Approved · Waiver · decided in 26 days, 7 Apr 2026
Resources & MiningWA-35011ACCC register
Austral Resources Australia Ltd acquired 100% of Noranda Pacific Pty Ltd shares, owner of the Lady Loretta zinc mine, and exploration permits, from Noranda Pacific No. 2 Pty Ltd and Mount Isa Mines Limited (indirect Glencore plc subsidiaries). This expands Austral's mining interests, including rehabilitation obligations and a Glencore offtake.
On 16 February 2026, Austral Resources Australia Ltd (Austral) entered into an agreement with Noranda Pacific No. 2 Pty Ltd (NP2) and Mount Isa Mines Limited (MIM) (both indirect subsidiaries of Glencore plc) to acquire: 100% of the shares in Noranda Pacific Pty Ltd (NPPL), the owner and operator of the Lady Loretta zinc mine in Queensland, from NP2 and MIM; and the exploration permits associated with the Lady Loretta mine from MIM, (together, the Acquisition). The Lady Loretta mine ceased production in 2025. Austral is an Australian-based copper producer headquartered in Queensland. Austral owns and operates a number of copper mines in Australia, including the Lady Annie copper mine which is located 16km south of the Lady Loretta mine. NPPL, NP2 and MIM are indirect wholly-owned subsidiaries of Glencore plc, a multi-national commodity trading and mining company headquartered in Switzerland. Following completion, Austral will assume the progressive rehabilitation obligations of the Lady Loretta mine, and will enter into an offtake agreement with Glencore in respect of future copper products derived from the Lady Loretta tenements.