Anthill mine owner Austral Resources has confirmed it is working on a joint venture deal with ‘a significant player in the mining industry’ following an ASX query on the recent trading in its securities.

Austral listed the milestones it has achieved recently in bring Anthjill online, but said also it was aware of a recent Stockhead article: One copper stock to watch as Robert Friedland’s ‘supply cliff’ approaches.

The article reported that the company chief executive officer Steve Tambanis hinted that an exploration deal with an ‘industry gorilla’ was not far off.

“The article and statements within in it broadly reflect AR1’s disclosures on this point,” company secretary Jarek Kopias said in a company response to the ASX query.

“However the board of AR1 is of the view that the terminology used is uncertain and lacks specificity as
to what constitutes ‘an industry gorilla’ and the timing of when such ‘exploration deal’ will be consummated.”

He said that since listing on the ASX last year the company had been approached by multiple parties seeking to conduct earn-in and joint venture arrangements over its tenements.

The company was reviewing a number of joint venture opportunities involving significant participants in the
mining and exploration industry, he said.

“AR1 is currently negotiating an indicative non-binding earn-in and joint venture transaction
with a significant participant in the mining industry,” he said.

Shares in Austral Resources have lifted 54 per cent in the past week.

The first ore from the new Anthill copper mine is being crushed as the operation ramps up to full production, expected about July.

Glencore has the offtake rights for up to 40,000t of copper cathode production from Austral’s Anthill mine and has provided Austral with a $US15 million pre-payment facility.