Anthill mining ahead of schedule

Anthill ore processing is ramping up significantly after kicking off in June as mine owner Austral Resources continues drilling local prospects to expand the resource inventory. In its latest quarterly report, the company said 10.95Mt of overburden had been moved at Anthill to date, with contractor Thiess more than 9 per cent ahead of schedule. Austral reported 616,000t of ore mined to end of July containing 5900t of copper - translating to $55 million of recoverable copper inventory. Of this, 2,320t of recoverable copper is being processed on the heap leach - amounting to $25.3 million-worth based on the July 26 spot price of $10,950/t and 85.2 per cent recovery. Austral plans to achieve an average 10,000 tonnes per annum of cathode sales for the next four years, generating more than $438 million in sales revenue at A$10,950/t. “The June 2022 Quarter was a pivotal period for the company, with Austral commencing full-scaleprocessing of Anthill ore, delivering a key operational milestone that underwrites strong cashflowsfor the next four years," Austral chief executive officer Steve Tambanis said. "Copper production is increasing on a daily basis, meeting metal inventory targets to achieve the planned 10,000tpa copper production rate. "We are working on increasing stacking rates to 6,000tpd of ore, significantly above planned rates (5,000tpd) to accelerate cathode production. "Ore grades are higher than forecast and the Anthill mine is exceeding its planned monthly production rates." The company has appointed exploration manager Ben Coutts to rapidly accelerate its drilling campaign and has joint venture discussions underway with prospective parties for a portion of Austral’s 2100sq km exploration tenure "There has never been a better time to be a copper producer and we are now fully focused on our exploration and development programs to consolidate and extend our mine life," Mr Tambanis said. "We are excited to partner with Glencore/MIM to explore the Lady Loretta/Lady Annie area with theobjective of discovering new sulphide and oxide ore, with MIM to invest $6.3 million to earn-in up to 65 per cent of our 330sq km of tenure and Austral retains its ownership of any oxide ore in the JV area. "We see this as a great opportunity for both companies and welcome increased drilling activity on this ground – the key to making discoveries." Internally, a $10 million budget for the next 12 months allows for up to 30,000m of drilling. Mr Tambanis said Austral had recently completed initial drilling at Flying Horse and Dividend prospects and commenced drilling at Lady Colleen to extend the sulphide resource. Ore stacking at a heap leach pad at Austral's Mount Kelly processing operation.

Anthill mining ahead of schedule

Industry Queensland

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