Shares in Central Asia Metals (CAML) fell off a precipice earlier this month when the miner cut the book value of its Sasa operation in North Macedonia by almost $120mn (£90mn).
This came alongside a broader copper equity sell-off, taking CAML’s shares down 28 per cent including a further drop on the day of its results. The underlying picture is rosier than this reaction indicates, though.
The copper, zinc and lead miner’s free cash flow for the year was down 15 per cent on 2024 at $56mn, as a result of higher taxes the year before, but still giving a free cash flow yield of 15 per cent.
