CAML’s Q1 production performance was characteristically stable compared with the corresponding period of prior years. Given rates always increase at Kounrad as Kazakhstan exits its cold winter months, and with higher production levels expected at Sasa in H2 as construction activity concludes on the cut and paste back-fill transition project, we believe both operations are on course to meet guidance. Assuming costs stabilise around recent levels, we think this could drive dividend growth in 2024, ....
