Exclusive
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
Lyudmila Vysotskaya: Amber is a mystical stone, a living substance
Lyudmila Vysotskaya is a Kaliningrad-based amber artist and designer, expert, chairwoman of the Amber Academy and member of the Creative Union of Artists in Decorative and Applied Arts. This summer, visitors could admire the art works by Lyudmila Vysotskaya...
30 july 2024
De Beers shines light on budding jewellery designers
Diamond giant De Beers will this year conduct its bi-annual Shining Light Awards jewellery design competition. De Beers beneficiation manager Kagiso Fredericks told Rough & Polished's Mathew Nyaungwa in an exclusive interview they set aside 4.5 carats...
22 july 2024
Copper 360 incurs massive operating loss despite revenue increase
It said the operating loss was due to a host of factors such as fixed expenses incurred for 12 months compared to five months in the prior period, commissioning costs, plant stoppage as a result of the solvent extraction circuit having to be restocked and safety stoppages, power shortages, which saw the company operate at 50% of its capacity.
Copper 360 said its revenue increased by 174% to R33.4 million during the period under review compared to R12.1 million in 2022.
“It should however be noted that the previous reporting period included other income related to the sale of revenue sharing royalty agreement of [R31.2 million],” it said.
“Operating expenses increased by 241.6% during the financial year to R114.1 million compared to R33.4 million during 2022.”
Copper 360’s financial year ended 28 February 2023 includes 12 months of production compared to only seven months of production for the period ended 28 February 2022 with the first copper production, as part of plant commissioning, starting during August 2021 and ending January 2022
It said tonnes milled for the financial year under review rose by 296% to 67 045 tonnes compared to the prior period’s 16 934 tonnes with copper grade decreasing by 36% from 1.38% to 0.88%.
This, said Copper 360, resulted in copper recovered and sold increasing by 191% to 284.7 metric tonnes compared to 98 metric tonnes in the previous reporting period.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished