Austral Resources' Reports Strong Copper Production, Positive Cashflow, and Path to Future-Proofing Anthill
Austral Resources has released its June 2023 Quarterly Activities Report, outlining the company's progress over the past quarter. Despite the challenges of severe weather and a planned mill shutdown, the Anthill Copper Operation managed to achieve production of 2,315 tonnes of copper at an AISC of US$3. 05 per pound sold. Additionally, the company was cashflow positive, generating net revenue of A$27. 3 million and operating cash flow of A$9. 1 million.
Highlights
Copper production of 2,315 tonnes achieved in Q2 2023, with strong cashflow generated through copper sales.
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East Pit Stage 2 pre-strip operation accelerated, providing access to three ore bodies and reducing mining costs.
Total operating costs were A$18. 2 million, and the company had A$2. 4 million in cash at bank.
Multiple financiers have offered to refinance the company's existing debt, with refinancing expected to be completed in Q3 2023.
With the successful completion of its Q2 2023 copper production goals, including overcoming the challenges of severe weather and planned mill shutdowns, Austral Resources has set its sights on improving the Anthill Copper Operation's future. The company is working to "future-proof" the Anthill operation by accelerating the pre-strip operation of East Pit Stage 2. This will provide access to three ore bodies and de-risk the mining operation prior to the next wet season. In addition, this move is expected to reduce mining costs as the strip ratio for each pit will decrease significantly.
Looking forward, Austral Resources is working to refinance its existing debt and pursue accelerated growth. Despite the challenges of the past quarter, the company is optimistic about its ability to achieve its goals and continue generating positive results.
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