Copper 360, formerly Big Tree Copper, says its operating loss increased by 279% to R80.7 million in the year ended 28 February 2023 compared to R21.3 million, a year earlier.

It said the operating loss was due to a host of factors such as fixed expenses incurred for 12 months compared to five months in the prior period, commissioning costs, plant stoppage as a result of the solvent extraction circuit having to be restocked and safety stoppages, power shortages, which saw the company operate at 50% of its capacity.

Copper 360 said its revenue increased by 174% to R33.4 million during the period under review compared to R12.1 million in 2022.

“It should however be noted that the previous reporting period included other income related to the sale of revenue sharing royalty agreement of [R31.2 million],” it said.

“Operating expenses increased by 241.6% during the financial year to R114.1 million compared to R33.4 million during 2022.”

Copper 360’s financial year ended 28 February 2023 includes 12 months of production compared to only seven months of production for the period ended 28 February 2022 with the first copper production, as part of plant commissioning, starting during August 2021 and ending January 2022

It said tonnes milled for the financial year under review rose by 296% to 67 045 tonnes compared to the prior period’s 16 934 tonnes with copper grade decreasing by 36% from 1.38% to 0.88%.

This, said Copper 360, resulted in copper recovered and sold increasing by 191% to 284.7 metric tonnes compared to 98 metric tonnes in the previous reporting period.