Anthill Mine Ore Shipments Commence
Brisbane, Mar 31, 2022 AEST (ABN Newswire) - Copper producer Austral Resources Australia Ltd (
ASX:AR1) is pleased to announce first ore haulage from its new Anthill Mine to the Mt Kelly processing plant and the intention to begin Anthill ore processing by the end of April 2022.
Highlights:
- First oxide ore deliveries from Austral's Anthill Mine to Mt Kelly plant commenced on Tuesday 22 March 2022
- Austral is on schedule to commence Anthill ore processing in April 2022, achieve significant copper cathode production increases from May 2022 and benefit from the current high copper price
- Ore delivery schedule expects 5,000t in March, 55,000t in April and 155,000t in May 2022. Cathode production will triple by May 2022, 10x by September
- The Crushing circuit processed its first rock on 24 March 2022
Steve Tambanis, Austral's Chief Executive Officer commented:
"The first Anthill ore delivery to our processing facility represents a significant milestone achievement for the Company.
Ore stacking onto the heap leach pad is expected to begin in late April and first plates of Anthill copper cathode will be produced in May 2022. From July onwards, copper cathode production is expected to exceed 1,000t per month. Rapidly increasing production and higher than forecast copper prices will combine to see healthy sales revenue from May.
Over 4Mt of overburden has been moved since 6 January this year. When full scale haulage commences with 125t road trains, each train contains sufficient copper to produce one tonne of recovered copper cathode or >US$10,000 per train at current copper prices.
The crushing circuit successfully processed its first rock as part of the refurbishment and commissioning process.
We currently have over 100 staff and contractors on site, finishing the plant refurbishment and beginning full scale ore production. Austral is on track to achieve a planned copper production rate of 10,000tpa from mid-2022 for a four-year period. We look forward to further updating shareholders as we commence maiden Anthill copper production and step-up exploration and development activities."
- Ore deliveries have commenced and will build to 150kt/month in May 2022.
- Ore stacking onto the heap leach to commence late April.
- Anthill copper cathode production to begin in May 2022 with projected production of:
o 380t in May 2022
o 760t in June 2022
o >1,000t per month from July 2022
- Strong revenue growth from May 2022 aided by a >25% higher copper price than Austral's 2021 Independent Technical Assessment Report.
Summary
Austral Resources continues to meet its Prospectus deliverables:
1. Ore haulage has commenced on schedule;
2. First ore stacking - new copper production - expected in late April;
3. Significant cathode production increases expected from May 2022; and
4. Significant revenue increases from May 2022 from increased copper production and a 25% increase in copper price compared to our 2021 Independent Technical Assessment Report. Copper price was AUD13,866 per tonne on 28 March 2022
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/9O5144L6
About Austral Resources Australia Ltd
Austral Resources Australia Ltd (ASX:AR1) is a copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction/electrowinning (SXEW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral is developing its Anthill oxide copper mine which has an Ore Reserve of 5.06Mt at 0.94% Cu. The Company expects to produce 40,000t of copper cathode over a four-year period from mid-2022.
Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.
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