Glencore steps in to help Austral exit receivership

13th May 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Copper producer Austral Resources on Monday announced the end of receivership, as offtake partner Glencore Australia stepped in to the role of senior secured creditor.

Glencore Australia has acquired the senior secured debt from Win Finance No 356 (Wingate), which early this month placed Austral in receivership.

“This is a very positive outcome for the company, it puts us back in a strong position to move forward,” said MD and CEO Dan Jauncey.

Throughout the receivership period, Austral has remained focused on maintaining production levels. The company has inventory of 810 t of LME copper cathode on site, ready for sale.

Operations, such as haulage, crushing and processing, were uninterrupted and are ongoing.

The Anthill and Mt Kelly run-of-mines currently contain 300 000 t of ore with an average grade of 0.73%, ready for processing.

Austral said that it was in discussions with Glencore and other secured creditors to restructure the business.

“The focus on restructuring Austral comes at an opportune time as the global markets shows a robust appetite for copper,” said Jauncey.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION