- Cyprium Metals (CYM) is close to completing its planned acquisition of Metals X’s (MLX) copper assets in WA
- The company has begun establishing a presence at one of the assets, the Nifty Copper Project, by hiring key personnel
- CYM has also begun project work at Nifty, as part of the original share sale agreement (SSA) signed with Metals X
- The materials stock is hoping to have the SSA finalised by the end of the month, with CYM shareholders meeting today to sign off on the deal
- Cyprium Metals’ shares are trading up 8.77 per cent at 31 cents per share
Cyprium Metals (CYM) is close to completing its planned acquisition of Metals X’s (MLX) copper assets in WA.
Under the deal, Cyprium will acquire MLX’s Nifty Copper Project, Maroochydore Copper Project and its Paterson Exploration Project.
The company released an update on the acquisition on Tuesday, revealing it had begun establishing a presence at Nifty.
The materials stock said it had begun hiring a number of key personal, including a general manager and chief metallurgist.
Additionally, CYM has also begun project works, as agreed upon as part of the original share sale agreement (SSA) signed with Metals X.
“Since the signing of the acquisition agreement, we have been active in establishing a presence on site at Nifty, hiring key management and personnel and conducting early site works,” Executive Director Barry Cahill said.
“A number of value accretive workstreams have been identified including the potential use of the copper-bearing solution, to be dewatered from the decommissioned underground operation, as a potential irrigation source for the Nifty heap leach,” he added.
Cyprium is hoping to have the SSA finalised by the end of the month, with CYM shareholders meeting today to sign off on the deal.
“We are looking forward to the upcoming general meeting and formal transaction completion later this month, we can’t wait to get into it,” Barry concluded.
Cyprium Metals’ shares have ended Tuesday’s trading session up 8.77 per cent at 31 cents per share.