Austral Resources Australia Limited (AU:AR1) has released an update.
Austral Resources Australia Ltd announces its emergence from receivership with management regaining control of company operations and a new focus on recapitalization. The company has maintained production throughout the receivership, boasting 810 tonnes of copper cathode ready for sale as well as ongoing mining operations. Austral is now engaging in discussions with Glencore and other creditors to restructure the business, amidst a favorable copper market with rising prices and demand.
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