Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Copper 360 incurs massive operating loss despite revenue increase

02 june 2023
Copper 360, formerly Big Tree Copper, says its operating loss increased by 279% to R80.7 million in the year ended 28 February 2023 compared to R21.3 million, a year earlier. 
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