Cyprium Metals (ASX: CYM) is closer to a restarting its Nifty copper project in Western Australia’s north, with predevelopment work continuing in parallel with the finance process.
In its latest restart update, Cyprium noted that the majority of the operational readiness and environmental clean-up activities had been completed for Nifty.
Cyprium managing director Barry Cahill said the finance process for the restart had progressed 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.”
“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.”
Nifty copper project
Cyprium expects to acquire between $240 million and $260 million in debt funding to finance the restart of operations at Nifty.
The package includes a cost overrun contingency and working capital.
Discussions with all parties regarding the funding has been “positive” and the company will update the market as negotiations progress.
A study into restarting operations at Nifty was unveiled in March this year.
The company is targeting annual production at the project of 25,000t of copper cathode, which includes retreating heap leach material along with oxide open pit mining.
Nifty already hosts 25.9 million tonnes at 0.65% copper in mined and stacked ore, including the heap leach material.
Retreating the heap leach material can generate 85% copper recoveries, while processing the oxide ore produces 90% recoveries.
Nifty also has substantial existing infrastructure including a 2.8Mtpa sulphide concentrator, a 25,000tpa copper cathode heap leach extraction-electrowinning facility, a 21MW gas turbine power station, pipeline and power distribution systems.
Other crucial infrastructure includes water supply and reticulation systems, mine village, full heavy vehicle workshops, inventory, sealed all-weather airstrip and network and communications capability.
A resource update for the project was announced in May of 940,200t of contained copper metal.
The company believes there is an additional 91,000t of contained copper within the historic heap leach pads.
