Austral Resources Terminates Anthill Project Agreement with Glencore and Secover
Austral Resources has announced the termination of its obligations under the Anthill Project Agreement (APA) with Glencore and Secover. The agreement, which was initially established to support recapitalisation efforts, is being ended through a settlement valued at A$51.98 million ($36.36 million), expected to be finalised by the end of July 2026. The payment will consist of A$37.6 million in cash and shares worth A$14.38 million, issued under Austral's existing placement capacity. The company stated that this move is earnings and cash flow accretive for processing Anthill ore and allows greater operational flexibility moving forward. It also noted the potential to improve returns if copper prices rise or production begins earlier than expected. Austral plans to utilise its own copper stock at Mt Kelly, leveraging ongoing mining campaigns across multiple sites including Flying Horse and Lady Annie. The company confirmed that it remains fully funded for operations until Rocklands recommences activity.