QIC backs Austral to expand copper processing capacity

QIC has committed additional $15 million through the Queensland Critical Minerals Fund (QCMF) to Austral Resources to increase capacity at its copper processing facility.

The follow-on investment will expand Rocklands from a three to approximately 4.5 million tonnes per annum sulphide processing facility. The Rocklands Copper Project is located in Northwest Queensland and is currently transitioning from care and maintenance on track for a restart in mid-to-late 2027.

Copper is essential to electrification, with uses spanning power grids, electric vehicles, wind and solar generation, construction and electronics.

QCMF fund manager Joshua Risson said the investment demonstrated the fund's conviction in both the strategic importance of the Rocklands asset and the strength of its relationship with Austral Resources.

"The fund's initial investment was based on the opportunity to bring strategically important processing infrastructure back into production," Risson said.

"Since then, Austral has continued to execute against its strategy, giving us confidence to increase QCMF's support as the company progresses to its next phase of growth."

The investment will be structured as a royalty, consistent with QCMF's objective of deploying flexible commercial capital into strategically significant critical minerals infrastructure.

"QIC has been a valued partner throughout our transformation, and this follow-on investment reflects the confidence that has developed through that relationship," Austral Resources chair David Newling said.

Rocklands represents one of the few large-scale sulphide processing facilities in the region capable of accepting third-party material, and expansion of the plant is expected to increase regional processing capacity.

"Rocklands has the potential to become critical regional infrastructure, providing much-needed processing capacity that can unlock stranded copper resources across the Northwest while supporting Austral's own long-term growth," Risson said.

"Processing infrastructure remains one of the key constraints to growing copper production in the region. Expanding Rocklands strengthens Queensland's critical minerals supply chain and creates new opportunities for emerging producers that otherwise lack access to processing capacity."