$15m investment supports Austral’s Rocklands expansion
Austral Resources has secured a $15 million investment to expand its Rocklands copper processing facility in north-west Queensland from its current capacity of 3 million tonnes per annum (Mtpa) to between 4.5Mtpa and 6Mtpa.
The non-dilutive investment from Queensland Investment Corporation’s (QIC) Queensland Critical Minerals Fund (QCMF) is structured as a royalty financing arrangement. It will also support a study into alternative power solutions to boost operating efficiency.
Austral said the funding comes as the company continues preparations to restart Rocklands, with first production still targeted for the third quarter of 2027.
“Securing the support of the QIC Queensland Critical Minerals Fund is a significant milestone for Austral and a strong endorsement of both the Rocklands processing facility and our long-term strategy,” Austral chairman David Newling said.
“Our immediate focus remains the successful restart of Rocklands, but this investment also allows us to look beyond restart and plan for the next phase of the operation. The studies will help us better understand how Rocklands can continue to evolve as a strategic processing asset while supporting the long-term growth of our business.”
According to Austral, recent mine planning has confirmed that Rocklands’ existing 3Mtpa processing facility will be fully committed to processing sulphide ore from the company’s Western and Eastern operations through to at least 2034. The company said this forecast demand provided a strong case for expansion.
QCMF fund manager Joshua Risson said Rocklands could play a key role in the future of Queensland’s copper sector.
“Rocklands has the potential to become critical regional infrastructure, providing much-needed processing capacity that can unlock stranded copper resources across the North West while supporting Austral’s own long-term growth,” Risson said.
Under the royalty agreement, QCMF will receive tiered royalty payments linked to Rocklands’ gross revenue, capped once 400,000 tonnes of contained copper has been produced.