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Mt Isa Shines through the Storm

31 March 2023 12:10
AR1

Austral Resources continue to make good on Mt Isa’s red metal promise, pulling in sales revenue of over $35 million from its copper mining and cathode operation on Mt Isa’s copper belt despite extreme rainfall exceeding 1,000 mm since the start of the year.

The Company was able to maintain a steady production rate of its grade-A copper cathode at its Mt Kelly production plant while mining operations continued at the 5.06Mt at 0.94% Cu Anthill Project undeterred by the wild weather, with Austral remaining on track to deliver over 40 thousand tonnes of copper cathode over the next four years.

So far, every month of 2023 has resulted in positive operational cash flow, with a sales revenue of over $11 million recorded this month alone despite an extreme weather event that resulted in the highest aggregate weekly rainfall ever recorded in the region.

This news adds another feather to Mt Isa’s copper cap, whose profile has been growing as the region cements itself as a major player in Australia’s growing critical minerals sector with a number of big players including Glencore, Rio Tinto, Teck, Anglo America all setting up shop in the emerging region.

Austral’s repeated success also demonstrates that there is room on Mount Isa for smaller players to rub shoulders with the high-rollers.

Most recently, Castillo Copper has announced that they will be stepping up exploration at its 2.1Mt @ 1.1% Cu for 21,886t2 Big One deposit on the Mount Isa belt, undertaking a pit optimisation and mine design study to potentially plan out effective processing options and a viable path to market against the backdrop of a positive global outlook for the red metal.

Mt Isa’s promise is also drawing international eyes, with London-listed explorer Power Metal Resources staking a claim in the emerging region through a merger with NewCo, who have 1507 square kilometres of exploration licence in the renowned region.

The Company said pulling in outstanding revenue in spite of the heavy rainfall is a testament to the hard work of its team.

“I am delighted to update you that Austral had another exceptional month in March 2023 despite facing unprecedented wet weather challenges. We continued plating copper while experiencing record rainfall” Managing Director and Chief Executive Dan Jauncey said.

“I am also pleased to report zero safety and environmental incidents during this period. Due to road closures, truck access to the site was a challenge in loading plated copper, causing delays, but we are working through this. This result reflects our unwavering commitment to safety and sustainability in all our operations and supporting those who support us.”

AR1’s Australian Stock Exchange-listed share price has risen 10.63 per cent today, currently selling at 26c (11:39 am UTC+ 8 hours).

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