Name of the Project
Nifty surface mine project.

Location
Western edge of the Great Sandy desert, in the north-eastern Pilbara region of Western Australia.

Project Owner/s
Copper developer Cyprium Metals.
 
Project Description
A prefeasibility published in November 2024 has confirmed the economic viability of the large-scale production of copper in concentrate through the refurbishment and expansion of Nifty’s brownfield concentrator and accompanying new surface mine (Concentrate project). 

The prefeasibility study (PFS) also confirmed the economics of producing copper cathode by retreating Nifty’s heap-leach pads 1 to 6, which is a subset of oxide opportunities (Initial cathode project).

The project has proven and probable reserves as at March 31, 2024, of 93.9-million tonnes grading 0.85% copper.

The two projects are capable of execution on a standalone basis; however, owing to physical space constraints, the projects interact with each other if they are both in operation simultaneously.

Production of 718 000 t copper is estimated over the 20.8-year life-of-mine, including average production of 373 000 t/y over the first ten years. 

With regard to oxide ore from the new surface mine, Cyprium does not have sufficient information to evaluate the economics of further treatment of this material at a PFS level of certainty and has, therefore, excluded any operations to recovery copper from the overall Initial Cathode project design.

Proven and probable reserves as at March 31, 2024, were estimated at 93.9-million tonnes grading 0.85% copper.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The pretax net present value, as at November 2024, was estimated at 1.13-billion and the internal rate of return 28.9%, with a payback from first concentrate production estimated at 4.75 years.

Capital Expenditure
Brownfield redevelopment costs are estimated at A$431.3-million.

Planned Start/End Date
Not stated.

Latest Developments
Cyprium Metals entered into a heads of agreement for a strategic alliance with mining services provider Macmahon Holdings in January 2025 to fast-track the redevelopment of the Nifty copper mine.

Under the agreement, Macmahon will lead the completion of the bankable feasibility study (BFS) for Nifty’s redevelopment through an early contractor involvement contract, leveraging the PFS.

Following the BFS, Cyprium and Macmahon plan to enter into an exclusive negotiation period to finalise terms for a life-of-mine, whole-of-site alliance-style operations contract.

As part of the alliance, Macmahon will explore alternative startup scenarios aimed at reducing capital expenditure and accelerating revenue generation. 

A key focus is to shorten the 17-month construction timeline outlined in Cyprium’s PFS, which was influenced by plans to expand concentrator capacity and defer the startup of the cathode plant. 

Key Contracts, Suppliers and Consultants
Macmahon Holdings (BFS).

Contact Details for Project Information
Cyprium Metals, email communications@cypriummetals.com.