Join our daily newsletter At The Bell to receive exclusive market insights
- Cyprium Metals (CYM) is pushing forward with the restart of its Nifty Copper project in the north-eastern Pilbara region of Western Australia
- Following the first mineral resource estimate upgrade, CYM says the focus is on finalising debt financing for a fully funded project before executing construction plans
- Cyprium took control of the project in April 2021, and since that time has been cleaning up the mine site by sorting equipment as well as organising repairs and refurbishments
- Production of copper metal plate on site is pitted for the second half of 2023
- Company shares ended trade today up 10 per cent at 16.5 cents
Cyprium Metals (CYM) is pushing forward with the restart of its Nifty copper project in Western Australia.
Following the first mineral resource estimate (MRE) upgrade, the company today told investors it would be focused on finalising debt financing for a fully funded project before executing construction plans.
The company is targeting approximately $240 million to $260 million of total debt funding, and said it is in discussions with commercial lenders, metal trading companies, and mining credit funds to finance the project restart, and is also considering a fixed income debt instrument.
Cyprium took control of the Nifty project in April 2021, and has since been cleaning up the mine site by sorting equipment as well as organising repairs and refurbishments.
In particular, the company has completed refurbishing one area of the onsite accomodation and has also worked on the dry mess, dining areas and laundry facilities.
To prepare for operations, the mobile communications tower has been upgraded to enable 4G services and site control systems are being commissioned and made operational.
The company has also begun onboarding its first apprentices, and site training for existing and new workers is ongoing.
While the project management plan has been approved, CYM is awaiting feedback on a native vegetation clearing permit and water licence, and the mining proposal and mine closure plan is in a request for further information process.
Production of copper metal plate on site is slated for the second half of 2023 and in this vein, Managing Director Barry Cahill said the company is focused on debt financing before kicking off construction.
“The Nifty Copper Project Restart Study demonstrates that the fundamentals of the project are robust, which does not include the increased MRE that we announced earlier this month,” he said.
“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.”
Company shares ended trade today up 10 per cent at 16.5 cents.
