the original effective interest rate, and any resulting difference to the carrying value is recognised in the consolidated statement of comprehensive income (operating profit).
매입 채무 및 기타 채무
매입채무와 기타채무는 이자가 발생하지 않으며 최초에 공정가치로 인식한 후 유효이자율법을 사용하여 상각후원가로 측정합니다.
실버 스트림 약속
The silver stream arrangement has been accounted for as a commitment as the Group has obligations to deliver silver to a third party at a price below market value. On acquisition, following completion of the business combination, the silver stream commitment was identified as an unfavourable contract and recorded at fair value. Payments received under the arrangement prior to the acquisition by the Group were not considered to be a transaction with a customer. Management has determined that the agreement is not a derivative as it will be satisfied through the delivery of non-financial items (i.e. silver commodity from the Company's production), rather than cash or financial assets. Subsequent to initial recognition, the silver stream commitment is not revalued and is amortised on a UoP basis to cost of sales.
The fair value of consideration received for delivered silver under the agreement is recorded as revenue. In addition, silver produced in conjunction with the Group's lead and zinc production and sold under the offtake agreement is recorded in gross revenue with a corresponding deduction for silver purchased to deliver under the silver stream recorded in arriving at net revenue.
임대
Lease liabilities are recognised in non-current and current liabilities. On inception, the lease liability is recognised as the present value of the expected future lease payments, calculated using a discount rate.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured if there is a change to the forecast lease payments. When the lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset.
차입금
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the drawdown occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.
차입금은 연결회사가 보고기간 후 최소 12개월 동안 부채의 결제를 이연할 수 있는 무조건적인 권리를 가지고 있지 않는 한 유동부채로 분류됩니다.
파생 금융 상품
The Group may use commodity price contracts to reduce its exposure to risks from commodity price movements. Derivative financial instruments are primarily used as a means of managing exposure to price in line with the Group risk management strategy. Derivative financial liabilities are initially recognised and measured at fair value on the date a derivative contract is entered into and then subsequently re-measured at fair value by reference to valuation models and the probability of outcome scenarios and categorised as level 2 measurements.
다양한 수준은 다음과 같이 정의되었습니다.
? 동일한 자산 또는 부채에 대한 활성 시장의 공시 가격(조정되지 않음)(레벨 1)
? inputs other than quoted prices within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2);
? 관측 가능한 시장 데이터에 기초하지 않은 자산이나 부채에 대한 투입(즉, 관측 불가능한 투입)(수준 3).
For the derivative contracts held, the Group are recognising the financial instruments with level 2 data as the valuation is obtained using MTM market data using the forward curve of the commodity prices. However, there is no readily observable market information for these exact derivative instruments. The realised losses/gains are recognised in other gains and losses in the income statement.
식량
The Group has recognised provisions for liabilities of uncertain timing or amount including those for leasehold dilapidations, legal disputes and the following:
a) Asset retirement obligation
Provisions for environmental restoration of mining operations are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the cash flows incorporate assessments of risk. The increase in the provision due to passage of time is recognised as an interest expense.
b) Employee benefits - pension
The Group, in the normal course of business, makes payments on behalf of its employees for pensions, healthcare, employment and personnel tax, which are calculated based on gross salaries and wages according to legislation. The cost of these payments is charged to the consolidated statement of comprehensive income in the same period as the related salary cost.
c) Employee benefits - retirement benefits and jubilee awards
Pursuant to the labour law prevailing in the North Macedonian subsidiaries, the Group is obliged to pay retirement benefits to employees for an amount equal to two average monthly salaries, at their retirement date. According to the collective labour agreement, the Group is also obliged to pay jubilee anniversary awards for each ten years of continuous service of the employee. Due to the long-term nature of these plans, such estimates are subject to uncertainty.
Retirement benefit obligations arising on severance pay are stated at the present value of expected future cash payments towards the qualifying employees. These benefits have been calculated by an independent actuary in accordance with the prevailing rules of actuarial mathematics and recognised as a liability with no pension plan assets (Note 31). Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to profit and loss over the employees' expected average remaining working lives.
3. 금융상품 - 위험관리
The Group's activities expose it to a variety of financial risks: market price risk (including foreign currency exchange risk, commodity price risk and interest rate risk), liquidity risk, capital risk and credit risk. These risks are mitigated wherever possible by the Group's financial management policies and practices described below. The Group's risk management is carried out by a central treasury department (Group Treasury) under policies approved by the Board. Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the Group's operating units.
외화환위험
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. The primary Group currency requirements are US dollar, British Pound, Kazakhstan tenge, Euro and North Macedonian denar.
The following table highlights the major currencies the Group operates in and the movements against the US dollar during the course of the year:
평균 요금 | 보고일 현물율 | |||||
2023 | 2022 | 운동 | 2023 | 2022 | 운동 | |
카자흐스탄 텡게 | 456.18 | 460.15 | -1 % | 454.56 | 462.65 | -2 % |
마케도니아 데나르 | 56.85 | 58.36 | -3 % | 55.65 | 57.65 | -3 % |
영국 파운드 | 0.81 | 0.80 | 1% | 0.79 | 0.83 | -5 % |
Foreign exchange risk does not arise from financial instruments that are non-monetary items or financial instruments denominated in the functional currency. Kazakhstan tenge and North Macedonian denar denominated monetary items are therefore not reported in the tables below, as the functional currency of the Group's Kazakhstan-based and North Macedonian-based subsidiaries is the tenge and denar respectively.
The Group's exposure to foreign currency risk based on US dollar equivalent carrying amounts at the reported date:
그룹 | |||
2023 | |||
$'000 상당 | USD | EUR | GBP |
현금 및 현금성 자산 | 3,942 | 226 | 505 |
매출 채권 및 기타 채권 | 109 | - | 10 |
매입 채무 및 기타 채무 | - | (268) | (3,516) |
순 노출 | 4,051 | (42) | (3,001) |
그룹 | |||
2022 | |||
$'000 상당 | USD | EUR | GBP |
현금 및 현금성 자산 | 20,055 | 556 | 886 |
매출 채권 및 기타 채권 | - | 2 | 167 |
매입 채무 및 기타 채무 | (20) | (333) | (3,268) |
순 노출 | 20,035 | 225 | (2,215) |
Trade and other receivables excludes prepayments and tax receivable, and trade and other payables excludes corporation tax, social security and other taxes as they are not considered financial instruments.
At 31 December 2023, if the foreign currencies had weakened/strengthened by 10% against the US dollar, post-tax Group profit for the year would have been $101,000 lower/higher (2022: $1,804,000 lower/higher).
상품 가격 위험
The Group has a hedging policy in place to manage commodity price risk; however, the Directors elected not to hedge during the year and the prior year.
The offtake agreement at Kounrad and Sasa provides for the option of provisional pricing, i.e. the selling price is subject to final adjustment at the end of the quotation period based on the average price for the month following delivery to the buyer. This could result in fluctuations of revenue recognised ultimately. The Group may mitigate commodity price risk by fixing the price in advance for its copper cathode sales with the offtake partner; however, this option was not utilised during the year and the prior year.
The following table details the Group's sensitivity to a 10% increase and decrease in the copper, zinc and lead price against the invoiced price. 10% is the sensitivity used when reporting commodity price internally to management and represents management's assessment of the possible change in price. A positive number below indicates an increase in profit for the year and other equity where the price increases.
수익과 자본에 대한 추정 효과 | ||
2023 | 2022 | |
구리, 아연, 납 가격 10% 인상 | 21,437 | 23,931 |
구리, 아연, 납 가격 10% 하락 | (21,437) | (23,931) |
유동성 위험
Liquidity risk relates to the ability of the Group to meet future obligations and financial liabilities as and when they fall due. The Group currently has sufficient cash resources and a material income stream from the Kounrad and Sasa projects.
The following table sets out the contractual maturities (representing undiscounted contractual cash flows) of financial liabilities.
그룹 | ||
Future expected payments: | 31 12 월 23 | 31 12 월 22 |
XNUMX년 이내 매매대금 및 기타채무 | 13,101 | 12,751 |
Borrowings payable within one year (Note 30) | 326 | 1,390 |
XNUMX년 이내에 지불해야 하는 임대 책임 | 248 | 295 |
XNUMX년 이후부터 XNUMX년 이내에 지불해야 하는 임대 책임 | 1,487 | 10 |
15,162 | 14,446 |
자본 위험
자본을 관리할 때 그룹의 목적은 계속기업으로서 주주에게 수익을 제공하고 다른 이해관계자에게 이익을 제공하기 위해 그룹의 능력을 보호하고 자본 비용을 줄이기 위한 최적의 구조를 유지하는 것입니다.
The Group manages its capital in order to provide sufficient funds for the Group's activities. Future capital requirements are regularly assessed and Board decisions taken as to the most appropriate source for obtaining the required funds, be it through internal revenue streams, external fund raising, issuing new shares or selling assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group monitors capital on the basis of the following gearing ratio:
순 현금
주의 사항 | 2023 | 2022 | |
제한된 현금을 제외한 현금 및 현금등가물 | 24 | 56,832 | 60,298 |
은행 당좌 대월 | 30 | (326) | (1,390) |
순 현금 | 56,506 | 58,908 | |
총 자본 | 380,057 | 368,120 | |
순현금 대 자기자본 비율 | 15% | 16% |
재무활동으로 인한 부채의 변동
The total borrowings as at 1 January 2023 were $1,390,000 (1 January 2022: $32,978,000). During the year, there were repayments on unsecured overdrafts of $1,090,000 (2022: $7,531,000). The corporate debt package was repaid in August 2022 (2022: $23,820,000). Other changes amounted to an increase of $26,000 (2022: reduction of $237,000) leading to a closing debt balance of $326,000 (2022: $1,390,000). See note 30 for more details.
The cash and cash equivalents including cash at bank and on hand in assets held for sale brought forward were $60,361,000 (2022: $55,731,000) with a net $3,455,000 outflow (2022: $4,630,000 inflow) during the year and, therefore, a closing balance of $56,906,000 (2022: $60,361,000).
신용 위험
Credit risk refers to the risk that the Group's financial assets will be impaired by the default of a third party. The Group is exposed to credit risk primarily on its cash and cash equivalents as set out in note 24 and on its trade and other receivables as set out in note 22. The Group sells a minimum of 95% of Kounrad's copper cathode production to the offtake partner, which pays on the day of dispatch and, during the year, 100% of Sasa's zinc and lead concentrate was sold to Traxys which assumes the credit risk.
For banks and financial institutions, only parties with a minimum rating of BBB- are accepted. 92% of the Group's cash and cash equivalents including restricted cash at the year end were held by banks with a minimum credit rating of A- (2022: 91%). The rest of the Group's cash was held with a mix of institutions with credit ratings between A and BBB+ (2022: A and BB-). The Directors have considered the credit exposures and do not consider that they pose a material risk at the present time. The credit risk for cash and cash equivalents is managed by ensuring that all surplus funds are deposited only with financial institutions with high quality credit ratings.
회사간대출채권에 대한 기대신용손실은 중요하지 않은 것으로 간주됩니다(주석 22).
금리 위험
The Group's North Macedonian bank overdrafts denominated in Euros are payable at fixed interest rates ranging from 3.24% to 5.3%. The amount of interest paid during the year amounted to $46,000. There is some interest rate risk exposure linked to US dollar interest-earning bank balances with variable rates. At 31 December 2023, if interest rates on variable interest earning US dollar bank balances had been 150 basis points higher/lower, profit after tax for the year would have been $577,000 higher/lower. The Directors consider that 150 basis points is the maximum likely change in interest rates over the next year, being the period up to the next point at which the Group expects to make these disclosures.
금융상품의 종류
금융 자산
그룹 | ||
Cash and receivables | 31 12 월 23 | 31 12 월 22 |
Cash and cash equivalents including restricted cash (Note 24) | 57,150 | 60,562 |
매출 채권 및 기타 채권 | 1,899 | 3,083 |
| 59,049 | 63,645 |
Trade and other receivables excludes prepayments and tax receivable as they are not considered financial instruments. All trade and other receivables are receivable within one year for both reporting years.
금융 부채
그룹 | ||
상각후원가로 측정 | 31년 23월 000일 $'XNUMX | 31년 22월 000일 $'XNUMX |
XNUMX년 이내 매매대금 및 기타채무 | 13,101 | 12,751 |
Borrowings payable within one year (Note 30) | 326 | 1,390 |
XNUMX년 이내 임대차 책임 | 176 | 295 |
XNUMX년 이후부터 XNUMX년 이내에 지불해야 하는 임대 책임 | 1,325 | 10 |
14,928 | 14,446 |
거래 및 기타 미지급금에는 금융 상품으로 간주되지 않으므로 실버 스트리밍 약정, 법인세, 사회 보장 및 기타 세금이 제외됩니다.
4. 중요한 회계추정 및 판단
The preparation of the consolidated financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these judgements and estimates. The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.
중요한 회계추정 및 판단
The following are significant accounting estimates and judgements that have a significant risk of a material change to the carrying value of assets and liabilities within the next financial year:
Impairment and impairment reversals of non-current assets
The carrying value of the goodwill generated by accounting for the business combination of the Group acquiring an additional 40% in the Kounrad project in May 2014 (the 'Kounrad Transaction') and the CMK Resources Limited acquisition in November 2017 requires an annual impairment review. The carrying values of property, plant and equipment are reviewed for impairment or impairment reversal if updated events or changes in circumstances indicate the carrying value has significantly changed. This review determines whether the value of the goodwill and property, plant and equipment can be justified by reference to the carrying value of the business assets and the future discounted cash flows of the respective CGUs. The key assumptions used in the Group's impairment assessments and sensitivity analysis are disclosed in Note 19.
Assets (other than goodwill) that have been previously impaired must be assessed for indicators of both impairment and impairment reversal. Such assets are generally carried on the balance sheet at a value close to their recoverable amount at the last assessment. Therefore, in principle any change to operational plans or assumptions or economic parameters could result in further impairment or impairment reversal if an indicator is identified.
Estimates are required periodically to assess assets for impairment. The critical accounting estimates are future commodity prices, treatment charges, future ore production, discount rates and projected future costs of development and production. Ore reserves and resources included in the forecasts include certain resources considered to be sufficiently certain and economically viable. The Group's resources statements include additional resources that are not included in the life of mine plan or impairment test.
해체 및 현장 재건 견적
Provision is made for the costs of decommissioning and site rehabilitation costs ('asset retirement obligation') when the related environmental disturbance takes place. External expert consultants conducted an independent assessment, and judgement is used in determining the expected timing, closure and decommissioning methods, which can vary in response to changes in the relevant legal requirements or decommissioning technologies. The estimated Sasa decommissioning costs included a reassessment of the lining of the tailing's facilities. Judgement is applied in determining appropriate contingency rates to cost estimates. Asset retirement obligations have been updated using latest assumptions on inflation rates and discount rates and to update the estimated costs at Sasa for the lining of the tailings facilities following discussions with the Regulators.
The discounted provision recognised represents management's best estimate of the costs that will be incurred, and many of these costs will not crystallise until the end of the life of the mine. Estimates are reviewed annually and are based on current contractual and regulatory requirements and the estimated useful life of mines. Engineering and feasibility studies are undertaken periodically and, in the interim, management make assessments for appropriate changes based on the environmental management strategy; however, significant changes in the estimates of contamination, restoration standards, timing of expenditure and techniques will result in changes to provisions from period to period.
The Group has performed a sensitivity analysis of reasonable possible changes in the significant assumptions taking into account historical experience; however, the estimates may vary by greater amounts. A 2% change in the discount rate would result in an impact of $5,234,000 on the provision for asset retirement obligation. A 2% change in the inflation rate would result in an impact of $7,046,000 on the provision for asset retirement obligation. A 20% change in cost would result in an impact of $2,647,000 on the provision for asset retirement obligation.
광물 매장량 및 자원
The major value associated with the Group is the value of its mineral reserves and resources. The value of the reserves and resources has an impact on the Group's accounting estimates in relation to depreciation and amortisation, impairment of assets and the assessment of going concern. These resources are the Group's best estimate of product that can be economically and legally extracted from the relevant mining property.
The Group's estimates are supported by geological studies and drilling samples to determine the quantity and grade of each deposit. The Group estimates its mineral reserves and resources based on information compiled by Competent Persons as defined in accordance with the Joint Ore Reserves Committee (JORC) code. The Kounrad resources were classified as JORC Compliant in 2013 and mineral resources were estimated in June 2017, and the Sasa JORC ore reserves and mineral resources were estimated on 31 December 2023.
The estimation of mineral reserves and resources requires judgement to interpret available geological data to select an appropriate mining method. Estimation requires assumptions about future commodity prices, exchange rates, production costs, closure costs and discount rates. Ore resource estimates may vary from period to period. This judgement has a significant impact on impairment consideration and the period over which capitalised assets are depreciated within the financial information.
부가세
Management makes judgements in relation to the recognition of various taxes payable and receivable by the Group and VAT recoverability for which the recoverability and timing of recovery is assessed. The Group operates in jurisdictions which necessarily require judgements to be applied when assessing the applicable tax treatment for transactions, and the Group obtains professional advice where appropriate to ensure compliance with applicable legislation. To the extent that a final tax outcome is different from the amounts recorded, such differences will impact income tax in the period in which such determination is made.
5. 구간 정보
31년 2023월 XNUMX일에 종료된 회계연도의 부문별 결과는 다음과 같습니다.
쿤라드 | 사사 | 할당되지 않은 | 금액 | |
총 수익 | 116,323 | 91,093 | - | 207,416 |
실버 스트림 구매 | - | (8,181) | - | (8,181) |
구매자 수수료 할인 | (3,005) | (950) | - | (3,955) |
수익 | 113,318 | 81,962 | - | 195,280 |
EBITDA | 82,308 | 35,663 | (21,468) | 96,503 |
감가상각 및 상각 | (4,168) | (23,672) | (352) | (28,192) |
외환 손실 | (2,819) | (453) | (106) | (3,378) |
Other income (Note 10) | 75 | - | - | 75 |
금융수익(주14) | 14 | - | 1,978 | 1,992 |
금융비용(주15) | (430) | (1,372) | (50) | (1,852) |
소득세 전 이익 / (손실) | 74,980 | 10,166 | (19,998) | 65,148 |
소득세 | (24,866) | (2,837) | - | (27,703) |
계속 영업으로 인한 세후 연도 이익 | 50,024 | 7,329 | (19,998) | 37,445 |
중단 영업 손실 | (63) | |||
올해의 이익 | 37,382 |
Depreciation and amortisation include $15,057,000 on the fair value uplift on the acquisition of Sasa and Kounrad.
31년 2022월 XNUMX일에 종료된 회계연도의 부문별 결과는 다음과 같습니다.
쿤라드 | 사사 | 할당되지 않은 | 금액 | |
총 수익 | 123,657 | 108,549 | - | 232,206 |
실버 스트림 구매 | - | (7,080) | - | (7,080) |
구매자 수수료 할인 | (3,090) | (1,181) | - | (4,271) |
수익 | 120,567 | 100,288 | - | 220,855 |
EBITDA | 94,920 | 56,397 | (19,706) | 131,611 |
감가상각 및 상각 | (3,705) | (23,330) | (250) | (27,285) |
외환 이득 | 3,287 | 3,318 | 224 | 6,829 |
Impairment of non-current assets (Note 18,19) | - | (55,116) | - | (55,116) |
Other income (Note 10) | 50 | 36 | - | 86 |
금융수익(주14) | 29 | - | 486 | 515 |
금융비용(주15) | (214) | (1,040) | (806) | (2,060) |
소득세 전 이익 / (손실) | 94,367 | (19,735) | (20,052) | 54,580 |
소득세 | (19,573) | (1,015) | - | (20,588) |
계속 영업으로 인한 세후 연도 이익 | 74,794 | (20,750) | (20,052) | 33,992 |
중단 영업 손실 | (187) | |||
올해의 이익 | 33,805 |
Depreciation and amortisation include $15,419,000 on the fair value uplift on the acquisition of Sasa and Kounrad.
해당 연도 이익과 EBITDA 간의 조정 내용은 재무 검토 섹션에 표시됩니다.
31년 2023월 XNUMX일 종료된 회계연도의 그룹 부문별 자산과 부채는 다음과 같습니다.
부분 자산 | 추가 사항 | 부분부채 | ||||
31 12 월 23 | 31 12 월 22 | 31 12 월 23 | 31 12 월 22 | 31 12 월 23 | 31 12 월 22 | |
쿤라드 | 72,097 | 82,258 | 4,389 | 2,525 | (17,570) | (13,928) |
사사 | 342,197 | 324,197 | 22,066 | 14,920 | (56,054) | (54,718) |
Assets held for sale (Note 21) | 76 | 64 | - | - | (94) | (44) |
기업을 포함하여 할당되지 않음 | 47,818 | 36,526 | 2,092 | 19 | (8,413) | (6,235) |
| 462,188 | 443,045 | 28,547 | 17,464 | (82,131) | (74,925) |
6. 수익
그룹 | 2023 | 2022 |
해외 고객(유럽) - 구리 음극 | 116,086 | 122,371 |
국제 고객(유럽) - 아연 및 납 농축물 | 88,844 | 106,578 |
국내 고객 (카자흐스탄) - 구리 음극선 | 237 | 1,286 |
해외 고객(유럽) - 실버 | 2,249 | 1,971 |
총 수익 | 207,416 | 232,206 |
적게: | ||
실버 스트림 구매 | (8,181) | (7,080) |
구매자 수수료 할인 | (3,955) | (4,271) |
수익 | 195,280 | 220,855 |
쿤라드
The Group sells and distributes its copper cathode product primarily through an offtake arrangement with Traxys. The offtake arrangements are for a minimum of 95% of the SX-EW plant's output. Revenue is recognised at the Kounrad mine gate when the goods have been delivered in accordance with the contractual delivery terms.
The offtake agreement provides for the option of provisional pricing, i.e. the selling price is subject to final adjustment at the end of the quotation period based on the average price for the month following delivery to the buyer. The Group may mitigate commodity price risk by fixing the price in advance for its copper cathode sales with the offtake partner.
The costs of delivery to the end customers have been effectively borne by the Group through means of an annually agreed buyer's fee, which is deducted from the selling price.
During 2023, the Group sold 13,658 tonnes (2022: 14,192 tonnes) of copper through the offtake arrangements. Some of the copper cathodes are also sold locally, and during 2023, 29 tonnes (2022: 150 tonnes) were sold to local customers.
사사
The Group sells Sasa's zinc and lead concentrate product to smelters through an offtake arrangement with Traxys. The commitment is for 100% of the Sasa concentrate production. The agreements with the smelters provide for provisional pricing, i.e. the selling price is subject to final adjustment at the end of the quotation period based on the average price for the month, two months or three months following delivery to the buyer and subject to final adjustment for assaying results.
The Group sold 17,113 tonnes (2022: 17,862 tonnes) of payable zinc in concentrate and 26,298 tonnes (2022: 26,320 tonnes) of payable lead in concentrate.
The revenue arising from silver relates to a contract with Osisko Gold Royalties where the Group has agreed to sell all of its silver at approximately $6 per ounce for the life of the mine, significantly below market value and arising from the silver stream commitment inherited on acquisition (Note 29).
7. 매출원가
그룹 | 2023 | 2022 |
시약, 전기 및 재료 | 26,622 | 27,989 |
감가상각 및 상각 | 27,443 | 26,709 |
Silver stream commitment (Note 29) | (1,136) | (1,269) |
로열티 | 12,692 | 10,117 |
직원 복지 비용 | 20,674 | 17,951 |
컨설팅 및 기타 서비스 | 6,085 | 5,404 |
세금 및 관세 | 514 | 370 |
| 92,894 | 87,271 |
8. Distribution and selling costs
그룹 | 2023 | 2022 |
운임 비용 | 2,169 | 1,934 |
운송 비용 | 28 | 24 |
감가상각 및 상각 | 5 | 5 |
재료비 및 기타 비용 | 642 | 203 |
2,844 | 2,166 |
위의 유통 및 판매 비용은 오프테이크 계약과 관련된 비용 외에 Kounrad 및 Sasa에서 발생한 비용입니다.
9. 관리비
그룹 | 2023 | 2022 |
직원 복지 비용 | 12,139 | 11,382 |
주식기준보상(주석 27) | 4,540 | 4,494 |
컨설팅 및 기타 서비스 | 10,730 | 8,090 |
Auditor's remuneration (Note 11) | 574 | 486 |
Office-related and travel costs | 2,089 | 1,652 |
세금 및 관세 | 415 | 417 |
감가상각 및 상각 | 744 | 571 |
계속영업 합계 | 31,231 | 27,092 |
Total from discontinued operations (Note 21) | 382 | 179 |
31,613 | 27,271 |
10. 기타 소득
그룹 | 2023 | 2022 |
다른 수입 | 75 | 86 |
75 | 86 |
11. 감사인의 보수
During the year, the Group obtained the following services from the Company's auditor and its associates:
2023 | 2022 | |
Fees payable to BDO LLP the Company's auditor for the audit of the parent company and consolidated financial statements | 297 | 243 |
Fees payable to BDO LLP the Company's auditor and its associates for other services: ? 회사의 자회사에 대한 감사 | 208 | 183 |
Fees payable to BDO LLP the Company's auditor and its associates for other services: ? 기타 보증 서비스 | 69 | 60 |
574 | 486 |
12. 복리후생비
이사를 포함한 직원의 보수총액은 다음과 같습니다.
그룹 | 2023 | 2022 |
임금 및 급여 | 24,689 | 22,374 |
사회 보장 비용 및 유사한 세금 | 2,846 | 2,859 |
직원 건강 관리 및 기타 혜택 | 3,668 | 3,187 |
기타 연금 비용 | 4,158 | 2,929 |
주식기준보상비용(주석27) | 4,540 | 4,494 |
계속영업 합계 | 39,901 | 35,843 |
Total for discontinuing operations (Note 21) | 75 | 74 |
| 39,976 | 35,917 |
The total employee benefit expense includes an amount of $2,548,000 (2022: $2,016,000), which has been capitalised within property, plant and equipment.
기업 정보 | 2023 | 2022 |
임금 및 급여 | 6,961 | 6,779 |
사회 보장 비용 | 1,016 | 1,328 |
직원 건강 관리 및 기타 혜택 | 584 | 584 |
기타 연금 비용 | 145 | 108 |
주식기준보상(주석 27) | 4,540 | 4,494 |
13,246 | 13,293 |
Key management remuneration is disclosed in the Remuneration Committee Report.
13. Monthly average number of people employed
그룹 | 2023 | 2022 |
조작상의 | 962 | 937 |
관리 및 관리 | 180 | 155 |
1,142 | 1,092 |
The monthly average number of staff employed by the Company during the year was 20 (2022: 19).
14. 금융소득
그룹 | 2023 | 2022 |
은행 이자 수령 | 1,992 | 515 |
1,992 | 515 |
15. 금융비용
그룹 | 2023 | 2022 |
Provisions: unwinding of discount (Note 31) | 1,707 | 1,088 |
Interest on borrowings (Note 30) | 46 | 910 |
임대이자비용 및 은행수수료 | 99 | 62 |
계속영업 합계 | 1,852 | 2,060 |
16. 소득세
그룹 | 2023 | 2022 |
연도의 이익에 대한 현재 세금 | 19,150 | 25,142 |
Withholding tax on intercompany dividend distributions | 7,547 | - |
Deferred tax debit/(credit) (Note 36) | 1,006 | (4,554) |
소득세 비용 | 27,703 | 20,588 |
Taxation for each jurisdiction is calculated at the rates prevailing in the respective jurisdictions. The payment of 10% withholding tax on intercompany dividends from Kazakhstan was introduced from 1 January 2023.
The tax on the Group's profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities is as follows:
그룹 | 2023 | 2022 |
소득세 전 이익 | 65,148 | 54,580 |
해당 국가의 이익에 적용되는 국내 세율로 계산된 세금 | 12,202 | 10,117 |
세금 효과: | ||
세금 목적으로 공제되지 않는 비용 | 5,112 | 12,546 |
Withholding tax on intercompany dividend distributions | 7,547 | - |
Deferred income tax debit/(credit) (Note 36) | 1,006 | (4,554) |
인식되지 않은 이연법인세 움직임 - 세무상 손실 | 1,836 | 2,479 |
소득세 비용 | 27,703 | 20,588 |
법인 소득세는 영국 모회사의 경우 해당 연도 평가 가능 이익의 23.5%(2022년: 19%), 카자흐스탄 운영 자회사의 경우 20%(2022년: 20%), 10%(2022년: 10%)로 계산됩니다. 북마케도니아의 운영 자회사를 위한 것입니다.
Expenses not deductible for tax purposes includes share-based payment charges, transfer pricing adjustments in accordance with local tax legislation, impairment and depreciation and amortisation charges.
이연법인세자산은 주로 모회사의 세무결손금에 대해 인식되지 않았습니다. 왜냐하면 해당 기업이 미래에 이러한 손실을 활용하기에 충분한 과세소득을 가질지 여부가 불확실하기 때문입니다.
17. 주당순이익/(손실)
(a) 기본
Basic earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to owners of the Company by the weighted average number of Ordinary Shares in issue during the year excluding Ordinary Shares purchased by the Company and held as treasury shares (Note 25).
2023 | 2022 | |
Profit from continuing operations attributable to owners of the parent | 37,377 | 33,998 |
Loss from discontinued operations attributable to owners of the parent | (63) | (187) |
모회사 소유주에게 귀속되는 이익 | 37,314 | 33,811 |
2023 | 2022 | |
가중평균 발행보통주식수 | 181,904,941 | 177,955,800 |
2023 | 2022 | |
해당 연도 동안 모회사 소유주에게 귀속되는 계속 및 중단 영업으로 인한 주당 수익/(손실)(주당 $센트로 표시) | ||
지속적인 운영에서 | 20.54 | 19.10 |
중단 된 운영에서 | (0.03) | (0.10) |
연간 이익에서 | 20.51 | 19.00 |
(b) 희석됨
The diluted earnings/(loss) per share is calculated by adjusting the weighted average number of Ordinary Shares outstanding after assuming the conversion of all outstanding granted share options.
2023 | 2022 | |
가중평균 발행보통주식수 | 181,904,941 | 177,955,800 |
다음에 대해 조정 됨 : | ||
? 공유 옵션 | 8,399,686 | 6,914,311 |
희석주당순이익에 대한 가중평균보통주식수 | 190,304,627 | 184,870,111 |
희석주당순이익/(손실) | 2023 | 2022 |
지속적인 운영에서 | 19.64 | 18.39 |
중단 된 운영에서 | (0.03) | (0.10) |
연간 이익에서 | 19.61 | 18.29 |
18. 유형자산
그룹 | 진행중인 건설 $'000 | 식물과 | 채굴 | Motor vehicles, office equipment and right-of-use assets | 땅 | 광물 | 금액 |
비용 |
|
|
|
|
|
| |
1년 2022월 XNUMX일 | 8,643 | 160,412 | 1,259 | 2,884 | 626 | 345,770 | 519,594 |
추가 | 17,054 | 143 | - | 199 | - | - | 17,396 |
폐기 | - | (244) | - | (43) | - | - | (287) |
Change in estimate - asset retirement obligation (Note 31) | - | 1,153 | - | - | - | - | 1,153 |
Transfers | (9,282) | 9,282 | - | - | - | - | - |
차액 교환 | (410) | (6,153) | (84) | (96) | (36) | (15,809) | (22,588) |
31년 2022월 XNUMX일 | 16,005 | 164,593 | 1,175 | 2,944 | 590 | 329,961 | 515,268 |
추가 | 26,235 | 82 | - | 2,176 | - | - | 28,493 |
폐기 | - | (412) | - | (1,398) | - | - | (1,810) |
Change in estimate - asset retirement obligation (Note 31) | - | 3,687 | - | - | - | - | 3,687 |
Transfers | (29,713) | 29,080 | - | 633 | - | - | - |
차액 교환 | 511 | 3,040 | 22 | 38 | 22 | 7,329 | 10,962 |
31년 2023월 XNUMX일 | 13,038 | 200,070 | 1,197 | 4,393 | 612 | 337,290 | 556,600 |
그룹 | 진행중인 건설 $'000 | 식물과 | 채굴 | Motor vehicles and right-of-use assets | 땅 | 광물 | 금액 | |
감가 상각 누계액 |
|
|
| |||||
1년 2022월 XNUMX일 | - | 61,782 | 503 | 1,882 | - | 70,538 | 134,705 | |
연중 제공 | - | 11,659 | 111 | 381 | - | 13,581 | 25,732 | |
손상(주 19) | - | - | - | - | 34,195 | 34,195 | ||
폐기 | - | (144) | - | (42) | - | - | (186) | |
차액 교환 | - | (1,281) | (34) | (60) | - | - | (1,375) | |
31년 2022월 XNUMX일 | - | 72,016 | 580 | 2,161 | - | 118,314 | 193,071 | |
연중 제공 | - | 12,576 | 90 | 641 | - | 13,298 | 26,605 | |
Transfers | - | (277) | - | 277 | - | - | - | |
폐기 | - | (204) | - | (1,375) | - | - | (1,579) | |
차액 교환 | - | 354 | 11 | 17 | - | - | 382 | |
31년 2023월 XNUMX일 | - | 84,465 | 681 | 1,721 | - | 131,612 | 218,479 | |
31년 2022월 XNUMX일 기준 순장부가액 | 16,005 | 92,577 | 595 | 783 | 590 | 211,647 | 322,197 | |
31년 2023월 XNUMX일 기준 순장부가액 | 13,038 | 115,605 | 516 | 2,672 | 612 | 205,678 | 338,121 |
The Company had $1,851,000 of property, plant and equipment at net book value as at 31 December 2023 (2022: $184,000).
The increase in estimate in the asset retirement obligation of $3,687,000, in relation to both Kounrad and Sasa, is due to a combination of adjusting the provision recognised at the net present value of future expected costs using latest assumptions on inflation rates and discount rates as well as updating the provision for management's best estimate of the costs that will be incurred based on current contractual and regulatory requirements (Note 31).
During the year, there were total disposals of plant, property and equipment at a cost of $1,810,000 (2022: $287,000) with accumulated depreciation of $1,579,000 (2022: $186,000). The Group received $27,000 (2022: $7,000) consideration for these assets and, therefore, a loss of $204,000 was recognised (2022: loss of $94,000).
손익계산서에 인식된 금액
The income statement shows the following amounts relating to leases - depreciation charge right-of-use assets:
사용권자산의 감가상각비 | 2023 | 2022 |
Office | 366 | 48 |
기타 | 30 | 123 |
총 감가상각 | 396 | 171 |
금융비용에 포함된 이자비용 | 50 | 18 |
19. 무형자산
그룹 | 친선 | 광업 면허 및 허가 | 컴퓨터 | 금액 |
비용 | ||||
1년 2022월 XNUMX일 | 29,872 | 35,024 | 324 | 65,220 |
추가 | - | - | 68 | 68 |
차액 교환 | (1,536) | (1,654) | (3) | (3,193) |
31년 2022월 XNUMX일 | 28,336 | 33,370 | 389 | 62,095 |
추가 | - | - | 54 | 54 |
차액 교환 | 132 | 571 | 3 | 706 |
31년 2023월 XNUMX일 | 28,468 | 33,941 | 446 | 62,855 |
상각누계액 및 손상차손액 | ||||
1년 2022월 XNUMX일 | - | 12,850 | 280 | 13,130 |
연중 제공 | - | 1,689 | 23 | 1,712 |
손상 | 20,921 | - | - | 20,921 |
차액 교환 | - | (219) | (1) | (220) |
31년 2022월 XNUMX일 | 20,921 | 14,320 | 302 | 35,543 |
연중 제공 | - | 1,778 | 47 | 1,825 |
차액 교환 | - | 62 | - | 62 |
31년 2023월 XNUMX일 | 20,921 | 16,160 | 349 | 37,430 |
|
|
|
| |
31년 2022월 XNUMX일의 순 장부가 | 7,415 | 19,050 | 87 | 26,552 |
31년 2023월 XNUMX일의 순 장부가 | 7,547 | 17,781 | 97 | 25,425 |
The Company had nil intangible assets at net book value as at 31 December 2023 (2022: nil).
손상 평가
In accordance with IAS 36 'Impairment of Assets' and IAS 38 'Intangible Assets', a review for impairment of goodwill is undertaken annually or at any time an indicator of impairment is considered to exist, and in accordance with IAS 16 'Property, Plant and Equipment', a review for impairment of long-lived assets is undertaken at any time an indicator of impairment is considered to exist. The recoverable amounts of the goodwill and property, plant and equipment were measured based on net present value. The net present value of all CGUs is determined by discounted cash flow techniques based on the most recent approved financial budgets, underpinned and supported by the life-of-asset plans of the respective operations.
The valuation models use a combination of internal sources and those inputs available to a market participant, which comprise the most recent reserve and resource estimates, relevant cost assumptions and, where possible, market forecasts of commodity price and foreign exchange rate assumptions and discount rates.
The valuations generally remain most sensitive to price and a deterioration/improvement in the pricing outlook may result in additional impairments/reversals. When undertaken, an impairment review is completed for each CGU.
쿤라드 프로젝트
The Kounrad project, located in Kazakhstan, has an associated goodwill balance of $7,547,000 (2022: $7,415,000), the movement being solely due to foreign exchange differences.
In accordance with IAS 36 'Impairment of Assets' and IAS 38 'Intangible Assets', a review for impairment of goodwill is undertaken annually or at any time an indicator of impairment is considered to exist, and in accordance with IAS 16 'Property, Plant and Equipment', a review for impairment of long-lived assets is undertaken at any time an indicator of impairment is considered to exist. The discount rate applied to calculate the present value is based upon the nominal weighted average cost of capital applicable to the CGU. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of the CGU is assessed by reference to the higher of value in use ('VIU'), being the net present value ('NPV') of future cash flows expected to be generated by the asset, and fair value less costs to dispose ('FVLCD'). The FVLCD is considered to be higher than VIU and has been derived using discounted cash flow techniques (NPV of expected future cash flows of a CGU), which incorporate market participant assumptions.
The discount rate reflects equity risk premiums over the risk-free rate, the impact of the remaining economic life of the CGU and the risks associated with the relevant cash flows based on the country in which the CGU is located. These risk adjustments are based on observed equity risk premiums, country risk premiums and average credit default swap spreads for the period.
The Kounrad cash flows have been projected until 2034, the remaining life of operation, and the key economic assumptions used in the review were a five-year forecast average nominal copper price of $8,696 per tonne (2022: $7,777 per tonne) and a long-term price of $8,444 per tonne (2022: $7,436 per tonne) based on market consensus prices and a discount rate of 8.07% (2022: 8.07%) as well as market inflation rates. Assumptions in relation to operational and capital expenditure are based on the latest budget approved by the Board. The climate change impacts are also considered including potential impact of regulatory changes and physical risks to assets such as consideration of the impact on the Group asset retirement obligations.
The carrying value of the net assets is not currently sensitive to any reasonable changes in key assumptions. Management concluded that the net present value of the asset is significantly in excess of the net book value of assets, and, therefore, no impairment has been identified.
사사 프로젝트
The associated goodwill balance of the Sasa project was impaired by $20,921,000 to nil during the prior year. The business combination in 2017 was accounted for at fair value under IFRS 3, and recoverable value is sensitive to changes in commodity prices, operational performance, treatment charges, future cash costs of production and capital expenditures. In accordance with IAS 36 'Impairment of Assets' and IAS 38 'Intangible Assets', a review for impairment of goodwill is undertaken annually or at any time an indicator of impairment is considered to exist, and in accordance with IAS 16 'Property, Plant and Equipment', a review for impairment of long-lived assets is undertaken at any time an indicator of impairment is considered to exist.
The assessment compared the recoverable amount of the Sasa Cash CGU with cash flows projected until 2040, over the remaining life of mine and post closure costs with its carrying value for the year ended 31 December 2023. The recoverable amount of the CGU is assessed by reference to the higher of VIU, being the NPV of future cash flows expected to be generated by the asset, and FVLCD. The FVLCD has been derived using discounted cash flow techniques (NPV of expected future cash flows of a CGU), which incorporate market participant assumptions. Cost to dispose is based on management's best estimates of future selling costs at the time of calculating FVLCD. Costs attributable to the disposal of the CGU are not considered significant. The methodology used for the fair value is a level 3 valuation.
FVLCD 모델에 활용되는 예상 미래 현금 흐름은 다음을 기반으로 한 예상 미래 수익 추정치에서 파생됩니다. broker consensus commodity prices, treatment charges, future cash costs of production and capital expenditures contained in the life of mine ('LOM') plan, and as a result FVLCD is considered to be higher than VIU. The Group's discounted cash flow analysis reflects probable reserves as well as indicated resources and certain inferred resources, which are considered sufficiently certain and economically viable, and is based on detailed research, analysis and modelling. The forecast operational and capital expenditure reflects the transition of mining method from sub-level caving to cut and fill stoping. The climate change impacts are also considered including potential impact of regulatory changes and physical risks to assets such as consideration of the impact on the Group asset retirement obligations.
As at 31 December 2023, the Group has reviewed the indicators for impairment/reversal of impairment, including forecasted commodity prices, treatment charges, discount rates, operating and capital expenditure, foreign exchange rates and the mineral reserves and resources' estimates.
The key changes in economic assumptions used in the review were:
1. A discount rate of 9.72% (31 December 2022: 12.52%) supported by a detailed WACC calculation applied to calculate the present value of the CGU. The reduction in discount rate from the prior year end was attributed to several factors. These include a reduction in the country risk premium, equity risk premium and favourable changes to the company risk premium and levered beta, driven by favourable mining market conditions.
2. The five-year forecast average nominal zinc and lead price of $2,537 (31 December 2022: $2,760) and $1,983 (2022: $2,081) per tonne, respectively, and a long-term real price of $2,535 (31 December 2022: $2,467) and $1,968 (31 December 2022: $1,874) per tonne, respectively, based on market consensus prices and then inflated at 3.5% over the life of mine.
At the balance sheet date, the impairment test concluded that an impairment or reversal of the prior year impairment is not necessary as there have been no significant indicators of a possible reversal identified due to commodity price risk and judgements applied in the discount rate. Management performed sensitivity analyses whereby certain parameters were flexed downwards by reasonable amounts for the CGU to assess whether the recoverable value for the CGU would result in an impairment charge.
The following sensitivities when applied in isolation would result in a breakeven position:
? discount rate increased to 11%;
? zinc price reduced by 6.3%;
? lead price reduced by 4.5%;
? operating expenditure increased by 5.5%; and
? capital expenditure increased by 23%.
The Group exercises judgement in making assumptions on the inputs into the model and are comfortable the most reliable inputs have been applied in assessment the FVLCD and, therefore, the downward sensitivities outlined above are as likely as upward sensitivities and, therefore, consider that no reversal of impairment (excluding goodwill) or further impairment is necessary.
The Group has measured the FVLCD using various fair value measurements obtaining inputs from market data. It has used quoted prices (level 1) inputs for its commodity price assumptions, inflation rates, exchange rates and discount rate. The treatment charges have been forecast over life of mine using assumptions based on market data (level 2).
At the balance sheet date, the Board considers the base case forecasts to be appropriate and balanced best estimates.
20. 투자
그룹 사업의 주식:
기업 정보 | ||
31 12 월 23 | 31 12 월 22 | |
At 1 January / 31 December | 5,107 | 5,107 |
Investments in Group undertakings are recorded at cost, which is the fair value of the consideration paid, less impairment.
Details of the Company holdings consolidated in the financial information are included in the table below:
자회사 | 등록 된 사무실 주소 | 활동 | CAML % | 비지배지분 % | CAML % | 설립 날짜 |
CAML Exploration Limited | 16, Turkistan Street, Office 56 Astana, District Esmil, Z05X0B4, Kazakhstan | 탐구 | 100 | - | - | 18 8월 2023 |
CAML KZ 제한 | Masters House, | 지주 회사 | 100 | - | 100 | 28 6월 2021 |
CAML MK 제한 | Masters House, | 아연 및 납 정광 판매자 | 100 | - | 100 | 5 9월 2017 |
CAML Limited | Masters House, | 휴면 회사 | 100 | - | - | 25 4월 2023 |
CMK 마이닝 BV | 프린스 베른하르트플레인 200 1097 | 지주 회사 | 100 | - | 100 | 30 6월 2015 |
CMK 유럽 SPLLC 스코페 | Ivo Lola Ribar no. 57-1/6, | 지주 회사 | 100 | - | 100 | 10 7월 2015 |
코퍼 베이 리미티드 | Masters House, | 지주 회사 | 76 | 24 | 76 | 10월 29 2010 |
Copper Bay (영국) Ltd | Masters House, | 휴면 회사 | 76 | 24 | 76 | 9 11월 2011 |
코퍼 베이 칠레 리미타다 | Ebro 2740, Oficina 603, | 지주 회사 | 76 | 24 | 76 | 10월 12 2011 |
Kounrad Copper Company LLP | Business Centre No. 2, | Kounrad 프로젝트(SX-EW 공장) | 100 | - | 100 | 29 4월 2008 |
미네라 플라야 베르데 리미타다 | Ebro 2740, Oficina 603, | 탐험 - 구리 | 76 | 24 | 76 | 10월 20 2011 |
루드닉 SASA DOOEL 마케돈스카 카메니카 | 28 Rudarska Str, | 사사 프로젝트 | 100 | - | 100 | 22 6월 2005 |
세리 카즈나 LLP | Business Centre No. 2, | Kounrad 프로젝트(SUC 운영) | 100 | - | 100 | 6 2월 2006 |
Details of the Company holdings that are not consolidated in the financial information are: | ||||||
켄 슈악 LLP | Business Centre No. 2, 4 Mira Street, | Shuak 프로젝트(탐사) | 10 | 90 | 10 | 10월 5 2016 |
CAML MK 제한
For the year ended 31 December 2023, CAML MK Limited (registered number: 10946728) has opted to take advantage of a statutory exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The members of CAML MK Limited have not required it to obtain an audit of their financial statements for the year ended 31 December 2023. In order to facilitate the adoption of this exemption, Central Asia Metals plc, the parent company of the subsidiaries concerned, undertakes to provide a guarantee under Section 479C of the Companies Act 2006 in respect of CAML MK Limited.
CAML KZ 제한
For the year ended 31 December 2023, CAML KZ Limited (registered number: 13479896) has opted to take advantage of a statutory exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The members of CAML KZ Limited have not required it to obtain an audit of their financial statements for the year ended 31 December 2023. In order to facilitate the adoption of this exemption, Central Asia Metals plc, the parent company of the subsidiaries concerned, undertakes to provide a guarantee under Section 479C of the Companies Act 2006 in respect of CAML KZ Limited.
CAML Exploration Limited
During the year, CAML incorporated CAML Exploration Limited, in the Astana International Finance Centre ('AIFC'), initially owned 100% by CAML. In February 2024, CAML transferred a 20% ownership to a team of experienced explorers, Thaler Minerals LLP, a company organised by Terra Associates. The activity of CAML Exploration Limited is to look for exploration opportunities in Kazakhstan.
CAML Limited
For the year ended 31 December 2023, CAML Limited (registered number: 14826287) has opted to take advantage of a statutory exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The members of CAML Limited have not required it to obtain an audit of their financial statements for the year ended 31 December 2023. In order to facilitate the adoption of this exemption, Central Asia Metals plc, the parent company of the subsidiaries concerned, undertakes to provide a guarantee under Section 479C of the Companies Act 2006 in respect of CAML Limited. As a dormant companies CAML Limited are also exempt from the requirement to prepare and file accounts at Companies House under s394A-C and s448A-C respectively.
비 지배 지분
31 12 월 23 | 31 12 월 22 | |
1월 XNUMX일 잔액 | 1,322 | 1,316 |
(이익)/비지배지분에 귀속되는 손실 | (68) | 6 |
31월 XNUMX일 잔액 | 1,254 | 1,322 |
Non-controlling interests were held at year end by third parties in relation to Copper Bay Limited, Copper Bay (UK) Limited, Copper Bay Chile Limitada and Minera Playa Verde Limitada.
21. 매각예정자산
The assets and liabilities of the Copper Bay entities continue to be presented as held for sale in the statement of financial position. The exploration assets and property, plant and equipment held in Copper Bay were fully written off in prior periods. The results of the Copper Bay entities for the year ended 31 December 2023 and the comparative year ended 31 December 2022 are shown within discontinued operations in the consolidated income statement.
매각예정으로 분류된 처분집단의 자산:
31 12 월 23 | 31년 22월 000일 $'XNUMX | |
현금 및 현금성 자산 | 74 | 63 |
매출 채권 및 기타 채권 | 2 | 1 |
76 | 64 |
매각예정으로 분류된 처분집단의 부채:
31년 23월 000일 $'XNUMX | 31년 22월 000일 $'XNUMX | |
매입 채무 및 기타 채무 | 94 | 44 |
94 | 44 |
당해 연도 동안 중단영업에서 인식된 사항은 다음과 같습니다.
Loss from discontinued operations:
2023 | 2022 | |
일반 및 관리 비용 | (382) | (179) |
외환차익/(손실) | 319 | (8) |
중단 영업 손실 | (63) | (187) |
매각예정으로 분류된 처분집단의 현금흐름:
2023 | 2022 | |
영업 현금 흐름 | 11 | 27 |
총 현금 흐름 | 11 | 27 |
22. 매출채권 및 기타수취채권
그룹 | 기업 정보 | |||
31년 23월 000일 $'XNUMX | 31년 22월 000일 $'XNUMX | 31년 23월 000일 $'XNUMX | 31년 22월 000일 $'XNUMX | |
당기 미수금 | ||||
Receivable due from subsidiary | - | - | 681 | 744 |
자회사로부터의 대출금 | - | - | 10,100 | 18,100 |
매출 채권 | 1,449 | 2,362 | - | - |
선불 및 발생 소득 | 2,328 | 2,991 | 342 | 334 |
부가가치세 | 1,247 | 1,546 | 184 | 109 |
Corporate income tax receivable | 6,750 | 1,095 | - | - |
기타 채권 | 450 | 721 | 208 | 290 |
12,224 | 8,715 | 11,515 | 19,577 | |
비유동 채권 | ||||
자회사로부터의 대출금 | - | - | 282,244 | 268,750 |
선불 | 9,326 | 8,221 | - | - |
부가가치세 | 4,475 | 3,257 | - | - |
13,801 | 11,478 | 282,244 | 268,750 |
The carrying value of all the above receivables is a reasonable approximation of fair value. There are no amounts past due at the end of the reporting period that have not been impaired apart from the VAT receivable balance as explained below. Trade and other receivables and loan due from subsidiary are accounted for under IFRS 9 using the expected credit loss model and are initially recognised at fair value and subsequently measured at amortised cost less any allowance for expected credit losses.
There are two loans due from subsidiaries. One loan is due from CAML MK Limited, a directly owned subsidiary for $292,142,000 (2022: $286,850,000), which accrues interest at a rate of 2.25% per annum (2022: 2.25%). There is another loan due from CAML Exploration Limited, a subsidiary, for $202,000 (2022: nil), which accrues interest at a rate of 6.90% per annum and is repayable on demand. The loans have been assessed for expected credit loss under IFRS 9; however, as the Group's strategies are aligned, there is no realistic expectation that repayment would be demanded early ahead of the current repayment plans. The expected future cash flows arising from the asset exceed the intercompany loan value under various scenarios considered, which are outlined in the intangible assets impairment assessment; so, it is believed these loans can be repaid and the expected credit loss is immaterial.
Overpaid Group income tax of $6,750,000 (31 December 2022: $1,095,000) will be offset against corporate income tax liabilities arising in the same entities in the next financial year.
As at 31 December 2023, the total Group VAT receivable was $5,722,000 (2022: $4,803,000), which included an amount of $4,475,000 (2022: $3,399,000) of VAT owed to the Group by the Kazakhstan authorities. The Group is working closely with its advisors to recover the remaining portion. The planned means of recovery will be through a combination of the local sales of cathode copper to offset VAT recoverable and by a continued dialogue with the authorities for cash recovery and further offsets.
Non-current prepayments primarily consists of prepaid capital expenditure on the Sasa Dry Stack Tailings Project.
23. 재고
그룹 | 31 12 월 23 | 31 12 월 22 |
원자재 | 12,955 | 11,917 |
완제품 | 1,924 | 1,232 |
14,879 | 13,149 |
The Group recognises all inventory at the lower of cost and net realisable value and did not have any slow-moving, obsolete or defective inventory as at 31 December 2023 and, therefore, there were no write-offs to the income statement during the year (2022: nil). The total inventory recognised through the income statement was $7,697,000 (2022: $6,527,000).
24. 현금 및 현금등가물과 제한된 현금
그룹 | 기업 정보 | |||
31 12 월 23 | 31 12 월 22 | 31 12 월 23 | 31 12 월 22 | |
은행 및 보유 현금 | 56,832 | 60,298 | 45,326 | 35,812 |
현금 및 현금성 자산 | 56,832 | 60,298 | 45,326 | 35,812 |
현금 제한 | 318 | 264 | - | - |
제한된 현금을 포함한 총 현금 및 현금 등가물 | 57,150 | 60,562 | 45,326 | 35,812 |
The restricted cash amount of $318,000 (2022: $264,000) is held at bank to cover Kounrad subsoil user licence requirements.
The Group holds an overdraft facility in North Macedonia, and these amounts are disclosed in Note 30 Borrowings.
현금흐름표 조정
위 수치는 회계연도말 현금흐름표에 표시된 현금금액과 다음과 같이 조정됩니다.
그룹 | ||
31년 23월 000일 $'XNUMX | 31년 22월 000일 $'XNUMX | |
위와 같은 현금 및 현금등가물(제한된 현금은 제외) | 56,832 | 60,298 |
Cash at bank and on hand in assets held for sale (Note 21) | 74 | 63 |
현금흐름표별 잔액 | 56,906 | 60,361 |
25. 자본금 및 프리미엄 공유
수 | 보통의 | 공유 | 국고 | |
1년 2022월 XNUMX일 | 176,498,266 | 1,765 | 191,988 | (2,360) |
발행주식수 | 5,600,000 | 56 | 13,440 | (13,496) |
옵션 행사 | - | - | 9 | 25 |
31년 2022월 XNUMX일 | 182,098,266 | 1,821 | 205,437 | (15,831) |
옵션 행사 | - | - | 288 | 418 |
31년 2023월 XNUMX일 | 182,098,266 | 1,821 | 205,725 | (15,413) |
The par value of Ordinary Shares is $0.01 per share and all shares are fully paid. During the prior year, the Company issued and allotted 5,600,000 Ordinary Shares to the trustee of the Central Asia Metals employee benefit trust ('EBT). These new Ordinary Shares were issued for the purposes of satisfying awards granted under the Company's Employee Share Plans.
During the year, there was an exercise of share options by employees and Directors that were partly settled by selling treasury shares. The proceeds of disposal of treasury shares exceeded the purchase price by $288,000 (2022: $9,000) and has been recognised in share premium. The remaining share options exercises during the year were cash settled amounting to $1,394,000 (2022: $1,939,000) and, therefore, a reduction in the share option reserve of $2,091,000 (2022: $1,263,000) to account for those share options now exercised.
자기 주식 | EBT 주식 | |
1년 2022월 XNUMX일 | 471,647 | 2,340,032 |
Disposal of trust shares | - | (9,280) |
발행주식수 | - | 5,600,000 |
31년 2022월 XNUMX일 | 471,647 | 7,930,752 |
자사주 처분 | (278,322) | - |
31년 2023월 XNUMX일 | 193,325 | 7,930,752 |
26. Currency translation reserve
Currency translation differences arose primarily on the translation on consolidation of the Group's Kazakhstan-based and North Macedonian-based subsidiaries whose functional currency is the tenge and denar respectively. In addition, currency translation differences arose on the goodwill and fair value uplift adjustments to the carrying amounts of assets and liabilities arising on the Kounrad Transaction and CMK Resources acquisition, which are denominated in tenge and denar, respectively. During 2023, a non-cash currency translation gain of $12,925,000 (2022: loss of $29,311,000) was recognised within equity.
27. 주식기준보상
회사는 직원에게 주식선택권을 부여하여 급여 및 연간 임의 상여금 외에 보상을 제공하고 있습니다. 회사 주식옵션 제도는 참가자들에게 실질적으로 행사가격이 XNUMX입니다.
The share options granted during 2012 until 2018 were based on the achievement by the Group and the participant, of the performance targets as determined by the CAML Remuneration Committee that are required to be met in year one and, then options could be exercised one third annually from the end of year one. Options granted from 2012 to 2018 had straightforward conditions attached and were valued using the Black-Scholes model.
Share options granted in 2019 vested after three years depending on the achievement of the Group of the performance target relating to the level of absolute total shareholder return compound annual growth rate of the value of the Company's shares over the performance period of three financial years ending 31 December 2021.
Share options granted in 2020 to 2023 vest after three years depending on a combination of the achievement of the Group of the performance target relating to the level of absolute total shareholder return compound annual growth rate of the value of the Company's shares over the performance period of three financial years relative to the constituents of a selected group mining index of companies as well as sustainability performance targets.
The fair value at grant date of the 2019 to 2023 grants are independently determined using a Monte Carlo simulation model that takes into account the exercise price, the term of the option, the impact of dilution (where material), the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the option, and the correlations and volatilities of the share price.
The assessed fair value at grant date of options granted during the year ended 31 December 2023 was $3,403,000 in total, which is recognised over the vesting period commencing 12 April 2023 until 31 March 2026. The following amounts were expensed during the year:
그룹 | 2023 | 2022 |
2023 개 보조금 | 826 | - |
2022 개 보조금 | 1,165 | 613 |
2021 개 보조금 | 938 | 938 |
2020 개 보조금 | 232 | 942 |
2019 개 보조금 | - | 82 |
Dividend related | 1,379 | 1,242 |
옵션 행사 | - | 677 |
총주식기준보상수수료 | 4,540 | 4,494 |
해당 연도 동안 부여된 옵션에 대한 모델 입력에는 다음이 포함됩니다.
31 12 월 2023 | 31 12 월 2022 | |
베스팅 기간 | 3 년 0 개월 | 2 년 10 개월 |
운동 가격 | $0.01 | $0.01 |
부여 날짜: | 12 4월 2023 | 22 6월 2022 |
만료일: | 11 4월 2033 | 21 6월 2032 |
부여일의 주가 | $2.73 | $2.82 |
무위험 이자율 | 3.48% | 2.19% |
31년 2023월 6,425,720일 현재 미결제 옵션은 2022개(5,467,454년: XNUMX개)입니다. 이사와 선정된 직원에게 주식선택권이 부여됩니다. 부여된 옵션의 행사 가격은 모든 부여에 대해 아래 표에 표시됩니다. 회사는 옵션을 보유하지만 해당 옵션을 현금으로 환매하거나 정산할 법적 또는 의제의무는 없습니다.
Movements in the number of share options outstanding and their related weighted average price are as follows:
2023 | 2022 | |||
평균적인 운동 | 옵션 | 평균적인 운동 | 옵션 | |
1월 XNUMX일 | 0.01 | 5,467,454 | 0.01 | 4,594,192 |
부여 | 0.01 | 1,748,642 | 0.01 | 1,500,223 |
행사 | 0.01 | (580,459) | 0.01 | (473,303) |
비베스팅 | 0.01 | (209,917) | 0.01 | (153,658) |
31월 XNUMX일 | 0.01 | 6,425,720 | 0.01 | 5,467,454 |
Non-vesting shares relates to options granted for which the performance targets were not met. Out of the outstanding options of 6,425,720 (2022: 5,467,454), 2,285,498 options (2022: 2,096,325) were exercisable as at 31 December 2023 excluding the value of additional share options for dividends declared on those outstanding. The related weighted average share price at the time of exercise was $2.63 (2022: $3.32) per share. Share options exercised by the Directors during the year are disclosed in the Remuneration Committee Report.
Share options outstanding at the end of the year have the following expiry date and exercise prices:
그랜트 - 조끼 | 만료일 | 선택권 | 2023 | 2022 |
8 월 12 | 7 월 22 | 0.01 | - | 76,032 |
7월 24 13 | 7월 23 23 | 0.01 | 36,801 | 36,801 |
6월 3 14 | 6월 2 24 | 0.01 | 93,064 | 143,064 |
10월 8 14 | 10월 7 24 | 0.01 | 160,000 | 160,000 |
22 4월 15 | 21 4월 25 | 0.01 | 212,121 | 212,121 |
18 4월 16 | 17 4월 26 | 0.01 | 338,940 | 338,940 |
21 4월 17 | 20 4월 27 | 0.01 | 279,763 | 296,591 |
2 월 18 | 1 월 28 | 0.01 | 484,090 | 484,090 |
30 월 19 | 29 월 29 | 0.01 | 349,269 | 355,103 |
16 12 월 20 | 15 12 월 30 | 0.01 | 337,866 | 979,548 |
7월 15 21 | 7월 14 31 | 0.01 | 974,392 | 974,392 |
6월 22 22 | 6월 21 32 | 0.01 | 1,410,772 | 1,410,772 |
22 4월 23 | 21 4월 33 | 0.01 | 1,748,642 | - |
6,425,720 | 5,467,454 |
직원 복지 신탁
The Company set up an EBT during 2009 as a means of incentivising certain Directors and senior management of CAML prior to the Initial Public Offering ('IPO'). All of the shares awarded as part of the EBT scheme vested on the successful completion of the IPO on 30 September 2010.
2,534,688 Ordinary Shares were initially issued as part of the arrangements in December 2009 followed by a further issue of 853,258 in September 2010. The shares were issued at the exercise price of $0.68, which was the best estimate of the Company's valuation at the time. Details of the awards to Directors of the Company are contained in the Remuneration Committee Report.
28. 매출채권 및 기타채무
그룹 | 기업 정보 | |||
31 12 월 23 | 31 12 월 22 | 31 12 월 23 | 31 12 월 22 | |
매입 채무 및 기타 채무 | 5,473 | 6,722 | 462 | 365 |
발생 | 7,628 | 6,029 | 6,214 | 5,451 |
법인세, 사회보장세, 기타 세금 | 4,226 | 3,892 | 294 | 246 |
자회사로 인한 대출 | - | - | 28,146 | 37,409 |
17,327 | 16,643 | 35,116 | 43,471 |
상기 미지급금 모두의 장부가액은 공정가치입니다.
The loan due to subsidiary is payable to Kounrad Copper Company LLP, an indirectly owned subsidiary for $28,146,000 (2022: $37,409,000), which accrues interest at a rate of 6.90% per annum and is repayable on demand.
그룹과 회사의 모든 거래 및 기타 미지급금은 두 보고 기간 모두 XNUMX년 이내에 지불되어야 합니다.
29. Silver streaming commitment
은 인도에 대한 은 스트리밍 약정의 장부금액은 다음과 같습니다.
그룹 | 기업 정보 | |||
31 12 월 23 | 31 12 월 22 | 31 12 월 23 | 31 12 월 22 | |
Current | 1,002 | 1,095 | - | - |
비유류 | 16,042 | 17,085 | - | - |
17,044 | 18,180 | - | - |
On 1 September 2016, the CMK Group entered into a Silver Purchase Agreement. The CAML Group acquired this agreement as part of the acquisition of the CMK Group and inherited a silver streaming commitment related to the production of silver during the life of the mine. The reduction in the silver streaming commitment is recognised in the income statement within cost of sales as the silver is delivered based on the units of production and is updated to reflect the latest estimate of reserves.
30. 차입금
그룹 | 기업 정보 | |||
31 12 월 23 | 31 12 월 22 | 31 12 월 23 | 31 12 월 22 | |
Unsecured: current | ||||
은행 당좌 대월 | 326 | 1,390 | - | - |
총 전류 | 326 | 1,390 | - | - |
대출금의 장부가치는 공정 가치에 가깝습니다.
장부 금액 | 공정 가치 | |||
31년 23월 000일 $'XNUMX | 31년 22월 000일 $'XNUMX | 31년 23월 000일 $'XNUMX | 31년 22월 000일 $'XNUMX | |
은행 초과 인출 | 326 | 1,390 | 326 | 1,390 |
326 | 1,390 | 326 | 1,390 |
차입금의 움직임은 다음과 같이 요약될 수 있다.
그룹 | 기업 정보 | |||
31 12 월 23 | 31 12 월 22 | 31 12 월 23 | 31 12 월 22 | |
1월 XNUMX일 잔액 | 1,390 | 32,978 | - | 23,406 |
Repayment of corporate borrowings | - | (23,820) | - | (23,820) |
초과인출 상환 | (1,090) | (7,531) | - | - |
금융 수수료 이자 | 46 | 496 | - | 374 |
직접 귀속되는 수수료의 금융 수수료 청산 | - | 414 | - | 414 |
이자 지급 | (46) | (511) | - | (374) |
외국환 | 26 | (636) | - | - |
31월 XNUMX일 잔액 | 326 | 1,390 | - | - |
During the year, overdrafts of $1,090,000 were repaid (2022: $7,531,000) with total interest paid of $46,000 (2022: $511,000). The corporate debt package with Traxys was repaid in full in August 2022.
The overdrafts are held with North Macedonian banks and are denominated in Euro and payable at fixed interest rates ranging from 3.24% to 5.3%.
As at 31 December 2023, the Group measured the fair value using techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly (level 2).
다양한 수준은 다음과 같이 정의되었습니다.
? 동일한 자산 또는 부채에 대한 활성 시장의 공시 가격(조정되지 않음)(레벨 1)
? 자산이나 부채에 대해 직접적으로(즉, 가격으로) 또는 간접적으로(즉, 가격에서 파생됨) 관찰할 수 있는 수준 1에 포함된 공시 가격 이외의 투입물(수준 2) 그리고
? 관측 가능한 시장 데이터에 기초하지 않은 자산이나 부채에 대한 투입(즉, 관측 불가능한 투입)(수준 3).
31. 기타 책임 및 비용에 대한 규정
그룹 | |||||||
자산 | 직원 퇴직 | 기타 |
임차권 황폐화 $'000 | 법적 청구 | 금액 |
| |
1년 2022월 XNUMX일 | 18,460 | 245 | 259 | - | 2 | 18,966 |
|
견적 변경 | 1,153 | 40 | 62 | - | - | 1,255 |
|
제공의 정산 | - | (23) | (11) | - | - | (34) |
|
할인해제(주15) | 1,088 | - | - | - | - | 1,088 |
|
환율차이 | (158) | (18) | (22) | - | - | (198) |
|
31년 2022월 XNUMX일 | 20,543 | 244 | 288 | - | 2 | 21,077 |
|
견적 변경 | 3,687 | 62 | 99 | 93 | - | 3,941 |
|
제공의 정산 | - | (34) | (21) | - | - | (55) |
|
할인해제(주15) | 1,707 | - | - | - | - | 1,707 |
|
환율차이 | 163 | 10 | 12 | 1 | - | 186 |
|
31년 2023월 XNUMX일 | 26,100 | 282 | 378 | 94 | 2 | 26,856 |
|
비유류 | 26,100 | 242 | 363 | 94 | 2 | 26,801 |
|
Current | - | 40 | 15 | - | - | 55 |
|
31년 2023월 XNUMX일 | 26,100 | 282 | 378 | 94 | 2 | 26,856 |
|
a) Asset retirement obligation
The Group provides for the asset retirement obligation associated with the mining activities at Kounrad, estimated to be required in 2034. During 2022, the Group engaged an external expert consultant to prepare a conceptual closure plan and asset retirement obligation for the leaching and Kounrad operation and associated infrastructure. The expected current cash flows, including a cost contingency of 10%, were projected over the useful life of the mining site and inflated using an inflation rate of 6.30% (2022: 5.85%) and discounted to 2023 terms using a nominal pre-tax risk-free discount rate of 6.70% (2022: 7.43%). The cost of the related assets are depreciated over the useful life of the assets and are included in property, plant and equipment.
The Group also provides for the asset retirement obligation associated with the mining activities at Sasa, estimated to be primarily required in 2039. During 2021, Sasa engaged an external expert consultant to prepare an updated conceptual closure plan. The expected current cash flows, including a cost contingency of 10%, were projected over the useful life of the mining site and inflated using a compounded inflation rate of 4.68% (2022: 3.53%) and discounted to 2023 terms using a discount rate of 9.14% (2022: 9.17%). The cost of the related assets are depreciated over the useful life of the assets and are included in property, plant and equipment.
The increase in estimate in relation to the asset retirement obligation of $3,687,000 is due to a combination of additional estimated costs at Sasa surrounding the lining of the tailings facilities following discussions with Regulators and an update to the Kounrad and Sasa discount rates and inflations rates as explained above using latest assumptions.
b) Employee retirement benefits
All employers in North Macedonia are obliged to pay employees minimum severance pay on retirement equal to two months of the average monthly salary applicable in the country at the time of retirement. The retirement benefit obligation is stated at the present value of expected future payments to employees with respect to employment retirement pay. The present value of expected future payments to employees is determined by an independent authorised actuary in accordance with the prevailing rules of actuarial mathematics.
c) Other employee benefits
그룹은 또한 직원의 2023년 연속 근무에 대해 북마케도니아에서 기념일 상을 지급할 의무가 있습니다. 해고 및 퇴직 의무에 대한 충당금은 보험계산에 따라 인식됩니다. XNUMX년 기본 보험계리 가정은 다음과 같이 사용됩니다.
할인율: | 5.5% |
Expected rate of salary increase: | 5.0% |
d) Legal claims
The Group is party to certain legal claims, and the recognised provision reflects management's best estimate of the most likely outcome. The Group reviews outstanding legal cases following developments in the legal proceedings and at each reporting date, in order to assess the need for provisions and disclosures in its financial information. Among the factors considered in making decisions on provisions are the nature of litigation, claim or assessment, the legal process and potential level of damages in the jurisdiction in which the litigation, claim or assessment has been brought, the progress of the case (including the progress after the date of the financial statements but before those statements are issued), the opinions or views of legal advisers, experience on similar cases and any decision of the Group's management as to how it will respond to the litigation, claim or assessment.
32. 영업활동으로 발생한 현금
그룹 | 주의 사항 | 2023 | 2022 |
중단영업 포함 법인세차감전순이익 | 65,085 | 54,393 | |
다음에 대한 조정 : | |||
감가상각 및 상각 | 28,192 | 27,285 | |
실버 스트림 약속 | (1,136) | (1,971) | |
재산, 식물 및 장비 처분 손실 | 18 | 204 | 94 |
외환 손실/(이익) | 3,378 | (6,829) | |
주식 기반 지불 | 27 | 4,540 | 4,494 |
비유동자산의 손상 | 18,19 | - | 55,116 |
금융 수입 | 14 | (1,992) | (515) |
금융 비용 | 15 | 1,852 | 2,060 |
운전 자본의 변화 : | |||
재고 증가 | (1,846) | (2,538) | |
매출채권 및 기타채권 증가 | (5,784) | (10,503) | |
거래 및 기타 미지급금의 증가 | 1,547 | 1,513 | |
기타 책임 및 비용에 대한 조항 | (55) | (34) | |
운영에서 발생하는 현금 | 93,985 | 122,565 |
The increase in trade and other receivables of $4,719,000 (2022: $10,503,000) includes a movement in the Sasa VAT receivable balance of $5,530,000 (2022: $4,472,000), which is offset against corporate income tax payable during the year.
33. 약속
보고기간말 현재 부채로 인식되지 않은 중요한 지출은 다음과 같습니다.
그룹 | 31 12 월 23 | 31 12 월 22 |
재산, 식물 및 장비 | 4,524 | 6,159 |
기타 | - | 170 |
4,524 | 6,329 |
34. Dividend per share
During the year, the Company paid $41,525,000 (2022: $48,210,000), which consisted of a 2023 interim dividend of 9 pence per share and 2022 final dividend of 10 pence per share (2022: 2022 interim dividend of 10 pence per share and 2021 final dividend of 12 pence per share).
35. 특수관계자 거래
주요 경영진 보수
주요 경영진의 보수는 비상임이사를 포함한 이사의 보수로 구성되며, 그 내용은 다음과 같습니다.
2023 | 2023 | 2023 | 2023 | 2023 고용주 | 2023 | 2022 | |
전무이사: | |||||||
나이젤 로빈슨 | 531 | 449 | - | 12 | 137 | 1,129 | 1,050 |
개빈 페라 | 424 | 367 | 11 | 6 | 176 | 984 | 957 |
루이스 레이솔1 | 359 | 323 | 2 | 6 | 92 | 782 | 349 |
비상임이사: | |||||||
닉 클라크 | 217 | - | - | - | 29 | 246 | 246 |
마이크 아미티지2 | 93 | - | - | - | 11 | 104 | 106 |
로저 데이비 | 106 | - | - | - | 13 | 119 | 110 |
질리언 데이비슨 박사 | 106 | - | - | - | 14 | 120 | 113 |
마이크 프렌티스 | 107 | - | - | - | 15 | 122 | 115 |
데이비드 스완 | 106 | - | - | - | 13 | 119 | 112 |
누르란 자쿠포프3 | 23 | - | - | - | - | 23 | 93 |
로버트 캐서리4 | - | - | - | - | - | - | 49 |
2,072 | 1,139 | 13 | 24 | 500 | 3,748 | 3,300 |
1. Appointed on 26 May 2022
2. 10년 2022월 XNUMX일 임명
3. Resigned on 3 April 2023
4. Resigned on 26 May 2022
During the year Gavin Ferrar exercised 203,442 (2022: 226,612) shares for a total share option gain of $505,000 (2022: $719,000); see the Directors' option awards table in the Remuneration Committee Report.
Kounrad Foundation
The Kounrad Foundation, a charitable foundation through which Kounrad donates to the community, was advanced $611,000 (2022: $300,000). This is a related party by virtue of common Directors.
Sasa Foundation
The Sasa Foundation, a charitable foundation through which Sasa donates to the community, was advanced $455,000 (2022: $220,000). This is a related party by virtue of common Directors.
36. Deferred income tax asset and liability
그룹
The movements in the Group's deferred tax asset and liability are as follows:
At | 통화 환산 | (차변)/소득에 대한 대변 | At | |
기타 일시적인 차이 | (326) | (5) | (2,050) | (2,381) |
Fair value adjustment on Kounrad Transaction | (4,457) | (79) | 277 | (4,259) |
Fair value adjustment on CMK acquisition | (12,175) | (423) | 767 | (11,831) |
이연 법인세 부채, 순 | (16,958) | (507) | (1,006) | (18,471) |
재무상태표에 다음과 같이 반영됩니다. | 31 12 월 23 | 31 12 월 22 | ||
이연 법인세 자산 | 512 | 328 | ||
이연 법인세 | (18,983) | (17,286) |
At | 통화 환산 | 소득에 대한 신용 | At | |
기타 일시적인 차이 | (349) | 23 | - | (326) |
Fair value adjustment on Kounrad Transaction | (5,069) | 338 | 274 | (4,457) |
Fair value adjustment on CMK acquisition | (17,459) | 1,004 | 4,280 | (12,175) |
이연 법인세 부채, 순 | (22,877) | 1,365 | 4,554 | (16,958) |
A taxable temporary difference arose as a result of the Kounrad Transaction and CMK Resources Limited acquisition, where the carrying amount of the assets acquired were increased to fair value at the date of acquisition but the tax base remained at cost. The deferred tax liability arising from these taxable temporary differences has been reduced by $1,042,000 during the year (2022: $4,554,000) to reflect the tax consequences of depreciating (2022: depreciating and impairing) the recognised fair values of the assets during the year.
As explained in Note 2, the application of the amendment to IAS 12 for the first time in the current year resulted in an increase in Group deferred tax assets of $514,000, an increase in deferred tax liabilities of $2,075,000 and a net increase in the income tax expense of $1,561,000, which is reported within other temporary differences.
31 12 월 2023 $'000 | 31 12 월 2022 $'000 | |
12개월 이내에 납부해야 하는 이연법인세 의무 | (723) | - |
12개월 이후 납부해야 하는 이연법인세 의무 | (18,260) | (17,286) |
이연 법인세 | (18,983) | (17,286) |
모든 이연법인세 자산은 12개월 후에 납부해야 합니다.
All amounts are shown as non-current on the face of the statement of financial position as required by IAS 12 Income Taxes.
이연법인세자산의 실현이 미래이익에 달려 있는 경우, 연결실체는 미래 과세소득을 통해 관련 세금혜택을 실현할 가능성이 높은 한도까지만 이월결손금과 기타 이연법인세자산을 인식합니다.
The Group did not recognise other potential deferred tax assets arising from losses of $14,362,000 (2022: $13,917,000), arising from asset retirement obligations of $2,815,000 (2022: nil) and in respect of share-based payments of $260,000 (2022: $1,271,000) as there is insufficient evidence of future taxable profits within the entities concerned. Unrecognised losses can be carried forward indefinitely.
기업 정보
At 31 December 2023 and 2022, respectively, the Company had no recognised deferred tax assets or liabilities.
31년 2023월 14,362,000일 현재 회사는 미래 과세 대상 이익에 대한 증거가 불충분하기 때문에 $2022(12,911,000년: $XNUMX)의 손실로 인해 발생하는 잠재적 이연 법인세 자산을 인식하지 않았습니다. 손실은 무기한 이월될 수 있습니다.
At 31 December 2023, the Company had other deferred tax assets of $260,000 (2022: $1,271,000) in respect of share-based payments and other temporary differences that had not been recognised because of insufficient evidence of future taxable profits.
37. 보고기간 이후의 사건
During the year, CAML incorporated CAML Exploration Limited, in the Astana International Finance Centre ('AIFC'), initially owned 100% by CAML. In February 2024, CAML transferred a 20% ownership to a team of experienced explorers, Thaler Minerals LLP, a company organised by Terra Associates. The activity of CAML Exploration Limited is to look for exploration opportunities in Kazakhstan.
On the 24 March 2024, a Subscription Agreement was signed in respect of a conditional subscription for CAML to subscribe for 28.7% shareholding in Aberdeen Minerals Limited for £3.0 million. The investment is a subscription of 35,294,117 new ordinary shares at a price of 8.5 pence per ordinary share. In addition, CAML will receive warrants to invest an additional £2 million at a price of 11 pence per share, which would increase CAML's ownership of Aberdeen to 37.8%, assuming no further changes to Aberdeen's issued share capital.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.