Change of Management
Brisbane, June 27, 2022 AEST (ABN Newswire) - Copper producer Austral Resources Australia Ltd (ASX:AR1) ("Austral" or the "Company") would like to advise that the Company's CEO, Steve Tambanis, and the Company, have mutually decided to not renew their consulting contract that expires on 31 July 2022. Mr Tambanis joined the Company in July 2021 and has made a significant and valuable contribution to the commencement of mining at Anthill and initiation of Austral's exploration and development strategy.
Dan Jauncey will remain as Executive Director and take on the CEO role as of 1 August 2022. Mr Jauncey has prior experience in this role and will be responsible for the business as a principal executive officer.
Austral's Executive Director, Dan Jauncey, commended Mr Tambanis' tenure as CEO, saying: "Steve's record as Chief Executive Officer of Austral Resources during the period has been exemplary.
The aggressive commitment to mine life extension with over $10m dedicated to an extensive exploration and the drilling program is a testament to his work with the team. On behalf of the Board, I would like to thank him for his contribution and wish him well."
Austral's CEO, Steve Tambanis said:
"Austral has all but achieved its objective of producing 10,000 tonnes per year of copper cathode for four years from mid this year, being a huge endorsement of Austral's team and management capabilities. The Company is progressing an excellent portfolio of exploration and development opportunities that will continue to add value to the organisation. I wish the team at Austral continued success."
Mr. Tambanis will assist the business to ensure a smooth transition prior to the conclusion of his contract.
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