Austral Resources Australia secures State funding for expanded copper processing
ASX-listed copper cathode producer Austral Resources Australia has secured $15-million of investment from QIC Queensland Critical Minerals Fund, through a non-dilutive royalty financing agreement.
The funding will support a planned Stage 2 expansion at Austral's Rocklands processing facility, particularly a scoping study and required power alternatives.
The Stage 2 expansion study will assess expanding the Rocklands processing capacity from three-million tonnes a year to about 4.5-million to six-million tonnes a year, with the upper end likely to be provisioned for future optionality.
Austral expects the Rocklands plant's existing three-million tonnes a year processing capacity to be fully used for the company's sulphide ore production through to at least 2034, which supports the expansion planning.
The expansion study will enable Austral's long-term strategy of establishing Rocklands as a regional copper processing hub in North West Queensland.
"Securing the support of QIC Queensland Critical Minerals Fund is a significant milestone for Austral and a strong endorsement of both the Rocklands processing facility and our long-term strategy. Our immediate focus remains the successful restart of Rocklands, but this investment also allows us to look beyond restart and plan for the next phase of the operation," says Austral chairperson David Newling.
He adds that the studies will help the company better understand how Rocklands can continue to evolve as a strategic processing asset while supporting the long-term growth of the overall business.
"North West Queensland is one of Australia's premier copper provinces and we believe Rocklands is uniquely positioned to play an increasingly important role in its future. This investment gives us the opportunity to plan for that future while continuing to deliver value for our shareholders," Newling notes.
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