European Green Transition (EGT) is committed to the green energy transition, capitalising on opportunities to develop green economy assets within Europe.
One such opportunity is the Cyprus Copper Tailings Recycling project at the site of the former Limni copper mine in north-west Cyprus. This project has the potential to extract meaningful amounts of copper in a capital efficient manner with future potential for a significant solar power development on site.
The site at Limni was historically mined by the Cyprus Sulphur and Copper Company, producing over 8.1 Mt at 1.11% Cu between 1937 and 1978. The open pit mine was approximately 900m long, 400m wide and 200m deep, and was backfilled between 2010 and 2012 as part of an EU-funded restoration project with tailings previously deposited at a nearby beach. This programme has led to the circulation of metals in the pit and following rainfall, the copper-enriched waters have a distinctive blue colour.
Site Visit and Initial Impressions
In May, EGT CEO Aiden Lavelle and CFO Jack Kelly visited the project site at Limni. They were joined by the licence owners and Iphigenia Gabriel, a local Cypriot geologist. The team discussed fieldwork plans to collect samples and data to support progression of the project, and it was agreed that a total of 63 samples would be collected from the pit floor and surrounding areas to test the copper potential of the site. This sampling was completed several weeks later and the samples have now been sent to ALS Minerals in Romania for analysis.
The team were impressed by the local infrastructure with good quality roads making the site very accessible and a well-sized electricity substation nearby which could support plans for solar development in the future.
Next Steps
The primary objective now is to determine the commercial potential of the project. A key factor in determining this will be the grade of copper in the tailings; the team plans to ascertain this by using samples from the surface backfill and mineralisation around the pit. The first round of sampling will guide a more comprehensive piece of work, which will ultimately help determine the feasibility of the project.
The next step involves taking samples from the water source to see if it is economically viable to pump water up to the surface, treat it on-site, and separate the copper in a capital light manner. This sampling will take place over the next few months and forms part of the due diligence process under the Option, which is valid until April 2025.
Cyprus’s Reliance on Fossil Fuels
Cyprus is currently hugely reliant on fossil fuels which comprises c.86% of the country’s energy mix, despite significant wind and solar potential due to its geographic location. This has led to regulatory pressure from the EU for Cyprus to align to its green transition strategy. Given the geographical location of Cyprus and its high levels of solar irradiance, there is huge potential for a solar power project, such as the one proposed for the Limni site. This would significantly support Cyprus’s transition away from imported fossil fuels towards a sustainable source of renewable energy.
Conclusion
The Cyprus Copper Tailings Recycling project represents a unique opportunity for EGT to contribute positively to the local environment and economy in Cyprus while also producing meaningful quantities of copper. By controlling the movement of acidic, metal-rich water in the area and extracting metals in solution, the quality of both surface and ground water could be improved. Furthermore, the solar potential of the site would significantly support Cyprus’s transition towards renewable energy.
