Cyprium Metals (ASX:CYM) has come out of left field with a quick bit of cash on Friday – it’s selling surplus generators from Nifty.
Earlier this year, international mining giant Glencore and Cyprium Metals teamed up to resurrect the WA-based Nifty copper mine. Back in August, Glencore loaned the smallcap $40M to help get that project off the ground.
Glencore is to purchase 100% of copper cathode material that comes from Nifty starting in 2026, the earliest date both parties see the plant pushing out concentrate.
But, clearly, the company had one too many generators on site – because it’s now received US$600,000 from U.S.-based USP&E North America LLC as a deposit in a larger A$9M payment for the generator.
Those funds will be in Cyprium’s coffers no later than Valentine’s Day 2025 when the hard assets are physically removed from site.
“We are pleased to announce this sale,” CYM EC Matt Fifield said.
“As previously described, the turbines that previously powered mining operations at Nifty are effectively surplus to our forward needs. Another example of unlocking value from the Cyprium assets.”
CYM last traded at 1.7cps.
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