Copper 360 said on Friday that it was making significant strides in its operations as it transitions towards steady state production at its newly commissioned Rietberg mine in the Northern Cape.
This shift comes at a time when copper is experiencing unprecedented demand in global markets, and the company is optimistic about achieving improved ore grades in the process.
With copper emerging as a highly sought after commodity, Copper 360 CEO, Jan Nelson, has previously said that the company already has “offtake agreements in place for all the ore” to be produced from Reitberg.
On Friday, Nelson said the commissioning of the Rietberg mine was “a major milestone for any mining company but even more so for a junior mining” company.
“We are now building production to steady state and transitioning from predominantly broken stocks as source of ore to hard rock development and stope ore which will see much better grades and result in improved recoveries and copper production,” said Nelson.
The company’s processing plant, Nama Copper Modular Floatation Plant (MFP2), which it acquired from Nama Copper, was delivering steady state volume output and “performing” above expectations.
Over the next 10 months, Copper 360 said it will be focusing on steady state production from the Rietberg Mine. It will also be focusing on commissioning the MFP 1 concentrator plant, which is expected to add further to the company’s production.
According to Nelson, Copper 360 also has several projects at an advanced stage in the project pipeline, which bodes well for its future growth profile.
“We have shifted our emphasis as a producer from short-term production forecasts to a plan that will focus on a 3- and 5-year timeline with steady but sustainable growth that will result in significant value appreciation for shareholders through organic capital growth,” he said.
In the half year period to the end of August, Copper 360 raised revenues from copper sales by 170.2% to R70.1 million. This was after the company increased sales volumes for copper by 140.8% from 211.9 tons in the first half of the 2024 financial year to 510,1 tons in the first half of the 2025 financial year.
The higher copper sales volumes for the period under review were due to the addition of the sulphide business, processing of sulphide ore through the MFP2 to produce copper concentrate.
However, grades and recoveries for the period were lower than planned due to dependence on low-grade ore.
Operating expenses for the half year also increased by 170.9% to R173m. This has been attributed to the increased copper cathode production.
After the MFP2 plant commissioning in March 2024, resulting in gradual increase in milling throughput during the reporting period.
The commencement of mining activity cat Rietberg during the last month of the reporting period resulted in Copper 360 incurring significant operational expenditure during the mining start-up phase. The mine is, however, not yet operating at full capacity.
Copper 360’s total remuneration to directors surged to R12.5m in the year to end February 2024 compared to R4.8m last year, with Nelson pocketing R3m in consulting fees, salaries and performance related payments.
BUSINESS REPORT