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Copper miner Austral placed in receivership

Copper cathode waiting for dispatch

Copper cathode waiting for dispatch

3rd May 2024

By: Creamer Media Reporter

     

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Copper miner Austral Resources has been placed in receivership. Creditor Wingate has appointed Jason Tracy, Grant Sparks and Sean Holmes as joint and several receivers and managers.

“The business will continue to trade while the receivers and managers undertake an assessment of the financial position and determine the future of the business and its assets,” Deloitte said in a statement.

Austral’s securities remain in suspension.

On Wednesday, Austral reported March revenue of A$24.5-million and a net operating cash outflow of A$5.8-million. The company produced 1 805 t of copper cathode during the three months, but accumulated stock on site stood at 375 t by the end of March, owing to disrupted transport routes caused by weather conditions.

Edited by Creamer Media Reporter

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