Copper 360 reports suspected market manipulation

Copper 360 said it has noticed unusual trades in its shares and has requested that the  Financial Sector Conduct Authority (FSCA) investigate for potential market manipulation.

The company said on SENS today that it has noticed unusual and uncommercial trades in its shares, resulting in a substantial drop in its traded price. 

“The trades in question have continued on a systematic and sustained basis for a period of several weeks,” it said.

Copper 360 has, therefore, requested the FSCA investigate potential breaches of the Financial Markets Act in relation to the trades.

It has also commenced with an inquiry into the trades in terms of Section 56(3) of the Companies Act.

“If the investigations reveal impropriety, the company intends to take steps to recover any losses it may have sustained as a result and to prefer criminal charges against responsible individuals and institutions,” it said.

Copper 360 was formed in November 2022 and is based in the Northern Cape following a reverse take-over of copper producer Big Tree Copper and copper mining company SHiP Copper.

The company prioritises producing premium copper that will yield a high cash margin. Its mining right covers 19,000 hectares, with 12 copper mines and 60 copper prospects.

The estimated “Life-of-Mine” across the company’s operations is over 100 years

The company was listed on the JSE in 2023 and currently has a share price of R2.59. Its share price has fallen by over 48% since listing and by almost 15% over the past month.