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Altona Mining Limited (ASX: AOH) is a copper mining company with assets until recently in Finland and Australia. Altona is based in Perth, Australia. The Company was formed in 2010 following the merger of ASX listed companies, Vulcan Resources and Universal Resources. The Company’s two key assets were the Outokumpu Project in Finland and the Roseby Project in Queensland, Australia.

In July 2014 AOH entered into an agreement for the sale of all of its Finnish operations and most of its exploration assets in Finland to Boliden Mineral AB (Publ) (“Boliden”), a Swedish base metal miner and smelter in July 2014 subject to AOH's shareholder agreement. Boliden ( currently buys all of Altona’s concentrate products. The total consideration will be approximately US$100 million in cash. This equates to A$106 million at an exchange rate of AUD:USD 0.94. Closing is expected to occur on 1 October 2014 and Altona will return around $80m to shareholders

Altona will retain the Hautalampi Project near Outokumpu but has granted Boliden an option to either mine the Hautalampi deposit in exchange for payment of a 2% Net Smelter Royalty or to purchase the project outright for US$3 million. The option has a 10 year term. Altona will also retain the Sarkiniemi nickel mine.

Following the sale Altona’s core mining asset, if the sale of the Outokumpu Project in Finland is approved, will be the Cloncurry Copper Project near Mt Isa in Queensland which is one of Australia’s largest undeveloped copper projects.

Click image to enlarge

Roseby Copper 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.


  • Located in a world class base metal mining province; skills, infrastructure, 7 major mines in area
  • Strategic tenement position 1,400km
  • 1.52Mt contained copper and 0.41Moz contained gold
  • 266Mt at 0.6% copper, 0.05g/t gold
  • 1.8% lead and 31g/t silver
  • MMG’s Dugald River (63Mt @ 12% zinc eq) excised from Altona’s ground.  $1.5bn capital expenditure planned
  • Roseby-Dugald field is a major mineral deposit cluster
  • Low sovereign risk, mining friendly government in Queensland
  • Excellent infrastructure and skills
  • Management team with proven track record developing copper projects

The first Roseby Project development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Little Eva is fully permitted with proposed annual production1 of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study was updated in March 2014. Altona is engaged in discussions with potential partners to enable the funding of this major development.

AOH has entered into a binding term sheet for an exploration joint venture with Chinalco Yunnan Copper Resources Ltd (“CYU”) (ASX:CYU) where CYU may earn up to a 70% interest in the southern tenements at Altona’s Roseby Project in Queensland, Australia (see map). The joint venture with CYU allows AOH to focus on the extensive northern leases at Roseby (800km2) whilst retaining what is essentially a 30% free-carried interest to a decision to mine in the southern tenements, should CYU complete the joint venture earn-in.

Kuhmo Nickel Project

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)

Queensland, Finland


Level 1, 2 Kings Park Road
WEST PERTH, WA, Australia


(61 8) 9485 2929



Last Updated



The data on Australian 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.