Queensland Copper Producer Austral Resources Enters into Receivership

Published on May 8, 2024

The future of over 60 workers at Austral Resources Australia is in limbo as the copper producer has entered into receivership. On May 2, the company announced that one of its creditors, Wingate, had appointed three partners from Deloitte as receivers and managers to Austral Resources in relation to a secured debt owed to Wingate by its subsidiary Austral Operations. Deloitte said Austral Resources would continue to operate while the receivers carry out an urgent assessment of the company’s financial position and determine the future of the business and its assets. “We have taken control of operations and will continue to work with employees and suppliers to process ore already extracted from the mine,” receiver and Deloitte partner Jason Tracy said, as reported by ABC News....

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