PERTH (miningweekly.com) – The Australian Federal Court has approved the merger between ASX-listed Altona Mining and TSX-listed Copper Mountain Mining Corporation.
The A$93-million deal, which was launched by Copper Mountain in November, has already been approved by both sets of shareholders.
Copper Mountain was offering 0.0974 of either a chess depositary interest of Copper Mountain or a Copper Mountain common share, for each Altona share held.
The takeover target reported this week that the company’s share trading on the ASX would be suspended from the close of trading on April 4, while trading of Copper Mountain’s chess depositary shares would start shortly.
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.