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Copper 360 Limited has released its provisional consolidated financial results for the year ended 29 February 2024

Copper 360 Limited has released its provisional consolidated financial results for the year ended 29 February 2024, showcasing a year marked by positive growth and strategic initiatives that set the stage for continued success.

During the period in review Copper 360 focused on securing growth capital and providing adequate working capital to establish a strong foundation for future operations. “Our primary goal was to create a robust financial and operational base for Copper 360,” said Jan Nelson, Chief Executive Officer of Copper 360. “By securing the necessary capital and making strategic investments, we’ve laid the groundwork for significant future growth and operational flexibility.”

The company successfully raised R 380 million in growth capital and secured a R 650 million equity facility during the period in review. These funds aided critical acquisitions and capital projects, including the R 105 million investment in the Rietberg Mine and processing plant, and the R 27 million optimization of the SX/EW plant. The company also acquired the Nama Copper operations for R 200 million.

“These investments are not just about immediate gains,” Nelson said. “They represent our commitment to long-term operational excellence and sustainable growth. Our acquisition of the Nama Copper operations, for instance, provides us with a ready operational plant, allowing us to double our planned copper concentrate processing capacity.”

There have been a few challenges on the journey impacting performance during the period in review, but these were overcome. “Challenges such as load shedding and events of critical mill failures impacted performance,” said Nelson, Copper 360.

The company remedied same. A R 25.9 million investment in a 6.4MW (megawatt) generator farm was installed to mitigate the impact of load shedding while investments totalling R 37.8 million in a new mill and crushing facility were made in order to enhance processing capacity and efficiency. “We faced significant hurdles, but our team’s response was swift and effective,” said Nelson. “The investments in backup power supply and enhanced crushing capacity were critical steps towards ensuring operational resilience.”

Through these effective and impactful interventions Copper 360 achieved notable improvements in productivity. The volume, grade, and recoveries saw increases of 20%, 10%, and 24%, respectively.

Looking ahead Nelson said that Copper 360 has set itself ambitious targets. By 2025 the company aims to achieve Revenue of between R1,2 and R 1,9 million and through stabilised operations achieve a 12000 tonnes annual copper producing capability. “We plan to increase production to 20 000 tonnes by 2026 and declare dividends,” added Nelson and said that the company’s strategy leads it to a three major copper mine system in production by 2027, outpu 50 000 tonnes of copper annually and creating a smelter capability in support thereof.

Planning is also underway to establish a solar farm within the next two to three years to further ensure energy supply stability supplemented by a wind farm to be developed shortly afterwards.

“Copper 360 is well positioned for a groundbreaking period of growth,” Nelson said. “With our strategic investments and clear objectives, we are ready to deliver significant value to our stakeholders and contribute meaningfully to the copper industry, the Northern Cape and South African economies.”