Austral Resources Australia, which now has approval to begin earth works for its Anthill copper mine north of Mount Isa, was launched on to the Australian Stock Exchange (ASX) on Wednesday.
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Trading in the company began at noon after a $30m initial public offer (IPO) was met.
At the Offer Price the Company will have a market capitalisation of $89m.
"This is an exciting time for the Company and its investors to participate as a copper producer with its fully permitted new mine, Anthill, and established infrastructure," Austral's Chief Executive Officer Steven Tambanis said.
"Our immediate focus is to get Anthill into production and commence copper cathode production at 10,000 tonnes per annum for the next four years.
"Free cashflow from copper production will fund exploration and development activities with the intention of extending mine life and to further grow the Company. We have a lot of work in the pipeline."
The Queensland Government has given environmental approval which now permits a start of earth moving at the Anthill project.
"On behalf of the Board and Company employees, I'd like to thank Austral's investors for participating in what we believe is an outstanding copper project with the key elements of a successful business: copper cathode production, expanding production near term, a buoyant copper price and highly prospective exploration and development upside," Executive Director Dan Jauncey said.
"We are committed to delivering a safe and timely start of Anthill operations and look forward to updating investors as we progress to full production.
"I also want to acknowledge the excellent efforts by staff and contractors over the past two years to get this project evaluated, prepared, and permitted. Thank you all for a great effort to get us here."
Austral Resources had earlier named Thiess as their preferred contractor to the mine site.
Thiess CEO and Executive Chairman Michael Wright said his company had a long history operating in the Mount Isa region dating back to the early 1960s.
"We're very pleased to be back. With our selection as preferred contractor, Austral Resources has recognised our team's specialist mining capability and our flexible approach to meet the needs of their mine," Mr Wright said.
"This project is very important to Thiess as we continue to diversify our business across commodities, mining regions and services. We are positioned well to support Austral Resources and the local community, with the right equipment, technical capability, and operations team."
The Anthill Project is located 80 km northwest of Mount Isa and will extend copper production from the existing Lady Annie Operations. It is located 45km from the Mt Kelly processing facility.
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