COPPER 360, a start-up copper miner operating in South Africa’s Northern Cape, said it had “turned a corner” as it sought to meet production targets.
“We’ve turned a corner with Rietberg’s commissioning, and my priority is to ramp up production efficiently,” CEO Shirley Hayes told Business Times at the weekend.
Copper 360 expected to hit steady state production target at 40,000 tons in concentrate a month this year and to double production in the next two, said Business Times.
Its mining rights cover 19,000 hectares north of Springbok and it holds 12 copper mines, some with developed infrastructure. It began production in 2023 by processing historical waste from old mines such as O’kiep, using its solvent extraction-electrowinning plant to produce copper cathode.
“That was our foundation, generating a few million (rands) in revenue. This recycling approach allowed us to generate early cash flow while preparing for the next phase,” Hayes said, in reference to the Rietberg underground mine.
The newspaper said that Copper 360 expected to break even and deliver capital appreciation for its shareholders in 2025. “Cost control is key. We’re optimising resources and streamlining processes to boost margins. I’m also pushing our cluster mining model, bringing more of our 12 nearby prospects — like Jubilee and Homeep-East — online to diversify output and reduce risk,” said Hayes.
Shares in Copper 360 have fallen about 32% over the last 12 months after missing production targets last year. A recent strong improvement in the copper price was halted when US President Donald Trump imposed reciprocal tariffs. Since then, the metal price has slumped. It fell to $8,734/t by the end of last week, its lowest level since the Covid pandemic struck in March 2020.
