Cyprium Metals Ltd: Annual Report to Shareholders
31.03.2020 | ABN Newswire
Perth, Australia - The past year has been a very significant one for Cyprium Metals Ltd. (ASX:CYM), with highly credentialed appointments to the board and senior executive management being made during the middle of the year along with the 80% earn-in acquisition of the prospective Cue Copper Project, located in Western Australia.The Company's strategy is to focus on mid to late stage Australian based projects that have an identified copper mineralisation with a high sulphide content, which will best suit our unique low-cost processing methodology, to produce copper metal on site, to be sold into highly liquid global LME grade copper metal markets.
Many advanced stage Australian copper projects were assessed and we were pleased to commence the implementation of our strategy with the Cue Copper Project. A comprehensive drilling programme began in July 2019 immediately after transaction completion and receiving regulatory approvals. The key objectives of the drilling programmes are to increase the size of the copper deposits, test prospective exploration targets and provide sufficient sample material for metallurgical test-work.
The drilling completed to date has significantly extended the Hollandaire and Hollandaire West copper deposits, intersected high-grade copper mineralisation at the Eelya South propect and produced sufficient sample material for metallurgical column test-work to be performed. The metallurgical column test-work undertaken on the samples of the massive and semi-massive sulphides from the Hollandaire and Hollandaire West prospects has resulted in copper leaching very rapidly into solution.
A full processing cycle has now been completed, from drilling the mineralisation, crushing, leaching and plating copper. The Hollandaire deposits have proved to be very suitable for our unique processing methodology and it has outperformed our expectations. To produce a high purity copper plate so quickly is an extraordinary achievement and reinforces the amenability of the Cue Copper project, which gives us even greater confidence in the project's developmental potential.
There is also a favourable timeframe for when the project could commence copper production, since the longer term outlook for copper remains very positive, driven by global population growth and rising living standards in emerging economies. The supply of copper will also be constrained by aging copper mines with declining ore grades and the diminishing number of developmental projects.
Climate change policies around the world will also be a significant driving factor as copper is a critical input for wind and solar technology, energy storage, and electric vehicles. To put this into perspective, the generation of clean energy from solar and wind typically requires 4-6 times more copper than fossil fuel generators.
Copper for wiring and cabling is required to connect to the renewable power generators, is required for electrical transformers, and is required for a wide range of infrastructure, including electric vehicle charging stations. Several car manufacturers have already committed to producing only electric vehicles in the near future, which requires approximately 4 times theamount of copper compared to conventionally powered vehicles.
The capital raise at the end of 2019 places the Company in a good position to continue the advancement of the Cue Copper Project in 2020 whilst evaluating a range of other copper projects.
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About Cyprium Metals Ltd:
Cyprium Metals Ltd. (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.
Source:
Cyprium Metals Ltd.
Contact:
Cyprium Metals Ltd. T: +61 8 6169 3050 WWW: www.cypriummetals.com