Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) is moving swiftly with plans to assemble a dream team to execute the restart of its Nifty Copper Project in Western Australia after completing a $31.6 million capital raise in September.
To that end, the company has appointed highly experienced mining and corporate executive Ross Bhappu as a non-executive director, effective immediately, and formalised the appointment of Matt Fifield as the non-executive chairman of the board.
Fifield has served as interim non-executive chair of the board since September 13.
Adding depth
“I am pleased to reconfirm my commitment to build a best-in-class governance team by formalising my position as chairman of the board and to announce that Ross Bhappu is joining the team as a non-executive director,” Fifield said.
“Ross’ deep understanding of the copper market and corporate strategy and commitment to responsible mining adds additional depth to our board room.”
Mining and corporate veteran
Bhappu is currently a senior strategic advisory partner at Resource Capital Funds (RCF) after previously serving as its head of Private Equity Funds.
He is a seasoned mining executive, investor and director with technical and financial expertise, having managed a portfolio of investments over his 35-year career.
Prior to RCF, he was chief executive officer of a development stage mining company, director of Business Development for Newmont Mining Corporation and was in various technical and commercial roles for Cyprus Minerals Company.
Outgoing director
Simultaneously, Cyprium announced the resignation of John Featherby as a non-executive director of the company, effective immediately.
“We thank John for his contribution as he helped steer the company through a particularly rough patch, and wish him well in his future endeavours,” Fifield said.
The company intends to appoint new directors in the near future with additional skills and expertise to support its growth ambitions.
Operational progress
Managing director Clive Donner added: “Our team continues to evolve in support of a new direction for Cyprium.
“I’ve been very pleased with the quality and progress of the workstreams we have underway to redefine the right operational plan to restart Nifty, which we will communicate to the market in due course.
“We are building a great team with a clear focus on excellence in both technical work and teamwork, and continue to attract high-quality people like Ross who can contribute a meaningful part in our exciting future.”
About the company
Cyprium aims to become a significant mid-tier copper producer with a multi-asset strategy capitalising on the global electrification theme.
The company’s strategy is to acquire, develop, operate and explore mineral resource projects using modern responsible methods to minimise environmental impact and optimise resource recovery and utilisation.
It plans to make use of past investment to minimise capital intensity and lower risk to maximise the risk-adjusted value of its projects.
The company has projects in the Paterson and Murchison regions of Western Australia that are host to multiple base metals deposits.