Cyprium Metals partners with Glencore to revive Nifty copper project in WA

Small Caps07-26

Cyprium Metals (ASX: CYM) has attracted one of the world’s largest globally-diversified natural resource companies to help resurrect its Nifty copper project. In a major breakthrough, Cyprium has ...

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class=\"title\">\nCyprium Metals partners with Glencore to revive Nifty copper project in WA\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-26 10:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://smallcaps.com.au/cyprium-metals-partners-glencore-revive-nifty-copper-project-wa/><strong>Small Caps</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cyprium Metals (ASX: CYM) has attracted one of the world’s largest globally-diversified natural resource companies to help resurrect its Nifty copper project.\nIn a major breakthrough, Cyprium has ...</p>\n\n<a href=\"https://smallcaps.com.au/cyprium-metals-partners-glencore-revive-nifty-copper-project-wa/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MLX.AU","symbol_name":"METALS X 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chair Matt Fifield, the strategic partnership focuses on four areas related to the resumption of copper production at Nifty: cathode offtake, sulphuric acid supply, concentrate sales and technical support.“Glencore is a great strategic partner for us,” Mr Fifield said.“This commercial partnership gives us certainty of revenue during the crucial startup phases of Nifty’s two processing plants, removes uncertainty in sourcing a key input into cathode production and aligns with creating and maintaining a strong Australian job base in the ultimate critical mineral, copper.”“With","collect":0,"end_time":0,"defaultTopTitle":"smallcaps.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"MLX.AU":"METALS X LTD","BK7095":"多种金属与采矿","BK7507":"资源股","CYM.AU":"Cyprium Metals","BK7110":"铜"},"translate_title":"Cyprium Metals与嘉能可合作重振西澳Nifty铜项目","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CYM.AU":1,"MLX.AU":1},"content_text":"Cyprium Metals (ASX: CYM) has attracted one of the world’s largest globally-diversified natural resource companies to help resurrect its Nifty copper project.\nIn a major breakthrough, Cyprium has entered into a commercial strategic partnership with Glencore International to accelerate the resumption of copper production at Nifty.\nThe Nifty complex is located near Port Hedland in Western Australia.\nEarnings certainty\nAccording to Cyprium executive chair Matt Fifield, the strategic partnership focuses on four areas related to the resumption of copper production at Nifty: cathode offtake, sulphuric acid supply, concentrate sales and technical support.\n“Glencore is a great strategic partner for us,” Mr Fifield said.\n“This commercial partnership gives us certainty of revenue during the crucial startup phases of Nifty’s two processing plants, removes uncertainty in sourcing a key input into cathode production and aligns with creating and maintaining a strong Australian job base in the ultimate critical mineral, copper.”\nThe agreement includes the potential sale of Nifty-generated cathode products, with off-spec cathode materials to be supplied to Glencore’s refinery in Townsville, Queensland.\nThe parties have also executed a concentrate offtake term sheet for the sale of 100% of the copper concentrate production from the new surface mine at Nifty to be supplied to Glencore’s Mt Isa smelter.\nConcentrate start-up\nCopper products from Nifty’s two processing plants will be purchased by Glencore, importantly including off-spec materials that are frequently produced during a startup period.\nCyprium’s sale contract for copper concentrate would run from 2026, the earliest likely date that Nifty might produce concentrate.\nTerms are also at market price with optionality around delivery points through the life of the contract.\nNew surface mine\n“With this relationship now in place, Cyprium will accelerate plans for constructing a new surface mine at Nifty to produce concentrate at scale for Glencore,” Mr Fifield said.\n“Extending today’s low [treatment and refining charges] to tomorrow’s sales is a clear commercial win for Cyprium and its shareholders.”\n“More importantly, it is also a win for both WA mining jobs and Queensland processing jobs.”\n“This partnership delivers transparent pricing and access to global markets with a leading partner, de-risks the restart and allows our Cyprium team to remain intensely focused on planning and execution.”\nA Glencore spokesperson said the company had been following Cyprium’s growing capabilities.\n“We are pleased to support the phased approach to redeveloping Nifty through this strategic commercial relationship.”\nNifty history\nThe Nifty copper resource was discovered in 1981 by Western Mining Corporation, with mining commencing in 1993.\nNifty was subsequently purchased by Straits Resources in 1998, Aditya Birla Minerals in March 2003 and Metals X (ASX: MLX) in August 2016.\nMetals X sold the mine and two other copper projects for a combined $60 million to Cyprium Metals in early 2021.\nCyprium has invested significant time and resources over the past two years to refurbish the Nifty solvent extraction and electrowinning plant and build a comprehensive understanding of the open-pit potential of Nifty’s sulphide orebody.\nThe company has also invested significant time in searching for potential investors and/or development partners.\nIn March this year, Cyprium released an updated Nifty measured and indicated mineral resource of 119 million tonnes at 0.84 per cent copper for 1Mt contained copper.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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