Can you provide an overview of Copper 360 in 2023?

Copper 360 emerged from the amalgamation of two companies, with the primary entity being the SHiP Copper company founded by our chairperson, Shirley Hayes. She consolidated a package comprising 12 mines and 60 prospects, securing a single mining license. Through a reverse takeover, we integrated this with a company my colleagues and I were establishing. Our focus was on constructing South Africa's first solvent extraction plant dedicated solely to copper, utilizing neglected rocks which we rehabilitated. This fusion of assets, technical expertise, and engineering capabilities led to our listing on the Johannesburg Stock Exchange earlier this year. Presently, Copper 360 boasts an ambitious growth trajectory, targeting 30,000 t/y of copper production over the next two years. 

Our SX/EW (Solvent Extraction and Electrowinning) plant has been in production for the last two years, processing oxide material left behind by previous miners. It produces about 1,200 t/y of copper. With the recent addition of a new mill and enhanced recovery systems, we are doubling our capacity for the upcoming year. Additionally, we are completing the construction of a concentrated plant for sulfites from the Rietberg mine, aiming to produce close to 600 t/y of copper concentrate by the end of next year. In 2024, our projections indicate approximately 6,000 t of copper metal, increasing to 20,000 t/y in 2025 and reaching 30,000 t/y in 2026. Despite our focus on smaller, high-grade deposits, our all-in-sustaining cost remains below US$4,000/t. Our strategy of building smaller, modular plants allows for quick start-ups and lower capital costs, emphasizing quality over quantity in this macro-environment.

What opportunities will the MRE update at the Rietberg mine? 

The upgrade at the Rietberg mine is a game-changer for Copper 360. Thanks to the comprehensive database that came with the mining license, a result of 80 years of work by Newmont and Goldfields, we gained access to a wealth of information. The initial upgrade was substantial, taking us from 5,275 t in 2022 to nearly 80,000 t in measured and indicated categories. We now boast over a million tons of copper metal in our database, consistently undergoing upgrades. 

What has the JSE listing brought in terms of attracting capital and visibility? 

The decision to list on the JSE was influenced by our positive experiences with the platform in the past. The listing not only attracted investments from private individuals but also opened a new pool of capital that was previously inaccessible to us. Being a production-oriented company sets us apart. Unlike some exploration companies that have faced challenges on the JSE, we believe our status as a junior producer aligns well with investor expectations on the exchange. In South Africa, investors are more accustomed to producers, whereas the Canadian Stock Exchange leans towards explorers. 

With majors making strides in the province, can you provide insights into the future of Northern Cape as a mining destination? 

The entire base metal district extending from the Northern Cape into Namibia positions the region to become one of the world's premier metal provinces. We are now witnessing interest from companies previously focused elsewhere, recognizing the substantial copper and metal resources in South Africa, particularly in the Northern Cape. Despite concerns about South African politics, the comparative advantages, including a robust economic and legal framework and the absence of mineral rights expropriation, make South Africa an appealing destination for mining investments. 

How do you assess the supply-demand fundamentals for copper in the near term? 

In the realm of critical metals, copper remains unparalleled in importance, serving as the fundamental carrier of electricity. While short-term copper price pressures exist, our long-term outlook is robust. Electric vehicles, expected to require 40 t/y of copper by 2040, further emphasize the essential role of copper. South Africa's status as a net copper importer, coupled with our exclusive sales in the local market, positions us strategically. The rand exchange rate acts as a natural hedge, providing resilience amid price fluctuations.

What are the key priorities for Copper 360 in the next year?

Our focus is ensuring the timely and within-budget delivery of the two production plants and a mine that are currently in progress. Additionally, we are committed to strengthening our exceptional team. By successfully executing our projects and enhancing our team, we believe shareholders will experience significant value, emphasizing the importance of focusing on assets, timing, and team synergy.