Image: Austral Resources - Copper CathodeQIC has committed $15 million through the Queensland Critical Minerals and Battery Technology Fund (QCMBTF) to Austral Resources (ASX:AR1) to support the refurbishment of the Rocklands Copper Mine and sulphide processing hub in North West Queensland.
The investment will underpin a disciplined two-year refurbishment program, positioning Rocklands for a planned restart of copper sulphide production and processing from mid-2027.
Forming an integral component of Austral’s regional consolidation strategy, the three million tonne per annum sulphide processing plant offers a capital-efficient pathway to re-establish large-scale copper production within the Mt Isa and Cloncurry region.
QCMBTF Fund Manager Joshua Risson said Rocklands represents established processing infrastructure in a globally significant copper province with clear strategic integration potential.
Rocklands provides a strategic opportunity to strengthen Queensland’s copper supply capacity by bringing established processing infrastructure back on line in a disciplined, strategic manner
Joshua Risson - QCMBTF Fund Manager
“This investment supports a measured restart strategy that enhances operational flexibility, leverages integration synergies across Austral’s regional footprint and positions Rocklands as a cornerstone of long-term copper growth in North West Queensland.
“Importantly, this transaction aligns with the Fund’s mandate to support regional infrastructure that can deliver long-term economic benefits and sustainable production outcomes for the state.”
Austral’s recent acquisition of Rocklands complements its existing Mt Kelly SX-EW operations, expanding production capacity into copper-gold sulphide mineralisation.
This dual-processing footprint - oxide processing at Mt Kelly and sulphide processing at Rocklands - positions Austral to operate as an integrated and flexible copper producer.
Proximity to the company’s eastern tenements, located within 50 kilometres, provides opportunities to leverage processing synergies, optimise blending strategies and access diversified third-party feedstock sources across the North West Minerals Province.
Austral Resources Chairman David Newling said the QCMBTF’s support was a key milestone in progressing the Rocklands restart and supporting Austral's goal to become a sizeable copper producer in Australia.
This cornerstone commitment from QIC provides the confidence needed to progress the refurbishment of Rocklands and position Austral as a major regional copper producer
David Newling - Austral Resources Chairman
“Rocklands can play a significant role in supplying the copper needed for Queensland’s energy future.
“Equally important is making sure that opportunity translates into real outcomes for Cloncurry, through local jobs, local supply chains and long-term economic benefits for the community.”
QCMBTF is a $150 million Queensland Government initiative managed by QIC deploying capital through flexible structures including equity, debt and hybrid arrangements to support commercially viable projects delivering strategic economic benefits to the State.
QIC is a trusted Australian investment manager and sovereign investor, delivering with discipline across a global portfolio of alternative and liquid assets. We manage more than A$131 billion on behalf of around 120 institutional and government clients, providing specialist expertise across infrastructure, real estate, private equity, private debt, and fixed income and multi-asset solutions.
Austral Resources Australia Ltd (ASX: AR1) is a pure-play Australian copper producer and consolidator operating across the Mount Isa–Cloncurry copper belt in North-West Queensland. The Company owns the Mt Kelly oxide SX-EW plant and the Rocklands sulphide concentrator, the region’s only dual-processing platform capable of treating both oxide and sulphide ores. Austral controls 64Mt at 0.73% Cu (JORC) and 2,101km² of exploration tenure, with significant near-mine and regional growth potential. Through infrastructure-led consolidation, third-party tolling, exploration and M&A, Austral is targeting sustainable production of ~50,000tpa of copper.