Aeris Resources has announced a binding scheme of arrangement to acquire full ownership of Peel Mining’s issued capital.
This move is aimed at extending the life of Aeris’ Tritton Operations.
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Peel Mining’s Board of Directors has unanimously recommended the transaction.
The acquisition involves merging Aeris’ Tritton Operations with Peel’s Mallee Bull and Wirlong copper projects, creating a diversified copper mining hub projected to extend Tritton’s mine life by more than a decade.
This initiative is expected to enhance operational flexibility and reduce complexity at the Tritton site, while also strengthening Aeris’ market position as a significant copper and gold entity.
Aeris executive chairman Andre Labuschagne said: “This transaction represents an exciting step forward in Aeris’ strategy to unlock value from maximising Tritton’s processing capacity and its strategic location.
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By GlobalData“Peel’s South Cobar Copper Project is a logical source of ore for Tritton, offering scope to extend mine life and transform our mining complex into a larger and more resilient operation.
“The transaction unlocks compelling value for both Aeris and Peel shareholders – a true ‘win-win’ outcome. We welcome Peel shareholders to become part of our larger, copper and gold company with strong, diversified cash flows, a robust balance sheet and enhanced market position.”
Peel Mining will concurrently demerge its remaining assets in the Cobar Basin, including the Southern Nights, Wagga Tank and May Day prospects, into a new company (NewCo), allowing shareholders to maintain exposure to these assets.
The Mallee Bull and Wirlong projects have a combined mineral resource estimate (MRE) of 10.6 million tonnes (mt) with a copper grade of 1.85%, amounting to 197,000t of contained copper, with 74% classified as indicated.
These sites are situated within a transportable distance of Tritton.
Together, the Tritton and South Cobar copper projects have an MRE totalling 29.5mt at a copper grade of 1.73%, resulting in 511,000t of contained copper.
