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.
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.
“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.
“Aeris Resources plans full takeover of Peel Mining” was originally created and published by Mining Technology, a GlobalData owned brand.
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