Copper cathode ready to dispatch
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.