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- Cyprium Metals (CYM) expects delays at its Nifty copper project in the Pilbara region of Western Australia due to COVID-19 and labour-related issues
- While the company says it has made progress at the project over the past eight months, construction activities have been pushed back to September next year
- The delays means metal production is expected to commence in the second half of 2023
- Despite the impacts on its schedule, CYM says the time will allow further optimisation of mining plans to bolster the economics of the project
- Shares have been trading 8.8 per cent lower at 15.5 cents
Cyprium Metals (CYM) is expecting delays at its Nifty copper project in the Pilbara region of Western Australia due to COVID-19 and labour related issues.
Despite making progress in the design process and refurbishment of the project, CYM said its project timeline will be affected by numerous impacts on the industry.
In particular, the company said consultants’ workloads are extending timelines for deliverables including required site visits, data and reports that are essential to completing government approval submissions and other key study inputs.
Adding to the delays is a lack of appropriate personnel in critical areas and work to review and rectify poor historical environmental management practices and stewardship.
Continuing COVID-19 lockdowns, travel restrictions and vaccination mandates are also having a negative impact on the company’s progress.
Due to these issues, CYM is anticipating construction of the major elements of the Nifty Restart will not commence prior to September 2022, meaning copper production will not occur until the second half of 2023.
While the company said it has been forced to reschedule its timeline, it hopes the delays will enable further optimisation of mining plans to bolster the economics of the project.
Additionally, Cyprium plans to work on its other projects, in particular at Nanadie Well and Maroochydore where assays are outstanding.
Managing Director Barry Cahill said the company has made “exceptional progress” over the past eight months and the team aims to commence copper production at the earliest opportunity.
“The Cyprium team continues to kick goals on its way to producing copper metal plate at Nifty. Drilling success continues, design process is proceeding, and we have commenced refurbishment of the project,” he said.
“Despite our best efforts and the exceptional progress… there are pressures being felt throughout the mining industry.”
Amid these anticipated delays, the company has made some management changes.
Previous General Manager of Nifty, John Banning has been promoted as the Chief Operating Officer. Mining Engineer, Clint Moxham will take over the position. He brings 20 years’ experience and has worked as a geologist and mineral economist, with multi commodity expertise.
Previous Manager of Engineering, Gavin Hammer will take over as the General Manager of Project Development and Operational Readiness.
Also joining the team is geologist Amanda Croft, as Technical Services Manager at Nifty. Amanda has 20 years’ experience in the mining industry, previously holding management roles with a number of resource companies.
Shares dropped 8.82 per cent to trade at 15.5 cents at 12:36 pm AEDT.
