Cyprium cuts staff as Nifty funding lags
PERTH (miningweekly.com) – Copper hopeful Cyprium Metals has temporarily reduced the workforce at its Nifty operations, in the Pilbara, to just 20 personnel and contractors in order to save on operational expenditure while it works towards financing the restart of the mine.
The Nifty restart study estimated that Cyprium would require a capital injection of A$149-million, and could produce 25 000 t/y of copper cathode.
The restart is focused around the first phase of heap leach retreat and oxide openpit, and it is envisaged that the life will extend to the sulphide stage of the openpit with a considerably larger resource available.
For the debt portion of the Nifty copper project restart, Cyprium is targeting A$240-million to A$260-million of total debt funding, including cost overrun contingency and working capital, for the financing of the Nifty restart and project costs, which is expected to comprise of senior secured financing, subordinated debt and offtake financing.
Cyprium said on Wednesday that the financing process was taking longer than previously anticipated.
“The finance process to fund the restart of the Nifty copper project continues with multiple parties. To conserve funds, we have reduced personnel throughout the organisation until we complete the financing and commence the refurbishment schedule in earnest,” said Cyprium MD Barry Cahill.
“Our personnel have done an excellent job in getting Cyprium to the go line for when the finance process is completed and progress to date has been remarkable. Many people have told me that they would like to return to Nifty, if they are available, to build the project and plate copper. We look forward to welcoming them back to the Cyprium family.”
Cahill noted that much of the operational readiness activities had now been completed.
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