Published by Jaroslaw Adamowski
To acquire miner Canada’s Copper Mountain Mining has announced plans to acquire Altona Mining whose key asset is the 100% owned undeveloped open pit Cloncurry Copper Project in Queensland, Australia.
The transaction is estimated to be worth about A$93 million ($70 million), Copper Mountain Mining said.
“Cloncurry currently has a measured and indicated mineral resource containing over 2 billion pounds (0.95 million tonnes) of copper and an inferred resource of 1.6 billion pounds (0.72 million tonnes) of copper,” according to the statement.
Jim O’Rourke, the president and CEO of Copper Mountain Mining, said that “Cloncurry exemplifies the criteria of low-risk, near-term and high quality for which we have been seeking. We intend to progress Cloncurry into production with the aim of doubling [our company’s] copper production profile to the range of 160 million pounds (73,000 tonnes) of copper per annum.”