Austral Resources court approval advances $80.7M takeover

• Austral Resources Australia secured Federal Court approval to move forward with its scheme of arrangement to acquire Hammer Metals.
• Austral shares traded flat at $0.071 following the court's decision to convene a shareholder vote.
• The acquisition aims to expand regional copper consolidation across Queensland mining tenements.

Austral Resources Australia (ASX:AR1) has progressed its proposed $80.7 million acquisition of Hammer Metals (ASX:HMX) after the Federal Court approved convening a shareholder vote.

The decision allows Hammer shareholders to evaluate the scheme of arrangement, following months of regulatory review and competing interest within the sector.

Under the terms, the scheme booklet registered with ASIC will be dispatched to shareholders on or around Oct. 8 ahead of the scheduled Nov. 9 meeting.

The proposed merger comes as Australian mineral explorers seek to scale operations through regional consolidation.

Following the announcement, the Austral Resources Australia share price was unchanged at $0.071.

Austral continues to build out its copper production capacity through targeted asset expansion across Queensland.