Latest news with #AustralResources
News.com.au
07-08-2025
- Business
- News.com.au
Break it Down: Maronan enters non-binding toll treatment deal
Stockhead's Break it Down brings you today's leading market news in under 90 seconds. In this episode, host Tylah Tully looks at the latest news from Maronan Metals (ASX:MMA), which has entered a non-binding MoU with Austral Resources (ASX:AR1) to potentially toll treat ore from the Maronan project at Austral's Rocklands processing facility. Watch the video to learn more. While Maronan Metals is a Stockhead advertiser, it did not sponsor this content. Originally published as Break it Down: Maronan enters non-binding toll treatment deal
Yahoo
23-07-2025
- Business
- Yahoo
Austral Resources to acquire Lady Loretta mine
Copper producer Austral Resources Australia has signed a memorandum of understanding (MOU) to acquire the Lady Loretta mining lease and associated exploration permits for minerals (EPMs) from Glencore's subsidiaries. The move will allow Austral to tap into additional copper resources adjacent to its Lady Annie Project, bolstering copper development in north-west Queensland. The acquisition is poised to enhance Austral's mining operations by integrating the Lady Loretta zinc-lead-silver-producing mine site, which is located 150km north-west of Mount Isa, Queensland. The high-grade lead-zinc orebody currently undergoes extraction at a rate of 1.6 million tonnes per year. Glencore's Lady Loretta underground zinc operations are set to continue until the planned closure date of December 2025. Austral's assumption of responsibility for mining operations and the mine's progressive rehabilitation is expected to commence following the completion of the transaction. Austral chairman David Newling said: 'We are extremely excited with the acquisition of Lady Loretta and the strongly beneficial impact it could have as a part of our long-term copper production profile. 'Lady Loretta is an eminently sensible acquisition for us, given its tenements and ours abut, and that it enables a meaningful extension of copper mining from our Lady Annie deposit, which will support production from our Mt Kelly SX-EW processing facility." The transaction's structure is expected to involve the acquisition of the Glencore entity that owns and operates Lady Loretta, along with several related EPMs. The final binding documentation is conditional upon the mineral lease renewal and other standard terms. Newling added: 'Lady Loretta, together with our own Mt Kelly processing plant and recently acquired Rocklands project and processing plant from Copper Resources Australia Limited reveal our ambition to consolidate sensible parts of the Mt Isa and Cloncurry copper region. "We are of the belief that many of the regional assets would strongly profit from the benefits that consolidation can bring, such as blended mining and processing strategies, along with the reduced cost profile that a larger organisation can bring.' "Austral Resources to acquire Lady Loretta mine" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
ABC News
03-07-2025
- Business
- ABC News
Austral Resources Australia acquires Rocklands Copper Mine near Cloncurry
An outback Queensland copper mine with a tumultuous and controversial history has been acquired for the third time in seven years. Austral Resources Australia has executed a binding agreement to acquire Rocklands Copper Mine near Cloncurry, which has sat in care and maintenance since November. While the acquisition could be a boost for the community, residents are cautious given a decade of failures involving the mine. Rocklands' reputation has been sullied by a trail of unpaid invoices and job losses, which led to the closure of local businesses. The community is concerned the mine has caused the town more pain than gain in its nine-year history. Cloncurry Shire Mayor Greg Campbell said while any mining activity was positive for the community, past owners might have tainted any trust in Rocklands. Austral non-executive director Dan Jauncey said the company's priority was to rebuild a relationship with residents. "We're in this for the long haul," he said. "We can't do this without the people, without the businesses supporting us as we want to support them." Mr Jauncey said Austral would revisit Rocklands' previous failures and assess what could be done differently. "[Rocklands] has been undercapitalised, under-resourced," he said. "We're very focused on this consolidation piece and ensuring, before we hit go on anything, that we've got all our i's dotted and t's crossed." Chinese-backed miner CuDeco first opened Rocklands in 2016. It closed in 2018 and fell into receivership the following year, leaving $60 million in unpaid wages and debts. Cr Campbell said the unpaid bills put pressure on residents, causing an exodus from the town. After liquidation in 2020, Copper Resources Australia purchased the mine in 2021, promising a brighter future. Within three years it was again in administration, joining two other copper projects shuttered in 2024. The mothballing of the mine this time around affected more than 600 workers, again creating bitterness among Cloncurry residents. Now, seven months on, Austral said it wanted this new deal settled by the end of August. It has operated the Lady Annie copper mine north of Mount Isa for the past six years. Once finalised, the company will also have to face the potential closure of Mount Isa's copper smelter — one of just two in the country — as Swiss owners Glencore seek government funds to keep it running. The loss of the smelter could mean that copper production would move overseas. Mr Jauncey said Austral was aware of the situation and prepared to work through it. "All we can focus on is what we can control … but I know that we can be self-sufficient," he said. Cr Campbell said to keep Cloncurry afloat, mining companies needed to do the right thing by the community. "As a mining shire, we're happy to do our bit and promote the area," he said. "But we do have a strong expectation on businesses, especially mining companies, to come and invest in our community and do it transparently … ultimately to pay the bills." He said Austral had work to do to ensure Cloncurry was not held ransom by Rocklands a third time. "If they want to come and operate in our shire, they're more than welcome," he said. "But we've got a really strong desire to keep our people ultimately employed and then paid once they do their work."
