en.Wedoany.com Reported - Copper 360, a copper mine company focused on the Northern Cape, achieved an operational turnaround in the fiscal year ending February 28, with operating loss and net loss narrowing by 42% and 17% year-on-year to ZAR 213 million and ZAR 265 million, respectively.
The company stated that although it continued to record losses for the full year, the underlying financial and operational improvements represent substantial progress in restoring long-term shareholder value. Management's focus has been on stabilizing the balance sheet, streamlining operations, and repositioning the group for sustainable growth.
On a total metal equivalent basis, copper production was broadly flat year-on-year at 1,067 tonnes; however, copper content in concentrate increased by 44%, also reaching 1,067 tonnes. The change in production mix was due to the suspension of cathode copper production in the second half of the previous fiscal year, thereby simplifying the focus to concentrate production around Modular Floatation Plant 2 (MFP2).
Copper 360 noted that with the commissioning of the wash thickener in February and the planned development of the Rietberg project in the second half of fiscal 2027, MFP2 can reliably access sufficient grade sulphide ore and upgrade it via washing when necessary, enabling the company to return to profitability.
Shortly before the end of the fiscal year, management initiated the first phase of a broader strategic restructuring plan, including leadership and board changes, a refined mining strategy, planned processing plant improvements, selective outsourcing of specialized functions, and organizational resizing to better align the operating cost base with production requirements. As part of this process, the workforce was significantly reduced, while stricter cost controls and operational discipline were implemented.
Copper 360 commented that with copper market fundamentals remaining strong, the company is positioning itself to build greater scale and operational efficiency in the coming year. As evidenced by this year's results, the company has strengthened its financial position, simplified its operating model with a technology focus, reduced overall risk, and established a better platform to pursue future capital growth opportunities.
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