Kantra Copper Completes Name Change
Kantra Copper is officially changing its name from Hillgrove Resources, a move management says better reflects its focus on copper production and future growth. The South Australian copper producer will also consolidate its shares on a 15-to-1 basis, which will result in a new ASX code, ‘KAN’. Shareholders approved both the name change and the consolidation at a general meeting held on August 17, with the new name formally registered with ASIC.
Trading will continue under the old name and ticker until the consolidation is completed, anticipated by the end of August. Once that process finishes, the new name and code are expected to take effect in early September. Management described the consolidation as a mathematically neutral step designed to bring the share price and register size closer to levels typical for ASX copper producers, adding that no capital raise is being pursued.
Every 15 existing shares will consolidate into one share without altering a shareholder’s proportional ownership of the company. The name Kantra combines ‘Kan’, taken from the Kanmantoo copper mine, with ‘tra’, a variation of the Latin word Terra, meaning earth. The decision to rebrand was partly driven by confusion with the Hillgrove mine in New South Wales, with management arguing the new name aligns more closely with the company’s identity as a copper-focused operator and its modern operating culture.
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While the name change is largely administrative, it signals a strategic shift for the business. The company is an established copper producer at its Kanmantoo mine in the Adelaide Hills and recently entered an agreement to acquire a majority stake in Havilah Resources’ Mutooroo copper development project in the state’s northeast. Under the deal, Kantra can earn up to 80% of the project through a staged farm-in process and the conclusion of a preliminary feasibility study. Phase 1 of the study, which focuses on logistics and metallurgical testwork, is expected to be wrapped up in the December quarter.
Mutooroo holds a sulphide resource totalling 12.53Mt at 1.53% copper, 0.16% cobalt and 0.20 grams per tonne of gold, with mineralisation open along strike and at depth. The Kanmantoo mine has a 3.6 million tonne per annum capacity, which presents an opportunity to source further feed from Mutooroo. Regional exploration is also advancing, with drilling underway at the Kanappa prospect following the receipt of relevant environmental approvals. Two new exploration licences in South Australia were also granted during the June quarter.
Production and financial performance
Kantra recently delivered its fifth straight quarterly increase in production at Kanmantoo, with the mine churning out 3,170 tonnes of copper during the June quarter. Revenue of $63.8 million jumped by 18.4% from the previous three-month period, driven by higher sales, stronger realised copper prices and increased by-product credits from gold production. Operating mine cash flow increased by 60.4% to $23.3 million, lifting cash at hand to $32.2 million at the end of June.
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The company also reached an annualised production run rate of 1.8 million tonnes and approved the development of the Emily Star deposit as Kanmantoo’s third underground mining front. The Kanmantoo facility has a 3.6Mtpa capacity, which presents an opportunity to source further feed from Mutooroo. Under the deal with Havilah, Kantra can earn up to 80% of the project through a staged farm-in and the conclusion of a PFS. Phase 1 of the study is focused on logistics and metallurgical testwork and is expected to be wrapped up in the December quarter.
Mutooroo holds a sulphide resource totalling 12.53Mt at 1.53% Cu, 0.16% Co and 0.20g/t Au, with mineralisation open along strike and at depth. Regional exploration is also advancing, with drilling underway at the Kanappa prospect following receipt of relevant environmental approvals. Two new exploration licences in SA were also granted during the June quarter.
