Copper 360 is South Africa’s only listed pure copper producer.
Copper 360, which mines in the northern Cape, says it is ready to grow after a recapitalisation in December extinguished R715 million of debt and R400m was raised in fresh equity.
The share price shot up over 12% to 55 cents on Tuesday morning after the release of results for the year to February 28, share price movement that indicates that investors are likely to be positive about the group’s financial prospects.
Total borrowings fell by 63% to R304m by February 28, from peak levels of R824m prior to recapitalisation. Post year-end, an operational restructure was completed, simplifying the mining strategy, selectively outsourcing specialist functions, and rightsizing the organisation.
“The company still has undrawn facilities, leaving Copper 360 positioned to advance the development of higher-grade ore at the Rietberg mine and to pursue its multi-mine model,” mine's directors said.
