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An announcement from Austral Resources Australia Limited ( (AU:AR1) ) is now available.
Austral Resources has agreed to acquire the Lady Loretta mining leases, associated exploration permits and site infrastructure from Glencore, consolidating tenure immediately adjacent to its existing Lady Annie Copper Mine and unlocking a broader copper mineral system that had been constrained by lease boundaries. The deal, which includes a net cash payment of about US$30.4 million (A$45.5 million) from Glencore to Austral and lifts Austral’s unrestricted cash to roughly A$65 million, is expected to provide both near-term and longer-term copper feedstock to the Mt Kelly processing plant via a pit wall cutback and extensions of the Lady Annie mineralisation trend, completing the company’s North-West Queensland copper consolidation strategy and strengthening its pathway toward becoming a mid-tier copper producer.
The most recent analyst rating on (AU:AR1) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Austral Resources Australia Limited stock, see the AU:AR1 Stock Forecast page.
More about Austral Resources Australia Limited
Austral Resources Australia Ltd is an ASX-listed copper producer focused on North-West Queensland, operating the Lady Annie Copper Mine and the Mt Kelly processing plant, with a strategy to build a multi-asset, mid-tier copper business producing around 50,000 tonnes of copper per year.
Average Trading Volume: 10,911,813
Technical Sentiment Signal: Sell
Current Market Cap: A$169.9M
See more data about AR1 stock on TipRanks’ Stock Analysis page.