Austral Resources Australia signed an MOU to acquire Lady Loretta mining lease and EPMs from Glencore. The move will boost copper development in north-west Queensland. Lady Loretta site produces 1.6 million tonnes of lead-zinc ore per year. Operations set to continue until 2025 with Austral taking over responsibilities for mining and rehabilitation.

Chairman David Newling excited about the acquisition, citing benefits for long-term copper production. Transaction involves acquiring Glencore entity and related EPMs. Final documentation conditional on lease renewal and standard terms. Lady Loretta acquisition aligns with Austral’s strategy to consolidate assets in Mt Isa and Cloncurry copper region.

Austral Resources to acquire Lady Loretta mine to enhance copper production. Deal includes Glencore entity and EPMs. Transaction subject to lease renewal. Chairman sees opportunity for consolidation in the copper region.

Read more at Yahoo Finance: Austral Resources to acquire Lady Loretta mine