Altona posts maiden A$14m profit
PERTH (miningweekly.com) – Copper miner Altona Mining has delivered a maiden profit for the six months to December after commercial mining started at its Outokumpu project, in Finland.
The Outokumpu project was commissioned in July last year.
The miner on Thursday reported a net profit after tax of A$14.16-million and earnings before interest and tax of A$9.13-million.
“We are delighted to announce our maiden profit,” said MD Alistair Cowden.
“This result was achieved despite Outokumpu production ramping-up for the first three months of the half year. Surplus cash flow was invested in mine decline development, mine ventilation infrastructure and tailings dam construction in Finland, and advancement of the Roseby project.”
Meanwhile, Altona would spend between A$3-million and A$4-million a quarter on the Outokumpu mine, as it develops to its ultimate depth of 750 m, which was expected to be reached by the end of 2014.
Production for the full year was expected to be between 6 500 t and 7 000 t of copper, and between 6 500 oz and 7 000 oz of gold.
Cowden said the company was also assessing the potential to increase production at Outokumpu by between 40% and 50%, and would make a decision on the expansion following the results of mine extension drilling and a permit for the mill, during the second half of 2013.
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