Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) has inked a binding contract with USP&E North America LLC for the sale of surplus generators at the Nifty Copper Mine in Western Australia in return for US$6.05 million, the equivalent of about A$9.3 million.
The company has already received a non-refundable deposit of US$600,000 for the contract, with full payment to be received once the generator units have been moved from the site, expected around February 14, 2025.
CYM intends to use the additional funding for working capital purposes.
Unlocking asset value
“We are pleased to announce this sale,” Cyprium Metals executive chair Matt Fifield said.
“As previously described, the turbines that previously powered mining operations at Nifty are effectively surplus to our forward needs. Another example of unlocking value from the Cyprium assets.”
CYM is an ASX-listed copper company, advancing its flagship Nifty Copper Mine which has previously produces both oxide and sulphide copper ore.
The company is redeveloping Nifty, which has already enjoyed high levels of capital investment, and offers data from a long operating history, large-scale resources, current operational approvals, and more recent investment.
Nifty’s current mineral resource estimate sits at 38 million tonnes at 0.83% copper for a total of more than 1 million tonnes of copper metal, as well as an additional 91,000 tonnes of copper in existing leach pads.
CYM also holds the Maroochydore deposit with a mineral resource of 486,000 tonnes of copper, and strong interests in several joint ventures covering additional copper projects.