North-West Queensland copper producer Austral Resources Australia has gone into receivership.

Deloitte Turnaround & Restructuring partners Jason Tracy, Grant Sparks and Sean Holmes have been appointed receivers and managers, effective May 1.

In a statement on the appointment, Mr Tracy said the business would continue to trade while the receivers and managers undertook an urgent assessment of the financial position and determined the future of the business and its assets.

Secured creditor Wingate appointed the receivers in relation to a debt owed by Austral Operations.

Austral securities have been suspended from trading on the ASX since early September to accommodate company financing discussions.

News of the receivership comes just a day after Austral’s latest quarterly reported was released to the ASX, stating that; “The company is currently finalising a significant restructuring aimed at enhancing the company’s financial position. To facilitate the successful conclusion of these negotiations, Austral plans to continue its voluntary suspension of trading in its securities.”

Related: Austral Resources emerges from trials of fire and rain

In the quarterly report, managing director and chief executive officer Dan Jauncey reported that despite significant rainfall, Austral had successfully produced and dispatched 1,587.4 tonnes of copper in that period, although 377.6 tonnes remained on site at the end of March due to transport disruptions.

“The adverse weather also presented significant challenges to our Mount Kelly processing facility and haulage operations,” he said. “Nonetheless, operations maintained operational integrity and continuity.”

Thiess is mining contractor at Austral’s Anthill mine, about 110km north-west of Mount Isa. Ore is processed at the company’s Mount Kelly processing facility to produce copper cathode.