Wrap Text
Market Update: Award of Mining Contract to Cementation Africa for the Rietberg Mine
COPPER 360 LIMITED
Incorporated in the Republic of South Africa
(Registration number 2021/609755/06)
Share code: CPR
ISIN: ZAE000318531
("Copper 360" or "the Company")
MARKET UPDATE: AWARD OF MINING CONTRACT TO CEMENTATION AFRICA FOR THE RIETBERG MINE
Salient features
• Copper 360 has awarded the mining contract for underground development and long-hole open stoping at Rietberg
to Cementation Africa (Pty) Ltd ("Cementation Africa"), Africa's foremost underground mining contractor.
• The contract, concluded following many months of negotiation and technical due diligence, has an estimated value of
approximately R874 million (excluding VAT) over the next 51 months.
• The contract is structured as a strategic alliance under an open-book, cost-plus-fee model with a pain/gain incentive
mechanism, aligning both parties on cost, schedule and delivery.
• Mobilisation commenced on 1 July 2026, with production scheduled from 1 September 2026.
• The appointment of a contractor of Cementation Africa's calibre and their independent technical due diligence process
provides strong validation of Copper 360's potential and its multi-mine strategy.
• The onboarding of an experienced underground contractor in Cementation reduces ramp-up execution risk, thereby
fast tracking the potential of Rietberg and potential future mines thereafter. Copper 360 has 12 historical mines and
60 copper prospects, housing 377Mt of copper mineralisation and c.2Mt of contained copper. Copper 360 envisages
using an outsourcing strategy to de-risk and unlock its future mining assets.
• Rietberg is the first mine to be brought into production under this multi-mine model, establishing a scalable
contracting platform that can be replicated across the Company's portfolio as further mines are developed.
Introduction
Shareholders are advised that, following an extensive negotiation process spanning many months and multiple design
amendments to optimise the mine plan, the Company's subsidiary Shirley Hayes-IPK (Pty) Ltd, holder of the Mining Right
over the Rietberg Mine, has awarded the contract for mining development and long-hole open stoping at Rietberg Mine to
Cementation Africa. The award marks the first mine-level implementation of the Company's multi-mine strategy, under which
the 12 historical mines and 60 copper prospects within its mining right area are planned to be progressively returned to
production.
Cementation Africa is one of the most experienced underground mining contractors on the continent, with a track record
spanning decades of shaft sinking, mine development and contract mining for major mining houses across Southern Africa.
Its appointment brings world-class technical, safety and operational capability to the Rietberg operation. Cementation Africa
has already been active on site, having constructed a workshop under a separate contract which was executed excellently,
giving the Company first-hand experience of the contractor's delivery capability.
Contract structure: a true alliance
The contract has been deliberately structured as a strategic alliance rather than a conventional arm's-length contracting
arrangement. The parties will collaborate under an open-book, cost-plus-fee model, jointly managed through a Steering
Committee, Joint Project Team and Operations Team drawn from both organisations. A pain/gain mechanism aligns
Cementation Africa's commercial outcomes with the achievement of the mine development plan, ensuring that both parties
share in the benefits of outperformance and the consequences of underperformance.
The estimated contract value is approximately R874 million (excluding VAT) over a term of 51 months, comprising two months
of mobilisation from 1 July 2026, and 48 months of production from 1 September 2026 to 31 August 2030. The operation will
run on a continuous 24-hour, 7-day schedule.
Scope of work
Cementation Africa's scope covers the full underground mining cycle at Rietberg 400 level, including waste and ore
development, long-hole open stoping, slot and raise drilling, and glory hole loading, delivering run-of-mine ore to the Rietberg
ore pad for processing through the Company's pre-concentration and flotation circuits at its Nababeep central processing
facility.
Production will ramp up from initial volumes of approximately 12,000 tonnes of ore per month to a steady state of 35,000
tonnes per month, mining the Rietberg orebody which hosts a Proven and Probable Reserve of approximately 2.48Mt at
1.38% Cu within a Measured and Indicated Resource of approximately 4.78Mt at 1.27% Cu.
Benefits to Copper 360
The appointment of Cementation Africa delivers a multitude of benefits to the Company, including:
• Proven delivery capability – decades of underground development and stoping experience, de-risking the execution
of the Rietberg mine plan;
• Safety leadership – access to the safety systems, standards and culture of a tier-one mining contractor;
• Technical depth – specialist expertise in long-hole open stoping, raise drilling and mechanised development;
• Aligned incentives – the alliance model and pain/gain mechanism ensure both parties are focused on the same cost,
schedule and production outcomes;
• Skills development and local employment – the contract provides for the secondment of Company employees into the
contract workforce, retaining and developing skills within the Company and the Namaqualand community; and
• Scalability – a partner with the capacity to grow with the Company as its multi-mine in-situ mining programme is rolled
out across its portfolio of historical mines.
Strategic significance
Beyond Rietberg itself, this award represents a significant vote of confidence in the Company's multi-mine in-situ mining
programme. The willingness of a contractor of Cementation Africa's standing to commit to a long-term alliance with Copper
360 provides strong independent validation of the Rietberg orebody, the mine plan and the Company's broader strategy of
progressively reactivating the historical mines within its 19,000-hectare mining right area. Rietberg is the first of these mines
to be brought into production under the multi-mine model. The scale of the opportunity beyond Rietberg is considerable:
the Company's portfolio of 12 historical mines and 60 copper prospects hosts 377Mt of copper mineralisation and
approximately 2Mt of contained copper, providing a long runway of organic growth from assets already held within the
Company's mining right. The alliance establishes a delivery platform that can be extended to future mines as the programme
advances. Each successive mine is expected to benefit from the delivery systems, infrastructure and institutional knowledge
established at Rietberg, reducing the execution risk of subsequent start-ups.
Outlook
Mobilisation is under way, and the Company will update the market on the commencement of production and the subsequent
ramp-up in due course. Shareholders will also be updated on the phased roll-out of the Company's broader multi-mine
programme as further mines are advanced towards development.
Commenting on the award, Gordon Thompson, Chief Operations Officer and Transitional CEO of Copper 360, said:
"This is a landmark agreement for the Copper 360 family. After many months of rigorous negotiation and design optimisation,
we have secured not merely a contractor but a true expert partner. Cementation Africa's track record speaks for itself, and
the alliance structure ensures we are aligned on every metre developed and every tonne mined. Their commitment gives me
every confidence in the delivery of our multi-mine in-situ mining programme. I look forward to updating shareholders as this
progresses."
Japie du Plessis, Chief Executive Officer of Cementation Africa, said:
"We are proud to be selected as Copper 360's strategic mining partner. Throughout the evaluation and planning process, we
have developed a strong appreciation for Copper 360's vision, technical capability and commitment to redefining copper
mining in South Africa. The alliance structure creates a genuine partnership, aligning our teams around shared objectives of
safety, performance and sustainable value creation.
Our extensive experience, combined with Copper 360's approach and deep understanding of its assets, provides a strong
foundation for success. We look forward to working closely with the Copper 360 team to deliver our project, safely and to the
highest operational standards, while creating lasting value for shareholders, employees and the communities in which we
operate."
Forward-looking statements
This announcement contains forward-looking statements, including statements regarding contract value, production ramp-
up, development timelines and future production. The estimated contract value is based on the agreed bill of quantities and
mine development plan and may vary under the open-book, cost-plus-fee structure of the contract. Such statements involve
known and unknown risks and uncertainties, and actual results may differ materially from those expressed or implied. Mineral
Resource and Mineral Reserve estimates referred to herein have been prepared in accordance with the SAMREC Code.
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The Company undertakes no obligation to update these statements except as required by applicable law and the JSE Listings
Requirements.
Stellenbosch
14 July 2026
Designated Advisor: Bridge Capital Advisors Proprietary Limited
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Date: 14-07-2026 12:15:00
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