COPPER 360 announced on Wednesday its chairman and founding CEO Jan Nelson had resigned from the board effective September 9.
The company thanked him for his “energy, service and efforts”. Nelson listed the company on the JSE in 2023, raising R152m through a placing at R4 per share.
Since then Copper 360 has failed to live up to expectations.
In May, the company announced the appointment of former Harmony Gold boss Graham Briggs as its new CEO. Briggs has targeted 200 tons in monthly copper production within the next six months.
On September 5, Copper 360 unveiled plans to recapitalise its under-pressure balance sheet in which it would issue shares and convert debt to the tune of R1.15bn – more than twice its current market value.
“Copper 360 is in a process of restructuring, the aims of which are three-fold: raise sufficient funding for short- and medium-term growth, reduce the debt burden to improve profitability, and mine several orebodies that have achievable growth potential,” the company announced in a statement to the JSE.
Briggs subsequently told Currency, an online publication, that he was confident of completing the capital raise. The firm had already secured the bulk of funding through a complex restructuring that converts R750m of “exotic debt” into equity and brings in R350m from underwriter Differential Capital.
Shares in Copper 360 are currently trading a 63 South African cents per share, a year-to-date decline of about 72% and 80% lower over 12 months.
