viewAeris Resources Ltd

Aeris Resources boosts Tritton copper production 12% in March quarter

The company has a clear vision to become a mid-tier, multi-operation company and is actively reviewing suitable merger and acquisition opportunities.

Aeris Resources Ltd - Aeris Resources records 6,083 tonnes of copper production at Tritton in March quarter
The Tritton project consists of three adjacent underground operations

Aeris Resources Ltd (ASX:AIS) has produced 6,083 tonnes of copper for the March quarter at the Tritton Copper Operations in western New South Wales, a 12% increase on the previous quarter's 5,451 tonnes.

The production increase reflects the return to normal operations following the impacts of water availability and quality in the December quarter.

Executive chairman Andre Labuschagne said he was very pleased with the results of the March quarter.

“Additionally, the newly-installed water pipeline is functioning as expected and dam levels have increased over the past 3 months.

At its 70%-owned Torrens exploration joint venture with Argonaut Resources NL (ASX:ARE) in South Australia, processes continue to secure approvals for the updated PEPR (Program for Environment Protection and Rehabilitation) and the Native Title summary determination.

COVID-19 measures 

Aeris has implemented various measures to comply with government requirements to minimise the transmission risks of COVID-19, including limiting access to operational sites to essential personnel only, limiting travel, adjusting work arrangements for site and corporate teams, and increased communication to its workforce and partners.

These measures are being regularly reviewed, updated and communicated as additional information becomes available.

Labuschagne said: “We are experiencing rapidly changing times and will keep the market updated.”

CPRS purchase 

Substantial shareholder Tudor Court Limited has demonstrated its confidence in the company and its strategy by purchasing 83.665 million convertible redeemable preference shares (CPRS) from Standard Chartered Bank (SCB).

This takes Tudor Court’s overall holding, once the CRPS have been converted to ordinary issued shares, to about 19.9% of Aeris’ total issued share capital.

Aeris assisted SCB and Tudor Court in the transaction and will also redeem and cancel the remaining CPRS held by SCB (9,745,609) for US$1.00.

Quick facts: Aeris Resources Ltd

Price: 0.055 AUD

Market: ASX
Market Cap: $104.34 m

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