- Austral Resources (AR1) is scheduled to list on the ASX on November 3 with the ticker code AR1
- The Queensland copper company owns the Anthill copper oxide deposit and is now raising $30 million with shares issued at 20 cents through the IPO process
- As well as the deposit, the company has processing infrastructure about 40 kilometres away
- Austral’s Anthill project already has an offtake contract with a premium trading partner for its LME grade A copper cathode
- Funds raised will be used for capital structure and development of the company’s Mt Isa, Anthill Project, purchased in 2020 from Chinese-owned CST Minerals
- The IPO closes on October 13
Austral Resources is slated to commence trading on the ASX November 3 with the ticker code AR1.
The Queensland copper player is raising $30 million with shares priced at 20 cent shares through an initial public offering (IPO).
This will be used for open pit mining at the historic project which is 120 kilometres north of Mount Isa with processing facilities about 40 kilometres from the site.
Executive Director Dan Jauncey said the company has a 1340 square kilometre exploration tenure portfolio, but the existing infrastructure was key to the project.
“There’s over $160 million of infrastructure on site, the fact that it had a mining lease that was in the throes of ready to go, they were the things that initially appealed to us,” Mr Jauncey said.
“We have spent the best part of two years getting that fully permitted and approved.”
“It has been one hell of a journey considering we have had a pandemic through the middle of it.”
Anthill holds 47,500 tonnes of contained copper capable of producing 40,000 tonnes of copper cathode over a four-year period.
Austral Resources hopes to be producing within a year and already has an offtake contract for its LME grade A copper cathode.
Funds raised through the IPO will be used for capital structure and development of Anthill which was purchased from Chinese-owned CST in 2019.
The IPO raise closes October 13.