Copper360’s total remuneration to directors surged to R12.5 million in the year to end February 2024, compared to R4.8m last year, with CEO Jan Nelson pocketing R3m in consulting fees, salaries and performance related payments.
Prospects have been improving for Copper 360, which said in August that underground mining operations had commenced at its Rietberg mine in the Northern Cape. The company’s CEO, Jan Nelson, described the kick-starting of mining activities at Rietberg as “an exciting moment” for the company.
He said this was a “culmination of several years of planning” and signalled “the beginnings of a new era” for the Northern Cape.
Nelson has been highly optimistic of the company’s prospects, with his salary, bonus payments and performance-related remuneration amounting to R2.2m over the period to February 2024, during which time the company has notched up notable developments.
Copper360 said on Friday that Nelson had been paid R750 000 in consulting fees for the period under review, taking his tally for the year to February 2024 to R3m.
Copper360 chief finance officer Stephan du Plessis, pocketed R2.2m in total salaries, bonuses and consulting fees, an increase from the R800 000 he was remunerated last year.
Nelson holds shares worth nearly R44m in Copper360, while Du Plessis has shares worth R34.1m. Executive chairperson Shirley Ann Hayes holds about R547.5m in stock, the highest number of shares held by an executive of the company.
During the period under review, Copper360 produced copper from copper oxide ore resources, among its projects aimed at producing copper from sulphide ore.
These projects include the opening of the Rietberg mine, the construction of a copper concentrate plant and the acquisition of Nama Copper Resources, a company which owns a copper concentrate plant and holds a mining right.
“The opening of Rietberg mine and the construction of the copper concentrate plant are ongoing, with expected completion dates during the new financial year. The acquisition of Nama Copper Resources (Pty) Limited was financially closed during March 2024 and is now only conditional on the ministerial consent for the change in control relating to the mining right.” the company said on Friday.
The company is aiming to ramp up to 20 000 tons of copper metal for its 2026 full year, according to Nelson. In the near term, Copper360 is working on raising its production profile to the targeted 12 000 tons.
“In terms of our outlook, [this] is to produce our target of between five-and-a-half and 12 000 tons of copper metal,” Nelson said during a recent investor presentation.
“And we'll grow that in the following year, in the 2026 year, to 20 000 tons and then to 50 000 tons as we ramp up all the different ore bodies that we have on site.”
In the year under review, Copper360 raised revenues by 14.7% to R38.2m supported by copper sales increasing by 10% from 285 tons in 2023 to 313 tons in 2024.
However, the operating loss in the company for the period widened by 59.7% to R112.7m because of “unforeseen load shedding that resulted in the SX/EW plant only having an operational efficiency of 65% over a period of four months” of the reporting period.
BUSINESS REPORT