The company reported that it produced 2,350 tons of copper, up 23% y/y and is on track to achieve production target of 13,000 tons for the year. CAML sold 2,233 tons, implying a revenue of around $13mn. The management said the expansion project is going ahead of schedule and within the budget.
CAML shares closed up 3,0%.
Our view. The news is certainly positive for the stock price. The results are 4,8% higher than our estimates, as the expansion is ramping up sooner than we expected. We change our production forecast for 2015 from 13,000 tons to 13,500 tons, slightly increase our target price to 210 GBp and maintain a Buy recommendation.