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.