Shareholders approve Altona/Copper Mountain deal

27th March 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The shareholders of ASX-listed Altona Mining and TSX-listed Copper Mountain Mining Corporation have approved a merger between the two companies.

Copper Mountain in November of last year made a A$93-million play for Altona, with the combination of the two companies resulting in a mid-sized copper company, with a production profile of about 73 000 t/y of copper.

Copper Mountain’s principal asset is the 75%-owned large openpit Copper Mountain mine, near Princeton, in southern British Columbia, which is forecast to produce 34 000 t to 38 500 t of copper this year, while Altona holds the undeveloped Cloncurry copper project, in Queensland.

Altona would now seek orders from the Australian Federal Court to approve the scheme of arrangement at a hearing scheduled for April. The transaction is set to close by mid-April, subject to regulatory approvals.

Edited by Creamer Media Reporter

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