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Austral Resources’ proposed acquisition of Hammer Metals has secured overwhelming shareholder support, with 99.8 per cent of votes cast at a scheme meeting in favour of the transaction.
The resolution was passed by the requisite majorities at Hammer Metals’ shareholder meeting in West Perth on November 9. The scheme remains subject to Federal Court approval and the satisfaction or waiver, where applicable, of the remaining conditions precedent.
Austral Resources chairman David Newling said the shareholder approval marks an important milestone for the company.
“We thank Hammer Metals shareholders for their support of the scheme,” Newling said.
“Their approval marks an important milestone in bringing together complementary copper resources, exploration opportunities and our existing processing infrastructure across North West Queensland.
“The strong level of shareholder support reinforces our confidence that this transaction will accelerate the delivery of our strategy and strengthen our position as we build Australia’s next mid-tier copper powerhouse.”
Hammer Metals is scheduled to seek Court approval at the Second Court Hearing on November 13.
If approved, the scheme is expected to become effective on November 16, with implementation scheduled for November 25.
Austral operates two processing facilities in Queensland, including the Mt Kelly copper oxide heap leach and solvent extraction electrowinning plant, with a nameplate capacity of 30,000 tonnes per annum of copper cathode, and the Rocklands copper sulphide concentrator, with a nameplate capacity of 3 million tonnes per annum.
The company has a reported mineral resource estimate of 64 million tonnes at 0.73 per cent copper, containing 468,414 tonnes of copper, and 2101 square kilometres of exploration tenure in north-west Queensland.
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