The Copper 360 business is focused on processing historical mined copper rock dumps through a process of environmental clean-up, and mining surface and shallow copper resources.
Copper 360 has awarded a R874 million contract for underground development and long-hole open stoping at Rietberg Mine in Northern Cape to leading African underground mining contractor Cementation Africa.
The contract for the next 15 months follows many months of negotiation and technical due diligence, Copper 360’s directors said in an update to the market on Tuesday. The revival of historical Northern Cape copper deposits has become viable in recent years again due to global electrification and modern mining technologies.
The contract is structured as a strategic alliance under an open-book, cost-plus-fee model with a pain/gain incentive mechanism, aligning both parties on cost, schedule and delivery.
“We have secured not merely a contractor but a true expert partner. Cementation Africa's track record speaks for itself, and the alliance structure ensures we are aligned on every metre developed and every ton mined. Their commitment gives me every confidence in the delivery of our multi-mine in-situ mining programme,” said Copper 360’s COO and transitional CEO Gordon Thompson.
