Copper producer Austral Resources Australia shared a number of highlights in its recent future-facing commodities presentation.
The presentation involves sharing updates on the company’s various projects, such as the Anthill copper project in Queensland, which had operational highlights including:
- sales revenue of $35.5 million in the first quarter of 2023
- all-in costs for January and February of approximately $US2.76 per pound ($4.09)
- combined earnings before interest, taxes, depreciation, and amortisation (EBITDA) for January and February of $6.6 million
- average production rate of 33.3 tonnes per day in January and February
- achieving consistent positive operating cashflows in every month of 2023, which resulted from optimised mine plan and strong operational management
- having no significant safety incidents or serious environmental breaches to report.
Austral also shared its three-phase growth and development strategy, which ties into its value of business excellence through continuous improvement, innovation and clear objectives.
Phase one consists of further drilling to extend mine life at Anthill, and to develop the Lady Colleen project by progressing the recent positive scoping study on a large, sulphide open-pit operation; phase two consists of exploration to expand existing oxide resources and sulphide resources; and phase three consists of earn-in-agreements with Glencore to spend $6.3 million over four years on significant resource extension opportunities, and actively seeking for the joint venture opportunities to evaluate highly prospective exploration potential.
The presentation also discussed the company’s investment highlights, such as having a steady state production of 1000 tonnes of LME grade-A copper cathode in December 2022, and aiming to increase production and organically extend mine life.
Austral is the only company with an operating SX-EW (solvent extraction and electrowinning) oxide plant in Australia and one of the few pure-play copper companies on the ASX.
The copper producer also has clearly defined exploration program to increase oxide and sulphide resources and mine life, and it wishes to have joint ventures that will enhance mineral discovery potential and reduce exploration risk.