Coffee with Samso Episode 159 is with Barry Cahill, Executive Director of Cyprium Metals Limited (ASX:CYM)
In this episode with Cyprium Metals Limited we are recapping on the journey since we last spoke earlier this year. I have Barry Cahill sharing with us all aspects of the company's activities and its continued struggle to finance the Nifty Copper mine.
Barry focusses on the reasons why Cyprium Metals Limited is the leader of the pack in terms of upcoming Copper producers. When we look around the ASX, there is a large gap between the large producers such as BHP (ASX: BHP) and the recently bought Oz Minerals.
There is a big gap in between, and the current breed of mid cap producers is largely missing. There was Austral Resources Limited which was doing some ore moving but that has gone a bit quiet.
There is no doubt that the quest to be the next producer is not easy. One topic that has largely gone unnoticed about the Copper miners is the difference between a producer who goes to Copper sheet (Cyprium Method) and the tradition refinery route. The diagram below, which is taken straight out of the Cyprium's presentation, shows why Cyprium is different.
The Cyprium Nifty project has a lot of benefits in reducing cost and carbon emissions as it is a brownfield refurbishment project with extensive assets already in place.
Get yourself comfortable and listen to Barry telling us the journey, good and bad, since we last spoke to him in March 2022.
Listen to previous conversations with Cyprium Metals Limited.
01:14 Recap of Cyprium Metals Limited.
04:23 Other projects: Maroochydore Copper Project.
05:44 Murchison Copper Project.
08:24 Nifty Copper Project.
11:22 Financing the project.
13:14 Project approvals.
14:11 Current stage: Finance process.
17:13 Explaining to investors about the resource base.
20:47 Knowledge from past experiences.
26:03 The ESG component of copper.
28:35 Discussion about ESG funds.
33:51 Are there any issues faced?
36:54 Importance of inventory.
45:19 What is the step forward?
53:13 Any last words?
About Barry Cahill
Mr. Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management. In particular, his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development. He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018. Mr. Cahill has previously been Executive Director of a number of public companies including Operations Director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc.
About Cyprium Metals Limited (ASX:CYM)
Cyprium Metals Limited (ASX: CYM) is an ASX listed company with copper projects in Australia. The Company has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The Company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value.
The Company has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation.
Paterson Copper Projects This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project.
The Nifty Copper Mine (“Nifty”) is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 732,200 tonnes of contained copper (i). Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material.
The Maroochydore deposit is located ~85km southeast of Nifty and includes a shallow 2012 JORC Mineral Resource of 486,000 tonnes of contained copper (ii). Aeris Resources Limited (ASX: AIS, formerly Straits Resources Limited) holds certain rights to “buy back up to 50%” into any proposed mine development in respect of the Maroochydore Project, subject to a payment of 3 times the exploration expenditure contribution that would have been required to maintain its interest in the project.
An exploration earn-in joint venture has been entered into with IGO Limited on ~2,400km2 of the Paterson Exploration Project. Under the agreement, IGO is to sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure of $11 million over the first 3.5 years. Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a pre-feasibility study (PFS) on a new mineral discovery.
Murchison Copper-Gold Projects Cyprium has an 80% attributable interest in a joint venture with Musgrave Minerals Limited (ASX: MGV) at the Cue Copper-Gold Project, which is located ~20km to the east of Cue in Western Australia. Cyprium will free-carry the Cue Copper Project to the completion of a definitive feasibility study (DFS). The Cue Copper-Gold Project includes the Hollandaire Copper-Gold Mineral Resources of 51,500 tonnes contained copper (iii), which is open at depth. Metallurgical test-work has been undertaken to determine the optimal copper extraction methodology, which resulted in rapid leaching times (refer to 9 March 2020 CYM announcement, “Copper Metal Plated”, https://cypriummetals.com/copper-metal-plated/).
The Nanadie Well Project is located ~650km northeast of Perth and ~75km southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/887. The Cue and Nanadie Well Copper-Gold projects are included in an ongoing scoping study, to determine the parameters required to develop a copper project in the region, which provides direction for resource expansion work. (i) Refer to CYM ASX announcement dated 17 November 2021 “Updated Nifty Copper Mineral Resource Estimate” (ii) Refer to MLX ASX announcements: 10 March 2020, “Nifty Copper Mine Resource Update” and 18 August 2016, “Annual Update of Mineral Resources and Ore Reserves” (iii) Refer to CYM ASX announcement: 29 September 2020, “Hollandaire Copper-gold Mineral Resource Estimate”
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.
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