Name of the Project
Nifty copper project.

Location
On the western edge of the Great Sandy Desert, in the north-eastern Pilbara region of Western Australia.

Project Owner/s
Cyprium Metals.

Project Description
A restart study has highlighted a robust initial oxide project with the potential for strong financial returns.

Metallurgical testwork has confirmed recovery of 85% in retreat and 90% in oxide pit material.

The study envisages a robust heap-leach solvent extraction-electrowinning operation in the initial stage of the project.

The restart is focused on 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.

The project could produce 25 000 t/y of copper cathode. Oxide cathode production is estimated at 146 100 t of copper metal.

The oxide mine life is estimated at just over six years, from 2023 to 2029, with a sulphide potential of more than 20 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a preconstruction after-tax net present value, at a 7% discount rate, of A$277.3-million and an internal rate of return of 37%, with a payback of three years following construction.

Capital Expenditure
A$149.3-million.

Planned Start/End Date
Cyprium Metals is hoping to produce its first copper metal plate from its Nifty operations by the second half of 2023.

Latest Developments
The company has said that project financing for the restart of the Nifty operations is advancing with financiers.

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.

“While working through the finance process, Cyprium has not been idle, continuing to set Nifty up for the construction works post-finance, and pushing forward with the Maroochydore and Murchison projects as assay results are received from the 2021 field season,” Cyrpium MD Barry Cahill has said.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Cyprium Metals, tel +61 8 6374 1550 or email info@cypriummetals.com.