Copper 360 proposes R1.15bn rights issue to restructure debt and boost growth

JSE-listed Copper 360, which operates in the Northern Cape, has proposed a R1.15 billion rights issue and a restructuring of its debt.

- EDWARD WEST

The mining company said in an announcement to shareholders on Friday that it was in the process of restructuring, aiming to raise sufficient funding for shortand medium-term growth, reduce the debt burden to improve profitability, and mine several orebodies with achievable growth potential.

The share price slipped 1.4% to 70 cents on the JSE on Friday, well down from R3.25 that it traded at a year previously. Copper has surged onto the prospects of many mining groups due to raising demand for the metal in renewable energy technology, AI and data centres and due to its use in urbanisation and in infrastructure.

Copper 360's directors said the company is transitioning from an exploration company to a copper-producing junior miner, which requires additional capital.