Junior miner Copper 360’s share price shot up 14% yesterday after it announced a “significant” mineral resource upgrade at Rietberg mine, north of the town of Springbok in the Northern Cape.
Copper 360 was formed in November last year, and listed on the JSE in April this year.
In midday trade the share hit a high of R3.79. Investors are keen on copper’s prospects as it is viewed as a green metal to build a sustainable world.
Jan Nelson, the CEO of Copper 360, South Africa’s only listed copper producer, commented, “This resource upgrade shows that the Rietberg mine is a world-class copper mine. The resource is underpinned by closely spaced drill holes showing ore ready for mining on at least five levels that are open and accessible. It has exceeded all our expectations.”
Mine development was planned to commence in the fourth quarter of this year and its quota on plant was on schedule to commission in November, with expenditure forecast to be 8% under planned budget.
“We have assembled an experienced technical and operational team and look forward to start the first pure copper mine production in the Northern Cape copper province in over 20 years. We are in the process of converting the measured and indicated resource to reserve and will advise the market in due course,” he said, adding that Copper 360 would also be stating a maiden resource for the Wheal Julia surface deposit within the next few weeks.
A maiden and measured resource of 60 800 tons of contained copper was declared.
The company said total resource of contained copper increased by 220% to 81 200 tons.