Venus Minerals and Hellenic Copper Mines (HCM) are establishing a joint venture to develop a new copper mine at Apliki outside Nicosia.
The two companies have completed a binding Heads of Terms agreement for a 50-50 Joint Venture to develop the fully permitted Apliki Copper Mine, which contains a significant copper resource.
Venus Minerals will operate the project, and a definitive agreement concerning Apliki is expected to be concluded by mid-November.
The Joint Venture will draw upon local mining, civil engineering and heap-leach expertise gained over many years of successful operation of the nearby Skouriotissa Mine by Hellenic Copper Mines.
All government permits and licenses have already been granted, and construction is expected to begin in February 2022.
Managing Director of Venus Minerals, Peter van der Borgh, said: “We are very excited about our collaboration with HCM and especially for being involved in the development of the first new copper mine in Cyprus since the early 1990s.
“Venus Minerals is fully committed to this venture, and we believe that by combining our expertise and capabilities with HCM, we can ensure that the project advances at a relatively fast pace.”
Borgh said Venus Minerals would be pursuing a stock exchange listing in London by the end of the year, further adding to the project’s momentum.
CEO of HCM, Georgios Kalogeropoulos, said: “We are very pleased to sign this agreement with Venus Minerals, and we are confident that our complementary strengths will accelerate the successful development of the mine.
“Venus Minerals’ background and expertise will be an invaluable aspect in this effort, and we look forward to working with them to ensure the long-term success of the project. Key HCM personnel, as well as leading engineers, will be made available for the Apliki project.”
Both sides expressed their commitment to boosting the country’s mining industry.
Venus Minerals is focused on exploring and developing copper-gold assets and has been active in Cyprus for over 15 years.
Hellenic Copper Mines was established in 1994 to revive the copper mines of the Skouriotissa area in the North-West of Cyprus.
Both have been applying modern technologies and state-of-the-art mining methods to minimise environmental impact and maximise resource efficiency.