North-West Queensland copper producer Austral Resources Australia is being reinstated to trading on the Australian Securities Exchange today after a $40 million share placement.
The funding injection comes as the company works to advance dual-hub copper production plans in North-West Queensland following its acquisition of the mothballed Rocklands operation.
Main image: Austral Resources’ Rocklands Operation
Austral chairman David Newling said the reinstatement to ASX trading marked the beginning of a new chapter for the company and its shareholders.
Key points:
- Austral Resources Australia is being reinstated to ASX trading today
- $40 million placement completed
- Funds to support balance sheet and Rocklands acquisition
“With a robust balance sheet, two world-class processing hubs, and a clear growth pathway, we are positioned to deliver sustainable copper production for decades to come,” he said.
“Our focus remains on creating long-term value through responsible development, operational excellence, and the continued expansion of our regional footprint as Australia’s next mid-tier copper powerhouse.”
Related: Austral vision drives emerging Cloncurry monster
The company’s securities were suspended from quotation on the ASX in September 2023 as it worked on corporate financing arrangements and it went into receivership for a matter of days in May last year.
It said its reinstatement followed the completion of a comprehensive recapitalisation and corporate transformation.
Austral said its board had been refreshed with the appointment of experienced mining and corporate leaders, including David Quinlivan, Neil Meadows (Glencore nominee), and Sean Westbrook (DFIL nominee).
Austral’s operations centre on two fully controlled hubs in the Cloncurry region:
- Mount Kelly SX-EW plant (Western Hub) – 30ktpa capacity, optimised to 25ktpa with immediate oxide production and expansion potential.
- Rocklands processing plant (Eastern Hub) – 3Mtpa sulphide concentrator with planned restart by mid-2027, optimised to 2.5 Mtpa.
This gives Austral the capability to process oxide and sulphide feed, underpinned by a regional consolidation strategy and long-term offtake partnership with Glencore.
It is targeting production of 50,000 tonnes per annum copper metal over a 20-year horizon.
Austral developed the Anthill oxide copper mine, with an ore reserve estimate of 2.87Mt at 0.94 per cent copper, and has been producing copper cathode from mid-2022.
It boasts a copper inventory with a JORC-compliant mineral resource estimate of 53.74Mt at 0.74 per cent copper and holds more than and 2000sq km of exploration tenure in North-West Queensland.