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...