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ALTONA MINING LIMITED - ASX: AOH
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Description
Altona Mining Limited is a copper mining company with assets in Finland and Australia. Altona is a Perth, Australia based company which is listed on the Australian Securities Exchange and the Frankfurt Stock Exchange. The Company was formed in 2010 following the merger of ASX listed companies, Vulcan Resources and Universal Resources. The Company’s two key assets are the Outokumpu Project in Finland and the Roseby Project in Queensland, Australia.
The Kylylahti mine at Outokumpu is under development and the Luikonlahti Mill is being refurbished. Altona expects to commence production at Outokumpu in early 2012. Altona is targeting production of 8,000t of copper, 8,400 ounces of gold and 1,600 tonnes of zinc annually. There is also potential for substantial nickel and cobalt credits.
Roseby is one of the largest copper resources in Australia and has had a Definitive Feasibility Study completed in 2009. Permitting is nearing completion and Altona is optimising the study to target copper production up to 40,000 tonnes per annum.
Roseby Copper Project
The Roseby Copper Project (Roseby) is located 95km NE of Mt Isa in north-west Queensland, Australia. Altona plans to develop Roseby after the Outokumpu Copper Project in Finland, with production estimated to commence in mid-2014. Roseby is 100% owned by Altona and contains 132 million tonnes of ore grading 0.7% copper and 0.1g/t gold for some 906,000 tonnes of copper metal and 254,000 ounces of gold.
Altona has a agreement with major miner, Xstrata, where prior to June 2012 Xstrata can buy a 51% interest in the project at market value. Xstrata is conducting exploration for large deposits at depth in the central part of the project.
The Roseby Copper Project has been the subject of a Definitive Feasibility Study which envisages the production of 26,000 tonnes per annum of copper and 7,500 ounces per annum of gold for 10 years from a 5Mtpa onen pit mining operation. Environmental and regulatory approvals for construction of this substantial mining operation are well advanced following the acceptance by the regulatory authorities of the Environmental Impact Statement for the project.
The Roseby Project is over 1,400km2 in size and is a major strategic land holding being only 95km northeast of the major mining centre of Mt Isa in northwest Queensland. The Mt Isa area is one of the world’s foremost base metal mining provinces. It is estimated that the area hosts approximately 11% of the world’s zinc, 5% of its silver and 1% of its copper.
Despite the large copper and gold Resources that have already been declared, most drilling at Roseby is limited to the known deposits and is very shallow. The Project remains highly prospective and underexplored. In addition to excellent copper and gold exploration potential, the project is prospective for the discovery of uranium, molybdenum, rare earth elements (REE) and zinc deposits.
Outokumpu Copper Project
The Outokumpu Project is 100% owned by Altona and is situated within Finland’s premier mining district that gave rise to the major steel and process technology companies, Outokumpu Oy and Outotec Oy. The area has 100 years of mining history with three past major base metal mines in the area producing from 1914 to 1989.
Outokumpu lies some 400km north-east of Helsinki. Finland is a well performing euro zone economy and is one of the world premier mining investment destinations ranking ahead of most Australian and Canadian provinces in recent surveys.
The project has declared resources of 15.9 million tonnes of copper dominant polymetallic base metal mineralisation (copper, gold, nickel, zinc, cobalt) (including Kylylahti, Saramäki, Vuonos, Hautalampi and Riihilampi deposits) containing some 156,200 tonnes of copper and 32,300 tonnes of nickel.
A Definitive Feasibility Study was completed in August 2010 and construction of the project has commenced with first production envisaged in early 2012.
The initial development comprises the development of a new underground mine at the 8.4Mt Kylylahti copper-gold-zinc deposit with trucking of ore 43 km to the Luikonlahti regional processing hub 100% owned by Altona. The established Luikonlahti Processing Plant treated Outokumpu type base metal ores for over 15 years and refurbishment of the plant has commenced.
Approximately 150,000 metres of diamond drilling has been completed and forms the basis for Resource estimates. The Kylylahti deposit and surrounding deposits (Saramäki, Vuonos, Hautalampi and Riihilahti) contain:
156,200 tonnes copper
27,800 tonnes cobalt
32,300 tonnes nickel
79,100 tonnes zinc
A minimum of 183,600 ounces gold which was not always assayed
Kuhmo Nickel Project<.p>
The Kuhmo Nickel Joint Venture (“Kuhmo Project”) contains a number of Archean komatiite-hosted nickel sulphide deposits and a large number of highly prospective exploration targets within the Karelian Craton of eastern Finland. The Kuhmo Project is 95% owned by Altona and is a joint venture with Polar Mining Oy (“Polar”). The project has strategic landholding that extends between the regional centres of Kuusamo in the north and Kuhmo 200km to the south.
Mine For
copper, gold, zinc, nickel, cobalt, platinum, palladium
Location of operation(s)
Finland, Queensland
Address
Ground Floor, 1 Altona St
WEST PERTH, WA, Australia
Phone
(61 8) 9486 8400
Website
Last Updated
6/5/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
