Cyprium Metals boosts Nifty copper resource by 40% ahead of planned mine restart
Cyprium Metals’ managing director expects a “quick transition to construction activities” once finance is obtained.
As Cyprium Metals (ASX: CYM) progresses the finance process for the restart of its Nifty copper project in Western Australia’s Pilbara region, the company has provided an update on the mine’s refurbishment.
Cyprium today revealed it has increased the mineral resource endowment at Nifty by more than 40% and the west and east of the mineralisation remains open.
When Cyprium acquired the Nifty project in early 2021, the resource estimate totalled 658,500t of contained copper. The company increased this to 732,200t that November, then to 940,200t this year following reverse circulation drilling.
Cyprium has now added another 91,000t of copper metal contained within the existing heap leach pads for retreatment at Nifty.
The company said the updated estimate will be included in the first phase of the Nifty restart project optimisation, which will add further copper tonnes, mine life and cash flow.
“The Nifty copper project restart is the first phase of a potential plus-20-year life and remains robust, with current Australian dollar copper pricing at a similar level to what was used in the restart study, which was completed in March 2022,” managing director Barry Cahill said.
“The increase in resources and the reduction in base costs, such as freight, since the study was finalised will only improve that robustness,” he added.
Project ready to go once finance is obtained
In its project update, Cyprium also reported environment and regulatory approvals processes are “nearing completion” while most of the operational readiness and environmental clean-up activities have been completed.
Advanced discussions are continuing with debt financiers who are currently undertaking due diligence activities and reviewing financing documentation, the company reported.
In addition, Cyprium confirmed there is sufficient personnel to maintain the Nifty site to enable a “quick transition” to construction activities once finance is obtained.
“The Nifty copper project is in a state of readiness so that at the completion of the finance process, there is an effective and efficient transition from care and maintenance to full construction and then commissioning to production,” Mr Cahill said.