Cyprium and Glencore Form Partnership to Boost Copper Production at Nifty Complex

Cyprium Metals Limited has announced a Commercial Strategic Partnership with Glencore International AG, aimed at accelerating the resumption of copper production from the Nifty copper complex in Western Australia, near Port Hedland.

As part of this partnership, Cyprium has executed a term sheet to sell cathode products to Glencore on commercial terms for a fixed term, with the possibility for mutual extension. This agreement will support the restart of cathode production by allowing off-spec cathode materials to be accepted at Glencore's Townsville refinery in Queensland. In addition, Cyprium will enter into a sulphuric acid supply agreement with Glencore, ensuring the necessary resources for production.

The partnership also includes a A$20 million Prepayment / Working Capital Facility on copper production, subject to final agreements, providing Cyprium with essential financial support. Moreover, a term sheet has been executed for the sale of 100% of the copper concentrate production from the new surface mine at Nifty to Glencore. This will commence immediately following commercial production, with Glencore making efforts to deliver Nifty concentrates to its Mt Isa Smelter.

Glencore Technology will provide technical support to Cyprium, enhancing the production process. The agreement also includes a limited period of exclusivity during which Cyprium and Glencore will work towards finalizing the contracts.

This partnership aims to bring Cyprium's Nifty copper complex back into production swiftly, leveraging Glencore's extensive resources and expertise.