The Board of Aeris Resources Limited (ASX: AIS) has advised that it has been unable to come to agreeable terms with Glencore in relation to a potential acquisition of the CSA mine.
Aeris Resources is an established Australian copper producer which has maintained a lean corporate structure and continued to build on a culture of operational excellence. Earlier on 20 March 2019, the company had confirmed that it is in discussions with Glencore regarding a potential acquisition and informed that it has made an offer to acquire the CSA mine from Glencore. However, now the board has confirmed that it has been unable to come to agreeable terms with Glencore which means that the acquisition could not be completed.
Commenting on the same, Aeris Resources Executive Chairman, Andre Labuschagne told that it is disappointing that the acquisition of the CSA Mine couldn’t be completed. Andre Labuschagn has assured that the company remains focused on its Tritton Copper Operations, the Torrens exploration project and exploring growth opportunities, both organic and through M&A.
The Company’s Tritton Copper Operations in New South Wales (NSW), which includes multiple mines and a 1.8 Mn tonnes per annum processing plant, is targeting copper production of 24,500 tonnes in FY 2019. The Board and executive team have a shared vision to grow the company into a mid-sized, multi-mine company. Recently, the Tritton Copper Operations Aerial Em survey identified 25 EM anomalies for follow?up – 9 of these are considered high priority targets. The company’s growth strategy is built on recent exploration success within the highly prospective Tritton tenement package to extend the current 5-year mine life and leverage existing infrastructure at the Tritton Copper Operations.
The Torrens Project is located near the eastern margin of South Australia’s Gawler Craton and it is within 40 km of BHP’s Oak Dam West copper discovery, 50 km of Oz Minerals’ Carrapateena copper-gold deposit and 75 km from BHP Billiton’s Olympic Dam mine. The company has completed a review of historical geophysical, geological and drilling data for its Torrens East Copper Project (Torrens East), identifying potential target areas for follow-up exploration.
Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock traded at a price of $0.130, down by 7.143% during the day’s trade with a market capitalisation of ~$63.8 Million as on 15 April 2019. The counter opened the day at $0.140 and reached the day’s high of $0.140 and touched a day’s low of $0.125 with a daily volume of ~392,577. The stock has provided a year till date return of -24.32% & also posted returns of -20%, -30% & -9.68% over the past six months, three & one-month period respectively. It had a 52-week high price of $0.286 and touched 52 weeks low of $0.1440, with an average volume of ~302,684.
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