Kapunda In Situ Copper Recovery Project

In August 2017, Terramin entered into an agreement with Environmental Copper Recovery Pty Ltd (ECR) in respect of the potential development of a low cost in situ recovery (ISR) copper project near Kapunda, South Australia, approximately 90km north of Adelaide. The joint venture will be investigating the potential to extract through ISR the copper from shallow oxide ores in and around the historic Kapunda Mine workings.

In September 2020, ECR earned a 50% interest in the project after spending $2.0 million and has committed to spend an additional $4.0 million to earn a further 25% interest. Subject to the completion of this expenditure, Terramin will retain 25% and receive a 1.5% royalty in respect of all metals extracted by the joint venture.

Terramin and ECR have estimated a combined Resource of 47.4 million tonnes at 0.25% copper containing 119,000 tonnes of copper using a 0.05% copper cut off1. This Resource estimate is only in respect of that part of the Kapunda mineralisation that is considered amendable to ISR (copper oxides and secondary copper sulphides) and only reports mineralisation that is within 100 metres of the surface.

In September 2022, ECR also announced a collaboration agreement with OZ Minerals Limited in respect of a $2.5 million in respect of this project.

 

  1. ASX Announcement on 12 February 2018 – ISR Copper Resource at Kapunda.