Shares in copper producer, Austral Resources Australia Ltd (ASX:AR1) have commenced trading on the ASX following the completion of its A$30m Initial Public Offer (IPO).
At the Offer Price the Company will have a market capitalisation of A$89m.
Austral’s CO, Steven Tambanis, said the IPO had very strong support from the Australian public, offshore funds, local Funds and High Net Worth investors.
“This is an exciting time for the company and its investors to participate as a copper producer with its fully permitted new mine, Anthill, and established infrastructure,” Mr Tambanis said.
“Our immediate focus is to get Anthill into production and commence copper cathode production at 10,000 tonnes per annum for the next four years.
“Free cashflow from copper production will fund exploration and development activities with the intention of extending mine life and to further grow the company. We have a lot of work in the pipeline.”
About Austral Resources
Austral Resources Australia Ltd 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 also owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt@ 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.
For further information please visit: https://www.australres.com/
