Austral Resources Emerges from Receivership with Glencore’s Support
Austral Resources, a copper producer, announced on Monday the conclusion of its receivership, with Glencore Australia stepping in as the senior secured creditor, acquiring the debt from Win Finance No 356 (Wingate).
CEO Dan Jauncey expressed optimism about the company’s future, stating, “This is a very positive outcome for the company, it puts us back in a strong position to move forward.”
Throughout the receivership period, Austral maintained its focus on production, with 810 tonnes of LME copper cathode inventory ready for sale on site. Operations, including haulage, crushing, and processing, continued without interruption.
The Anthill and Mt Kelly run-of-mines currently hold 300,000 tonnes of ore with an average grade of 0.73%, poised for processing.
Austral is engaging in discussions with Glencore and other secured creditors to restructure the business. Jauncey emphasized the timing of this restructuring, coinciding with a strong global demand for copper, indicating promising prospects for the company’s future.
