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 raises funds to acquire SA mine, expand output

22 december 2023

Copper 360 has raised R274 million ($15 million) through debt and equity to fund the Nama Copper acquisition and expanded production growth plan for the Rietberg Mine in South Africa, which will target 85% more production than initially planned at listing. 

The only listed copper producer in South Africa agreed to acquire Nama Copper from Mazule for R200 million ($10.9 million) on November 28, 2023.

Nama has historically processed copper slag through a sulphide flotation plant that is almost a replica of the modular flotation plant that Copper 360 is currently constructing

Copper 360 said new equity represents less than 6% of total issued share capital but provides 6,253 tonnes of additional copper metal forecast for fiscal year 2025 and fiscal year 2026, representing additional forecast sales of R1 billion ($54.4 million) at $8,500 per tonne copper.

“Our ability to raise additional capital in very difficult financial markets whilst several major producers are retrenching people and cutting growth is a testament not only to the value investors see in the copper price but also the value Copper 360 offers all stakeholders,” said Copper 360 chief executive Jan Nelson.

“Our acquisition of Nama Copper is now fully funded, and this ensures that we will double our production in the 2025 FY.”

He said the company will have three new copper processing plants in production by February 2025, and the new Rietberg Copper Mine will be online early in 2025. 

“The bottom line is [that] we forecast to deliver R1 billion ($54.4 million) more in copper sales than originally planned at listing, which more than easily justified the slight dilution to shareholders as 70% of new capital is financed through debt,” he said.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished