PERTH (miningweekly.com) – Copper hopeful Cyprium Metals is hoping to produce its first copper metal plate from its Nifty operations by the second half of 2023.
The ASX-listed company on Tuesday said that project financing for the restart of the Nifty operations, in Western Australia, was 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, for the financing of the Nifty restart and project costs, which is expected to comprise senior secured financing, subordinated debt and offtake financing.
“The Nifty copper project restart study demonstrates that the fundamentals of the project are robust, which does not include the increased mineral resource estimate that we announced earlier this month,” said Cyrpium MD Barry Cahill.
“We are currently focused on finalising the project debt financing for a fully funded project and then to execute our construction plans so that we produce copper metal plate on site in the second half of 2023.
“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.”
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.
The sulphide study has already commenced, with design optimisation and metallurgical testwork currently being undertaken.
Oxide cathode production will reach 146 100 t of metal, with the oxide mine life estimated at just over six years, between 2023 and 2029, with a sulphide potential of more than 20 years.