Copper 360 anticipates significant increase in losses

Copper 360 (JSE: CPR) has issued a trading statement advising shareholders that basic and headline losses per share are expected to rise by at least 100% compared to the financial year 2024. The anticipated increase in losses is attributed primarily to operating losses at the SXEW plant due to lower-than-expected feed grade, with the plant being placed under care and maintenance during the second half of the year. Further contributing factors include delays in commissioning the new Modular Floatation Plant (MFP2) at Nama Copper, which only reached full operating capacity in the latter half of the financial year, and mining operations at Rietberg mine, where initial development faced construction and production delays resulting in unrealized revenue. Copper 360 plans to release its provisional results for the year ending February 28, 2025, no later than June 30, 2025.