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Copper360 - market update
Salient features
• Copper 360 has awarded the mining contract for underground development and long-hole open stoping at Rietberg to Cementation Africa (Pty) Ltd. ("Cementation Africa"), Africa's foremost underground mining contractor.
• The contract, concluded following many months of negotiation and technical due diligence, has an estimated value of approximately R874 million (excluding VAT) over the next 51 months.
• The contract is structured as a strategic alliance under an open-book, cost-plus-fee model with a pain/gain incentive mechanism, aligning both parties on cost, schedule and delivery.
• Mobilisation commenced on 1 July 2026, with production scheduled from 1 September 2026.
• The appointment of a contractor of Cementation Africa's calibre and their independent technical due diligence process provides strong validation of Copper 360's potential and its multi-mine strategy.
• The onboarding of an experienced underground contractor in Cementation reduces ramp-up execution risk, thereby fast tracking the potential of Rietberg and potential future mines thereafter. Copper 360 has 12 historical mines and 60 copper prospects, housing 377Mt of copper mineralisation and c.2Mt of contained copper. Copper 360 envisages using an outsourcing strategy to de-risk and unlock its future mining assets.
• Rietberg is the first mine to be brought into production under this multi-mine model, establishing a scalable contracting platform that can be replicated across the Company's portfolio as further mines are developed.
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