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North-West Queensland copper producer Austral Resources expects to start trading on the ASX in November after an IPO due to open on Friday.

The company is developing the new Anthill copper mine north of Mount Isa and operates a heap leach, solvent extraction and electrowinning (SXEW) processing facility at Mount Kelly, part of the Lady Annie operations it purchased from CST Minerals in 2019.

The prospectus lodged indicates a market value of more than $89 million for Austral Resources on completion of the offer, which aims to raise $30 million.

Chairman Phillip Thomas, in his introduction to the prospectus document, describes Austral as an LME-quality copper cathode producing company that is developing a new open-cut mine and also has 1340sq km of highly prospective
exploration tenements.

“While the mine life from the Anthill copper oxide deposit is estimated at four years, successful exploration efforts will allow us to extend this time period,” he states.

“This is an opportunity for investors to invest in a company already producing copper, with significant ore reserves in the Anthill project only 45km away from the Mount Kelly processing facility.”

Mr Thomas said Austral had sales contracts are in place and the price for copper had a positive outlook, based on analyst reports and underlying copper demand building from the global push towards decarbonisation.

“Upon listing of Austral, we will apply the funds to make our capital structure more efficient and commence development of the Anthill project,” he said.

“With a JORC-compliant ore reserve of 5.06Mt at 0.94 per cent copper, Anthill holds 47,500 tonnes of contained copper that is capable of producing 40,000 tonnes of copper cathode over a four-year period.”

There are 150,000,000 shares available at $0.20 each under the IPO, which is due to open on September 17 and close on October 15.

Austral Resources launches $89m float