Cyprium Metals, an Australian copper exploration and development company, has announced a series of major changes in its leadership and financing as it prepares to advance its projects in Western Australia.
The company said on Monday that it had raised A$ 15 million through a share placement to institutional and sophisticated investors, which will be used to fund its Nifty copper project and Nanadie Well copper-gold project.
The Nifty project, which Cyprium acquired from Metals X in July, is a large-scale open-pit copper mine with a 2.5-million-tonne-a-year processing plant and associated infrastructure. The company plans to restart production at Nifty by the end of 2023 to produce 30,000 t/y of copper cathode.
The Nanadie Well project, which Cyprium acquired from Horizon Minerals in August, is a copper-gold deposit with a mineral resource of 36.07 million tonnes at 0.42% copper and 0.064 g/t gold. The company intends to conduct further drilling and metallurgical test work at Nanadie Well to increase the resources and improve the recovery rates.
Cyprium also announced that it had appointed Gary Comb as its new executive chairperson, replacing Barry Cahill, who will remain a non-executive director. Comb is a mining engineer with over 40 years of experience in the industry, having previously served as the CEO of Jabiru Metals and the managing director of BGC Contracting.
In addition, Cyprium appointed Simon Storm as its new CFO and company secretary, replacing Kevin Hart, who resigned from both roles. Storm is a chartered accountant with over 20 years of experience in the resources sector, having previously worked for Fortescue Metals Group, Atlas Iron and Mineral Resources.
Cyprium also welcomed two new non-executive directors to its board: Peter Nicholson and Brett Smith. Nicholson is a geologist with over 25 years of experience in the exploration and mining industry, having previously worked for WMC Resources, LionOre Mining International, and Norilsk Nickel. Smith is a metallurgist with over 30 years of experience in designing and operating mineral processing plants, having previously worked for Minproc Engineers, Bechtel Corporation, and GR Engineering Services.
Comb said he was delighted to join Cyprium as the executive chairperson and lead the company through its next growth phase. He said Cyprium had a strong portfolio of copper assets in Western Australia, which could potentially deliver significant value to shareholders.
He also thanked Cahill for his contribution as the former chairperson and Hart for serving as the former CFO and company secretary. He said he looked forward to working with the new board and management team to achieve Cyprium’s vision of becoming a leading copper producer in Australia.
Copper is one of the most widely used metals in the world, with applications in various sectors such as electricity, construction, transport, and manufacturing. The demand for copper will increase in the coming years, driven by the global transition to renewable energy and electric vehicles.
Cyprium is well-positioned to capitalize on this opportunity, as it aims to develop its copper projects in Western Australia into low-cost, long-life operations that can generate strong cash flows and returns for shareholders.
Source: Mining WeeklyÂ
