Option offers EGT full, exclusive access to conduct additional due diligence on the proposed Copper Tailings Recycling Project over a 12-month period
Key Project Takeaways
Potential for copper recovery from metal-enriched waters in the backfilled pit. The directors believe this could represent prospects of near-term revenue generation in a capital efficient manner.
Initial samples of the sulphate crust confirm oxidised copper is circulating in ground water supporting the proposed recycling programme utilising hydraulic pumping
Solar power potential with plans for funding via collaboration with a specialist partner and potential for a long-term revenue stream
Positive environmental impact through improving water quality by controlling acidic, metal-rich water
Project would benefit the local environment and economy
Overview of the Limni Site
Limni, near Polis in western Cyprus, was historically mined by the Cyprus Sulphur and Copper Company (“CSCC”) producing over 8.1 Mt at 1.11% Cu between 1937 and 1978. The open pit mine was approximately 900 m long, 400 m wide and 200 m deep and was backfilled with tailings between 2010 and 2012 as part of an EU-funded restoration project.
The infill, using tailings taken from the original tailings site near the coast, has led to the circulation of metals in solution in the pit. Rainfall, especially in winter, results in water runoff that is enriched with metals, which are potentially recoverable. Copper-enriched waters discharging from the historic mine have a distinctive blue colour and a straightforward, capital efficient copper recovery circuit has been proposed to extract the copper from easily accessible pit waters. If feasible, the project could quickly be put into operation with prospects of near-term revenue generation.
Treatment of copper enriched water at the site could potentially recover a meaningful amount of copper, and proposed due diligence will focus on this potential in the near term. The present owners and EGT believe that this disturbed site is ideal for the recovery of additional in-situ copper and also for clean renewable projects that would contribute positively to the local environment and economy.
Copper Tailings Recycling Programme
There is strong evidence that the backfilled material in the Limni Mine contains dissolvable copper as seen in the blue water in the stream draining from the backfilled pit and the blue sulpho-salts found in evaporated ponds on the floor of the pit. The backfill material is largely believed to be oxidised after c.30 years sitting in a tailings pad near the coast while roadways of coarse waste were placed in the pit to deposit the fine tailings throughout the site. The mix of material should improve permeability for pumping.
A simple hydraulic pumping system has been proposed to direct copper-rich solutions from the old Limni pit with potential to utilise existing methods such as sulphide cementation to extract sufficient copper to make a profitable enterprise from a relatively small, containerised type of water treatment plant.
European Green Transition plans to work with specialist consultants and local researchers to develop a work plan and demonstrate the concept before moving ahead.
Initial Sample Results from Limni
The results of our first due diligence samples announced in July 2024 confirm that the sulphate crust formed from evaporation of the pit waters is enriched in copper and warrants progressing to the next stage of diligence.
- Five samples averaged 0.75% acid soluble copper with a range of 0.41% to 0.92% Cu
- 54 samples of the backfill material placed over the tailings had an average copper grade of 0.18% Cu with a maximum value of 0.38% Cu.
- Results also indicate potential upside for gold, with samples of up to 1.48 g/t Au recorded from waste near the edge of the pit. Five samples from the south of the pit had an average grade of 0.89g/t Au and 0.12% Cu .
These results confirm that copper is oxidised and mobilised by ground water within the Limni pit giving initial proof of concept for the recovery of copper from the pit waters.
Opportunity to Develop a Solar Power Programme
The Company intends to explore the opportunity for a second revenue stream at the Copper Tailings Recycling Project with the site used as a solar power facility. It is EGT’s intention that the funding of any such solar power facility would be funded entirely by an existing solar power provider with the potential for EGT to receive an annual long-term revenue stream from the solar partner.
Several south- to west-facing areas around the mine have been identified and development of solar arrays could proceed both in parallel with the water retreatment or after the remaining copper has been extracted from the site.
Copper in Cyprus
Cyprus has a rich history of copper mining, with the island’s name itself derived from the Greek word for copper, ‘Kupros’. Ancient Cypriots were skilled metalworkers, utilising surface deposits of pure copper for tool-making. As surface copper depleted, underground mining methods were adopted. Cyprus was a significant source of copper for the Roman Empire, but mining activity declined post-Roman era until the 19th century when it revived, mainly for sulphur extraction. The industry peaked in the mid-20th century but ceased in the 1970s due to political unrest and falling commodity prices.
Specific ESG points
The Cypriot authorities and local stakeholders, utilising EU funds, undertook significant work to restore the historic tailings site at Polis, near the coast at Limni.
The removal of the tailings to the confines of the Limni pit has now created a further opportunity. By controlling the movement of acidic, metal-rich water in the area, while extracting metals in solution, the quality of both surface and ground water could be further improved, leaving less discharge to the natural environment and contributing positively to the local community.
The solar potential of the site would significantly support Cyprus’ transition away from imported fossil fuels towards an indigenous, sustainable source of renewable energy.
