JOHANNESBURG (miningweekly.com) – Emerging South African mining company Copper 360, which operates in the Northern Cape’s Okiep copper district, on Tuesday, May 26 alerted its shareholders to its loss-narrowing financial performance in the 12 months to February 28.

The reduction in the basic loss per share is expected to be 36% to 43%, the Johannesburg Stock Exchange AltX-listed Copper 360 reported, ahead of the publication of its consolidated annual results.

The improvement in its financial performance, Copper 360 reported, was largely the result of the prior year’s inclusion of a non-recurring R113-million solvent extraction plant impairment. Moreover, the improvement was achieved despite a R33.8-million rights offer loss.

Interestingly, the Stock Exchange News Service announcement follows an operational restructuring that opens the way for Copper 360’s Rietberg copper mine to feed higher-grade underground ore into the company’s Nababeep processing facility, something which used to take place as long ago as the 1970s but which was stopped in 1981 because of other deposits being closer and thus more economical. 

Then, in August 2024, Copper 360’s relook at production from Rietberg took place under the leadership of former CEO Jan Nelson, now deceased, resulting in the first on-ore blast at Rietberg taking place on January 31, 2025, which marked the restart of structured hard-rock mining to uplift operational economics and long-term sustainability.

Against the backdrop of Copper 360’s multi-mine model embracing 12 previously operating mines and something like 60 identified copper prospects and mineralisations, Rietberg is now expected to lay a foundation for long-term profitability and value creation.

Copper 360's dozen opencast and underground mines, which are within 13 km of one another, span more than 19 000 ha. In addition to Rietberg, these include Jubilee, Homeep, Klondike, Wheal Julia North, Whyte’s West, Koeëlkop, Hoogkraal and Waaihoek.

While the mines are geographically close, they differ in size, ore grade, stage of development, and operational status, with the multi-mine model offering a form of risk lowering that diversification normally provides.

When Copper 360 listed in 2023, it reported having a resource of two-million tonnes of copper worth R560-billion, with the 25 000 t at Rietberg valued at R1.4-billion.

Former mining majors that mined in the area in the old days included Gold Fields of South Africa and Newmont of North America.