PERTH (miningweekly.com) – Copper miner Altona Mining has reported its first full year profit of A$12.6-million for the 2013 financial year, after production at its Outokumpu project was commissioned in July last year.
Copper production for the full year reached 7 955 t, while gold production reached 8 192 oz. Underlying earnings before interest reached A$18.3-million.
As part of the full year results, Altona also announced an impairment charge of A$5.5-million on the book value of its nickel resource at the Kuhmo nickel project, which the company said reflected the low nickel price environment and the likelihood that the development or the sale of the asset was low.
The company also recognised some A$13.6-million in tax losses to bring Outokumpu into production.
For the full 2014, Outokumpu was expected to deliver between 7 600 t and 8 400 t of copper and between 8 000 oz and 9 000 oz of gold.
“Our next strategic objective in Finland is to increase the scale of the Outokumpu project and improve our profitability, while in Queensland we will aim to realise value from our investment in the Roseby project by seeking a transaction either through a sale or financing partnership, to maximise value for shareholders,” MD Alistair Cowden said.