A new contract will see Cyprium Metals sell its surplus generators from its Nifty copper mine in Western Australia for $9.3 million.
The agreement is with USP&E North America, a leading power station and energy facility design house.
Cyprium Metals has already received confirmation of a non–refundable deposit of $US600,000 ($916,296) in connection with the contract.
Full payment is set to be received upon removal of the unit from site, expected to occur on or around 14 February 2025. There are no material conditions that need to be satisfied before the contract becomes legally binding or proceeds to completion.
“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.”
Funds received from the sale will be used for working capital purposes.
Cyprium Metals recently upgraded its mineral resource estimate for the existing heap leach pads at Nifty, marking the first MRE update for this material since 2015.
The indicated and inferred MRE for the Nifty heap leach equals 12.7 million tonnes (Mt) grading 0.43 per cent copper for contained copper of 54,050 tonnes.
The updated MRE is supported by JORC standards and incorporates new data from a 2021 sonic drill program, which was run in support of previous feasibility studies.
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