South Africa’s sole listed copper producer Copper 360 (AltX CPR) has announced a significant upgrade of its mineral resources at the company’s Rietberg mine in the Northern Cape. The total resource of contained copper increased by 220% from 25 275 t in 2022 to 81 200 t with the maiden and indicated resource of 60 800 t of copper declared.
“If you relate Reitberg to water sports, we thought we were going to ride a jet ski but what we’ve found is an aircraft carrier. There's no doubt that we're going to have to resync our growth and we’ll definitely need more capital but we will do that mostly out of debt.
We’re fortunate that there are five levels that go into the mine and all of those levels are open. We've accessed them. Many of those levels are actually almost on reef. You can break away on reef. The open ventilation is in order. The rock mechanics are in order, so when we start mining, it's just a question of breaking away on reef, and that's another major advantage of having this deposit with the predevelopment that is in place.
Multiple levels will have to be mined and much more copper produced than planned, which is good news for the Northern Cape, where there is potential to create more jobs in an area that is presently challenged by unemployment.
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