Austral Resources has marked another milestone for its Anthill copper project in Queensland by way of a secured debt arrangement and a new face on its board.
Austral announced the framework agreement last month, which laid out terms for the miner repay $78 million in secured debt to Thiess.
At the time, Austral agreed to appoint a manager for the Anthill operation, with Glencore and Secover to receive the project’s proceeds to repay the debt.
Secover has since covered the debt with Thiess, and Austral will now have a 10 per cent share in the Anthill production proceeds.
At the same time, the Austral board has welcomed David Newling to the role of non-executive director and chair.
Austral said Newling is an accomplished executive with exceptional financial acumen and strategic insight.
Newling will replace Phillip Thomas who has resigned from his role with company effective immediately.
“We are thrilled to announce this significant step in formalising the secured debt arrangement,” Austral managing director and chief executive officer Dan Jauncey said.
“We also extend our thanks to Phillip Thomas for his invaluable contributions and dedication to Austral.
“I warmly welcome David Newling as our new non-executive director and chair. David brings exceptional financial expertise and strategic insight to our board.
“We look forward to David’s leadership in advancing Austral’s projects and future opportunities.”
Austral produces copper cathode from its Anthill mine in the Mount Isa region. Its Mount Kelly copper oxide heap leach and solvent extraction electrowinning plant has a nameplate capacity of 30,000 tonnes per year of copper cathode.
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