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Venus Minerals And Hellenic Copper Mines To Join Forces For Development Of The Apliki Mine

Venus Minerals And Hellenic Copper Mines To Join Forces For Development Of The Apliki Mine

Venus Minerals and Hellenic Copper Mines (HCM) are establishing a new joint venture charged with the development of a new copper mine at Apliki.

Specifically, 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. The project will be operated by Venus Minerals, 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.

The Managing Director of Venus Minerals, Mr Peter van der Borgh, stated that: “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.”

Mr. van der Borgh added that Venus Minerals will be pursuing a stock exchange listing in London by the end of the year, further adding to the momentum of the project.

On his part, the CEO of HCM, Mr 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 and its prospects pointing out that its development can bring numerous benefits to the local economy.

Venus Minerals is focused on the exploration and development of copper-gold assets and has been active in Cyprus for over 15 years, with projects across the country. Hellenic Copper Mines was established in 1994 to revive the copper mines of Skouriotissa area in the North-West of Cyprus. Both have been applying modern technologies and state-of-the art mining methods, engineered to minimise environmental impact and maximise resource efficiency.

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