Cyprium Metals Partners with Glencore to Restart Nifty Copper Complex
Australia’s Cyprium Metals (ASX: CYM) has enlisted global commodities trader and miner Glencore to accelerate the restart of its Nifty copper complex near Port Hedland.
On July 26, the companies announced a strategic commercial partnership in which Glencore will purchase copper products at market prices, including off-spec materials produced during the start-up period, from Nifty’s two processing plants.
This offtake agreement covers 100% of cathodes produced and delivered to Port Hedland and has an initial fixed term. The contract will begin in 2026, the earliest projected date for Nifty to produce concentrates.
The partnership also involves Glencore making reasonable efforts to consider processing these concentrates at the Mt Isa smelter, one of the world’s largest mining complexes and Australia’s second-largest copper producer.
Subject to final agreements, Glencore will provide a A$20 million prepayment on the copper production to accelerate the construction of a new surface mine and provide working capital for Nifty.
Additionally, Cyprium has the option to purchase sulphuric acid from Glencore, ensuring a stable supply for cathode production, as well as receiving technical support from Glencore.
“This commercial partnership ensures revenue certainty during the crucial start-up phases of Nifty’s two processing plants, removes uncertainty in sourcing a key input for cathode production, and supports the creation and maintenance of a strong Australian job base in the critical mineral sector,” said Cyprium’s executive chair Matt Fifield.
Located on the western edge of the Great Sandy Desert in the northeastern Pilbara region, the Nifty mine began operations in 1993 as an open-pit oxide copper mine before transitioning to an underground sulphide mine in 2006.
From the commencement of the oxide operation until November 2019, when the mine was placed on care and maintenance, Nifty produced over 700,000 tonnes of copper metal. Cyprium acquired 100% of the Nifty project in March 2021 as part of a larger transaction with Metals X (ASX: MLX).
A resource statement released earlier this year estimated a total resource of 125 million tonnes averaging 0.83% copper, amounting to 1.04 million tonnes of metal. Most of the resource is in the indicated category, with 80.9 million tonnes grading 0.79% for 635,765 tonnes of copper.
