Canadian copper company to buy Altona

WITH the Chinese having come and gone and the Australian copper sector having watched idly on the sidelines, the long awaited development of Altona Mining’s Cloncurry copper project is now looking a reality with the acquisition of Altona by Canadian producer Copper Mountain Mining Corp.

Canadian copper company to buy Altona Canadian copper company to buy Altona Canadian copper company to buy Altona Canadian copper company to buy Altona Canadian copper company to buy Altona

The scrip deal will see Altona shareholders end up with 28.5% of a company owning 75% of the Copper Mountain project in British Colombia that annually produces 34,000-38,500 tonnes of copper (plus gold) from a 12-14 million tonne per annum mining and processing operation.

Altona’s planned Cloncurry open cut development in Queensland could produce 39,000tp of copper (plus gold).

Cloncurry is estimated to cost about A$288 million to develop, with Altona having about $34 million cash.

Copper Mountain Mining Corp (CMMC) currently has C$44 million cash on hand, and long-term debt of $288 million.

The current cash costs of CMMC’s copper production is US$1.62 per pound for the a...