Copper 360, South Africa’s solitary publicly listed copper producer, has disclosed a remarkable surge in mineral resources at its Rietberg mine in the Northern Cape province. The company reported a staggering 220% increase in the total copper content at the mine, soaring from 25,275 tonnes in 2022 to a whopping 81,200 tonnes, including a maiden measured and indicated resource of 60,800 tonnes of copper.
The Rietberg mine serves as the inaugural site among a dozen planned mines in a cluster envisioned by Copper 360, dedicated to revitalizing a region long neglected in terms of copper exploration. With five pre-developed and accessible levels, mining operations are slated to commence in the fourth quarter of this year. Additionally, a modular flotation plant is on track to be commissioned by November.
Jan Nelson, CEO of Copper 360, described the resource upgrade as a game-changer for the company and the entire Northern Cape copper district. He likened the discovery to finding an aircraft carrier rather than a jet ski, underlining the need for increased capital to expand production capacity. However, Nelson emphasized that the company would primarily rely on debt financing rather than diluting its shareholders.
Copper 360 also revealed plans for a maiden resource assessment for another deposit, Wheal Julia, characterized by surface copper mineralization of high-grade quality. Furthermore, the company intends to drill another deposit, Koeëlkop, which holds the potential to become an open-pit mine. These deposits are envisioned to complement the underground ore from Rietberg, providing the company with greater mining flexibility.
In parallel, Copper 360 is already producing A-grade copper cathode plates from its solvent extraction and electrowinning (SXEW) plant, which is undergoing an upgrade to double its output. The company is focused on constructing a central processing facility for all its mines, fostering skill sharing and technology integration to enhance efficiency. Plans are underway to convert measured and indicated resources into reserves, with additional exploration results set to be unveiled in the coming weeks.
Copper stands as a crucial metal in the global transition toward renewable energy and electrification, finding applications in renewable energy systems, electric vehicles, batteries, and electronics. The soaring demand for copper is anticipated to outpace its supply in the years ahead, driving up its price and creating opportunities for new producers. Copper 360 has committed itself to delivering value to shareholders, employees, and local communities while contributing to South Africa’s green economy and social development.
Source: Mining Weekly
