COPPER 360 is to cut jobs at its Northern Cape province operations as part of a “repositioning” aimed at putting the company on course for profits.
Operations would cease at Copper 360’s surface and waste resources in favour of redoubling efforts on the underground mining development of the “higher grade” Rietberg mine over the next four to five months, it said in an update on Monday.
“The restructuring initiative is aimed at aligning the group’s cost base, preserving cash resources, and positioning the group toward a sustainable long-term operating model,” Copper 360 said in its announcement.
“As part of the restructuring process, the group has commenced the required labour consultation processes in accordance with applicable labour legislation as part of aligning the workforce structure with the revised operating model”.
Shares in the company fell about 1.7% in Johannesburg today but are down about 15% year-to-date. The restructuring was announced just as the market closed.
Copper 360 was founded by the late Jan Nelson, and listed on a wave of optimism regarding copper assets that dated back to the 1930s. They were said to contain at least 140,000 tons of copper, and possibly up to 750,000 tons. Coronation Asset Management was an anchor investor in the company.
However, Copper 360 ran into delivery problems almost from the get-go. In its first full financial year, it fell well short of pre-listing production targets.
Then in February this year, the company announced that CEO Graham Briggs, who was appointed in 2025 to resuscitate Copper 360, had stepped down along with his CFO Stephan Du Plessis, a former Deutsche Bank executive.
At the time, Copper 360 said they were taking a “leave of absence with immediate effect”. Miningmx, citing sister publication Currency, reported there had been a board coup. Chief operations officer Gordon Thompson would act as CEO, said Copper 360.
Said Rupert Smith, chairman of the company regarding today’s announcement: “The board, in conjunction with mining and technical consultation and advice, has undertaken and completed a holistic overview and assessment of the company’s business and activities.
“It is our conclusion that the restructuring as proposed is a necessary and decisive step to preserve capital, and to reposition the company in a sustainable operating model”.
