Copper 360 has signed a memorandum of understanding (MOU) with Far West Gold Recoveries Proprietary (FWGR) for 12 months to conduct due diligence on the O’Okiep, Carolusberg, Lower and Upper NamaCopper Copper Tailings dams in South Africa. Parties may create a joint venture if the results of due diligence are satisfactory.
During the due diligence period, FWGR will, through an independent expert, determine the total tonnage of tailings material by Lider survey, applying a density of 1.4 tonnes per cubic metre and, as may be required, a purchase consideration to acquire 50% of the copper tailings dams if the result of the due diligence is to the satisfaction of FWGR.
“Copper 360 estimates that there are approximately 50 to 60 million tonnes of dump material with grades varying between 0.18% and 1.5% copper in the dumps, with the potential to contain 450 000 tonnes of copper metal in situ,” said Copper 360 chief executive Jan Nelson.
“During the due diligence, FWGR will independently assess the economic viability of the copper dumps, and if the results are to their satisfaction, the parties will enter into a joint venture agreement.”
“FWGR may acquire 50% interest in the tailings dams at a price to be independently agreed and will become the operator of the dumps,” Nelson added.
Copper 360 is currently focused on commissioning 2 processing plants at the Rietberg Mine and drilling and evaluating five new mines.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
