London-based Caerus Mineral Resources announced the signing of an agreement with Jubilee Metals to work together on a waste-to-revenue strategy for its assets in Cyprus.
Jubilee is in the business of processing waste materials for the recovery of metals so the agreement entails that it is to identify one or more of Caerus’ 16 former mines to be converted into a project or projects under a joint venture arrangement.
The project is to treat multiple large tonnage stockpiles of high-grade remnant ore as well as associated copper-and gold-bearing marginal ore, waste rock, and tailings.
Uncertified estimates run by Caerus show that it owns close to 15 million tonnes in all categories of material within its portfolio.
“The targeted wastes were discarded in an era when metal market dynamics were very different from today, and there was no incentive to optimise recoveries from ore feeds, nor any commercial or environmental benefits from doing so,” the miner said in a media statement.
“The dramatically changed commodity price environment for copper in today’s world is driven mainly by the global decarbonisation of the transport and energy sectors. This creates an opportunity for Caerus to form a working relationship with Jubilee and utilise their skills and experience in materials reprocessing.”
The European firm said that the metal recovery deal and associated work programs are parallel to its advanced exploration objectives of defining NI 43-101-compliant ore reserves from its core flagship properties of Kalavasos, Mathiatis, and Mala, and the advanced assets of its recently acquired Ploutonic Resources, all located in Cyprus.