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Metals X’s Nifty copper operation. Image: Metals X.

Metals X has agreed to sell its copper portfolio, including the Nifty copper operation, to Cyprium Metals for $60 million.

Cyprium will provide a $24 million cash payment on sale completion, and after that $36 million through convertible notes on a four-year maturity.

Along with the Nifty operation, Metals X will also sell its Maroochydore copper project in Queensland and Paterson exploration project, which includes a farm-in agreement with IGO, in Western Australia.

Metals X’s decision followed a strategic review of the company’s copper assets in June last year.

Metals X director Brett Smith said the sale of the company’s copper portfolio was another step in further developing its tin portfolio.

“This sale of the copper assets reinforces Metals X strategy of focussing on the development of its tin portfolio,” he said.

“While the convertible notes and the free attaching options provide upside exposure to the successful operation of the assets in the future.”

Metals X will fund the holding costs of its copper assets until last year while Cyprium has agreed to reimburse any holding costs starting this year.

Cyprium can also fund and conduct works at Nifty prior to completion of the transaction, subject to Metals X’s approval.

The transaction will be completed within five business days after satisfying the agreement terms.