Brisbane, Australia – Australian copper producer and explorer Austral Resources Australia Ltd (ASX: AR1) has signed a non-binding Memorandum of Understanding (MOU) with Maronan Metals Limited (ASX: MMA) to evaluate the potential toll treatment of ore from Maronan’s advanced copper-gold and silver-lead deposit at Austral’s recently acquired Rocklands processing facility near Cloncurry in Northwest Queensland.
The proposed collaboration supports Austral’s strategy to position itself as a regional consolidator and processing hub, leveraging existing infrastructure to unlock value from third-party deposits across the Cloncurry mineral province.
Commenting on the MOU, Austral Chairman Mr David Newling confirmed:
“Simon, Richard and the entire Maronan team, alongside the Austral team, share a belief that Northwest Queensland is one of the most productive mineral provinces in Australia. We were impressed by their engagement in our discussions from the outset and are pleased to see a shared vision for the Rocklands asset as an asset to the local Cloncurry community.
Whilst there is still metallurgical work and commercial negotiations yet to be completed in relation to the MOU, we are buoyed that the Company’s assets continue to be attractive to third parties (similar to our alliance with NFM), and that our strategy to be the consolidation vehicle for the region is resonating with both shareholders and the broader community.”
The MOU outlines a framework for both companies to assess the technical, commercial, logistical and regulatory feasibility of toll treating ore at Rocklands. The agreement is non-binding and non-exclusive, with any future transaction subject to due diligence, metallurgical testwork and the negotiation of definitive terms.
This agreement follows Austral’s broader engagement strategy, which includes a similar alliance with North West Minerals (NFM), reinforcing the Company’s ambition to become the preferred processing partner in Northwest Queensland.
For more information, please visit https://www.australres.com
ENDS
About us:
About Austral Resources Australia Ltd (ASX: AR1)
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 (SX-EW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral has developed its Anthill oxide copper mine, which has an Ore Reserve Estimate (ORE) of 2.87Mt at 0.94% Cu (comprising of 0.90Mt at 0.90% Cu proved ORE and 1.97Mt at 0.96% Cu Probable ORE). The Company has been producing copper cathode from mid-2022.
Austral also owns a significant copper inventory with a JORC-compliant Mineral Resource Estimate of 53.74Mt@ 0.74% Cu (comprising of 9.39Mt at 0.75% Cu Measured MRE, 33.03Mt at 0.76% Cu Indicated MRE and 11.32Mt at 0.67% Cu Inferred MRE) and 2,100km2 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 program designed to extend the life of mine, increase its resource base, and then review options to commercialise its copper resources.
Contact details:
Jane Morgan
Investor and Media Relations
M +61 405 555 618
E [email protected]
