Copper 360 starts development of Rietberg mine

COPPER 360 on Wednesday said it had started development of its Rietberg underground mine in the Northern Cape with the first on-ore blast taking place on January 31.Newly appointed CEO Shirley Hayes said the blast – the first in 42 years at the reopened mine – was the first step in the company meeting its production and financial targets. This is long overdue at Copper 360 which has tended to disappoint investors.Shares in the company are 46% lower over the last 12 months reflecting frustration with missed production targets. The company was talking about mining Rietberg in August, deemed critical because mining from underground is forecast to generate up to R100m in revenue compared to processing surface deposits generating R15m to R20m presently.It previously forecast a huge jump in copper production for the year to end-February 2025 – to 8,000 tons from 1,500t previously. Copper 360 is due to report its year-end financial numbers in May.Said Hayes of the firm’s maiden blast: “This marks a pivotal moment for Copper 360 as we shift from an unpredictable phase of broken rock processing to a structured, sustainable hard rock mining operation.“This transition will provide us with the consistency and reliability needed to achieve our production and financial targets.”Copper 360 said development of the Rietberg deposit would be for nine months before ramping up to full production of 40,000 tons of ore a month by the end of this year. At the same time, Copper 360 would phase out broaken rock processing of surface deposits. Hayes said this “presented challenges” owing to grade variabilities affecting volumes and recoveries of concentrate.“We are confident that this strategy will drive long-term value for our shareholders and position Copper 360 for sustainable success,” said Hayes.Hayes took over as CEO of Copper 360 in December with Jan Nelson taking over as executive director of resource strategy and equity value. Hayes is the controlling shareholder, holding 58% of the equity in Copper 360.The post Copper 360 starts development of Rietberg mine appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.comWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com