WBMS: Global Copper Market Sees Supply Deficit of 41,000 Tonnes in January-June 2017

Eastport Critical Metals has completed its Phase II geochemistry and geophysics exploration programme at the Selebi-East project in northeastern Botswana, identifying two additional multi-kilometre nickel-copper soil anomalies. The company said the final Phase II soil results show a close correlation between elevated nickel-copper values and mapped amphibolite units considered prospective for mineralisation. Together with anomalies reported in August, the completed programme has now identified more than four multi-kilometre soil geochemical signatures across the project area. Selebi-East is located on the Selebi-Phikwe belt, which hosts several historic nickel-copper mines. The project lies approximately 7 km east of NexMetals Mining’s Selebi Mine, and Eastport said the geological setting at Selebi-East shows similarities to the amphibolite-hosted mineralisation found in the wider district. Eastport said the completed Phase II programme was designed to build on existing soil anomalies and untested geophysical conductors. The company now plans to undertake deeper-penetrating geophysical surveys to better define subsurface targets before selecting final drill collar locations. Results from the programme do not yet confirm the presence of economic copper or nickel mineralisation at depth, and no Mineral Resource has been defined at Selebi-East. Further geophysical work and drilling will therefore be required to test whether the surface anomalies correspond to significant sulphide mineralisation. The identification of two additional multi-kilometre nickel-copper anomalies expands the number of exploration targets at Selebi-East and supports further work across the project. However, the results remain early-stage geochemical indicators rather than confirmed mineralisation. The next key milestones will be completion of the planned geophysical programme and subsequent drilling to determine whether the anomalies extend into mineralised zones at depth.

Camino Minerals said its 50/50 Cuprum Resources joint venture with Nittetsu Mining has received confirmation from Chile’s Dirección General de Aguas that construction of the Coloradito Ravine diversion and channelization works may begin at the Puquios copper project in the Coquimbo Region. The authorization follows the posting of a US$1.7 million financial guarantee associated with the planned water-management works. The infrastructure is designed to manage surface-water flows around key areas of the project, including the proposed mine, heap-leach facilities and processing infrastructure. Puquios is owned through a 50/50 joint venture between Camino Minerals and Nittetsu Mining. The project is being advanced as a heap-leach, solvent extraction and electrowinning copper operation. The latest authorization allows the joint venture to advance a specific water-management component required for project development, while broader project financing and construction planning continue. The DGA authorization removes an important regulatory step for the Coloradito Ravine water-management works and allows the joint venture to begin this specific infrastructure component. The US$1.7 million financial guarantee also reflects progress in meeting regulatory requirements tied to project development. Attention will now turn to execution of the water-management works and subsequent financing and construction milestones.

Bezant Resources has commenced commercial copper-gold concentrate production at its Hope & Gorob project in Namibia, marking the transition of the operation from development into revenue-generating production. Run-of-mine ore from the newly developed Hope & Gorob mine is now being processed through the company’s Tsoaxaub Metals flotation plant. Bezant said mine and processing plant construction were completed ahead of schedule and within internal budgets, while commissioning will continue over the coming weeks as production ramps up. More than 40,000 mt of run-of-mine ore has been mined since mid-August, including approximately 10,000 mt currently stockpiled at the processing plant. Bezant said initial indications suggest copper grades are broadly consistent with resource estimates and the Hope open-pit block model, while gold grades in mined ore have so far exceeded forecasts. The company is targeting minimum plant throughput of 9,000 mt during October, with first saleable copper-gold concentrate expected to be available for offtake in late October. Bezant plans to continue ramping up production toward nameplate capacity by the end of 2026. Bezant is also advancing planning for a Phase II expansion that could increase processing throughput by up to 40% using ore from the existing Hope & Gorob resource. Further step-out and expansion drilling is planned after stable production and cash flow are established, with the company targeting an initial 500,000 mt of contained copper as a potential threshold for a larger Phase III development. The start of commercial concentrate production at Hope & Gorob adds a new source of copper supply in Namibia and represents a significant operational milestone for Bezant. The immediate focus will be on achieving stable plant performance, producing the first saleable concentrate in late October and ramping throughput toward nameplate capacity by year-end. Progress on the planned Phase II expansion will also be important in determining the longer-term scale of the operation.