Copper 360, a mining company listed on the Johannesburg Stock Exchange, is set to accelerate its production rate, albeit at a higher cost than its initial projections. This follows the company’s reevaluation of its mine plan for the Rietberg mine, located in the Northern Cape.
In a notable improvement, the company has managed to significantly reduce its loss attributable to shareholders. Specifically, the loss has been narrowed down from R31.6-million observed in the six-month period that ended on August 31, 2022, to R4.9-million for the corresponding six-month period that ended on August 31 of this year.
As production levels have increased and capital expenses come to a close, Copper 360 has managed to narrow their losses. Additionally, the recent acquisition of Nama Copper Resources after the reporting period has provided further assurance that the company is on the right track to significantly improve their production. This acquisition also reduces the risk of execution build and delivery, ensuring that Copper 360 remains a strong player in the industry.
In the upcoming financial year of 2025, the company is setting its sights on earning more than R650 million. In order to facilitate flexible mining and promote growth, they have planned significant upgrades to their resources.
During the six-month period under review, CEO Jan Nelson reflected on the company’s accomplishments. Nelson acknowledged the team’s hard work in managing the substantial rise in mineral resources at the Rietberg mine, which necessitated a complete revision of the processing plant and mine design.
According to the recently released measured and indicated mineral resource statement, there are 60,800 tons of copper contained within the site.
After a recent increase in mineral resources, the company has announced a significant boost in their copper production. Specifically, the amount of contained copper production has risen from 3,899 tons to an impressive 7,975 tons. Such a doubling of copper concentrate production has necessitated a change in the original plan, as this massive increase cannot be ignored.
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The proficiency and perseverance of the team is undeniably showcased by the fact that we were able to accomplish this task while adhering to our delivery schedule. According to Nelson, the modular flotation 1 underwent a transformation to exclusively handle copper sulphide ore from Rietberg, while disregarding the processing of any copper slag.
As a result of this, there is a marked improvement in the recoveries and grades, which consequently leads to a substantial increase in production. This is achieved without any additional expenditure on processing capital.
As per our recent financial report, it became necessary for us to allocate an additional R95 million towards capital expenditures for the Rietberg mine.
According to Nelson, the decision to proceed with the mine was an easy one when taking into account the copper concentrate’s contribution to earnings before interest, taxes, depreciation, and amortization for the 2025 fiscal year. The mine’s anticipated yield of 496,000 tonnes per year, as opposed to the original estimate of 120,000 tonnes per year, is expected to increase the earnings from the original projection of R360 million to R570 million.
In recent news, Copper 360 has successfully acquired Nama Copper, which grants the company access to a state-of-the-art sulphide processing plant with an impressive milling capacity of 240,000 tons per year. This acquisition will enable the company to produce an estimated 3,595 tons of copper during the 2025 fiscal year.
Copper 360 is set to increase its steady-state production capacity to 7,975 tonnes per year of copper concentrate with the acquisition of a second modular flotation plant from Nama, in addition to the first plant currently under construction. This expansion marks a significant milestone for the company as it continues to grow its presence in the copper industry.
According to the latest update, Copper 360 has invested approximately R120 million in the capital expenditure of the Rietberg mine and processing plant as of August 31. However, it has been reported that the redesign of the Rietberg mine will require an additional R160 million in capital expenditure.
In the pursuit of expanding their copper production, Copper 360 has announced their plans to incorporate a third modular flotation plant into their operations during the last quarter of the 2025 fiscal year. This strategic decision will enable the company to achieve their goal of producing a total of 16,821 tons per annum of contained copper by the end of the 2026 fiscal year. This is a substantial increase from their current production of 9,789 tons in the 2025 fiscal year.