Copper 360 has announced the acquisition of Mulilo Springbok Wind Power, which owns a 55MW wind energy project in the Northern Cape.
The acquisition, announced on Wednesday and set to be completed by early February, will provide renewable energy for Copper 360’s one-stop copper production business, which mines and processes the metal.
The project has already secured the necessary environmental permits. Copper 360 will pay R5m upfront, as well as R1m per megawatt of installed capacity.
CEO Shirley Hayes said the acquisition supported the company’s energy security goals.
The company said it planned to investigate a wider renewable energy supply strategy, which may include participating in energy production.
Late last year, Copper 360 appointed Hayes as its new CEO, replacing Jan Nelson, who is now executive director of resource strategy and equity value.
Hayes has extensive experience in the copper mining business. At the time of her appointment, she relinquished her position as executive chair.
Copper 360 listed in April 2023, and has focused on building a strong foundation from which to best capitalise on its vast copper resources.
This includes the commissioning of two processing plants (including the Nama Copper plant acquired during 2024) with a third plant nearing completion, the commissioning of Rietberg underground mine while extracting broken rock resources, the conclusion of long-term offtake agreements and the establishment of a world-class operating team, the group said.
A robust platform has been built from which to grow Copper 360 into a significant producer and it has now reached a point in its development where its focus will expand to disciplined execution of its strategic plan for copper production from its existing operations in addition to developing and implementing a sustainable growth path.
Copper is a vital component in the green energy mix, and prices have doubled over the past five years.
By market close, Copper 360’s share price had fallen 0.48% to R2.07, after rising to as high as R2.20 in intraday trade.
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