Modern Mining May 2024

Copper 360 inks MoU with FWGR for due diligence on copper tailings dams

Emerging copper miner, Copper 360 recently signed a memorandum of understanding (MOU) with Far West Gold Recoveries (FWGR), a subsidiary of DRDGOLD (DRD), to conduct a due diligence (DD) on the company’s copper tailings dams. The MOU is for a period of 12 months to conduct a DD on the O’Okiep, Carolusberg, Lower and Upper Nama Copper copper tailings dams. During the due diligence period, FWGR will, through an independent expert, determine (a) the total tonnage of tailings material by Lider survey applying a density of 1.4 tonnes per cubic metre and as may be required, (b) a purchase consideration to acquire 50% of the copper tailings dams if the result of the DD is to the satisfaction of FWGR. Jan Nelson, CEO of Copper 360 com mented: “Copper 360 estimates that there are about 50 to 60 million tonnes of dump material with grades varying between 0.18% and 1.5% copper and with the poten tial to contain 450 000 tonnes of copper metal in situ. During the DD, FWGR will independently assess the economic viabil Fluor announces first gold from Gold Fields’ Salares Norte Mining Project in Chile NYSE-listed Fluor Corporation’s Mining & Metals business has announced that first gold has been achieved at Gold Fields’ Salares Norte mining project in Chile. Salares Norte is a high-grade gold-silver, open-pit deposit in the Atacama region of northern Chile at an altitude of between 12 750-15 400 feet (3 900-4 700 metres) above sea level. “Salares Norte is a project at the forefront of innovation, technology and environmental care,” said Harish Jammula, President of Fluor’s Mining & Metals busi ness line. Fluor is responsible for the engineering, procurement and construc tion management of the project. Construction and pre-commissioning is scheduled for completion in April. Once fully operational, some 350 000 ounces of gold is expected to be mined annually through the life of the mine. 

ity of the copper dumps and, if the results are to their satisfaction, the parties will enter into a joint venture agreement. FWGR may acquire 50% interest in the tailings dams at a price to be independently agreed and will become the operator of the dumps. “Copper 360 is currently focused on commissioning two processing plants at the Rietberg Mine and drilling and evalu ating five new mines. Our expertise and focus is not tailings treatment although we

recognise the potential of the copper dumps. It is therefore logical that we have approached the world leaders in dump retreatment to see if a potential partnership could be negotiated to poten tially bring these assets to account if the DD is viable.” 

Jan Nelson, CEO of Copper 360.

May 2024  MODERN MINING  5