PERTH (miningweekly.com) – ASX-listed Aeris Resources has made a $20-million dent in its debt, reducing its total debt to $29-million.
Executive chairperson Andre Labuschagne said that the $20-million debt repayment meant that the company had now reduced its debt by more than $100-million since the current management team started with Aeris at the beginning of 2013.
“Debt reduction has been a strategic objective for the company in that period and now we can focus on our core objective of growing Aeris into a mid-tier, multi-mine company.”
“Not only do we have a producing copper operation at Tritton, targeting 24 500 t of copper for 2019, but we also have an exciting portfolio of exploration projects, including Kurrajong and Torrens. Apart from our organic growth pipeline, we continue to assess merger and acquisition opportunities, with a strong preference for copper plays that are in or near production.”
The debt repayment was made with shareholder Special Portfolio Opportunity V (SPOV), a subsidiary of a fund managed by PAG. SPOV also supported a recent placement and non-renounceable entitlement offer by Aeris, taking up A$7-million of their entitlements while also sub-underwriting the retail component.
“2019 is shaping up to be an exciting year for Aeris,” Labuschagne said, noting that preparations have started for the start of drilling at the Torrens project, in South Australia.
“We will also accelerate exploration activities at the Tritton copper operation, including the next phase of drilling at the Karrajong prospect and an aerial electro magnetic programme on the northern half of our 1 800 km2 tenement package.”