Brisbane, Jan 28, 2022 AEST (ABN Newswire) - Copper producer Austral Resources Limited (ASX:AR1) is pleased to provide its Quarterly Report for the period ending 31 December 2021. The Company's Anthill Mine development and Mt Kelly plant refurbishment is progressing to schedule, paving the way for AR1 to be processing Anthill ore in Q2 of 2022 and achieving planned capacity of 10,000tpa of copper cathode production from mid 2022. Work is currently underway to commence exploration activities in the heart of one of Australia's most prolific copper provinces.
- Austral successfully completed its ASX listing on 3 November 2021 via an oversubscribed IPO, raising $30m to develop its new Anthill Mine and process into copper cathodes at its nearby Mt Kelly SXEW plant
- Anthill Mine development and plant preparation are proceeding to schedule with mining commenced on 7 January 2022
- First copper ore exposed on 26 January 2022, when blasthole drilling touched the top of the Anthill east pit orebody
- A$6.6m or 481 tonnes in copper cathode sales for the December quarter
- 1,940km2 of tenure in the highly prospective Mt Isa region is being prioritised by prospectivity to rank and test 49 existing exploration targets
- Austral is on track to commence production of 10,000tpa of copper cathode for four years from mid-2022, projected to generate annual revenues of A$130m at current copper price and exchange rate
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About Austral Resources Australia Ltd
Austral Resources Australia Ltd (ASX:AR1) is a copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction/electrowinning (SXEW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral is developing its Anthill oxide copper mine which has an Ore Reserve of 5.06Mt at 0.94% Cu. The Company expects to produce 40,000t of copper cathode over a four-year period from mid-2022.
Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.
Austral Resources Australia Ltd