Altona signs JV deal over Roseby
PERTH (miningweekly.com) – ASX-listed Altona Mining has entered into a joint venture (JV) agreement with fellow-listed Chinalco Yunan Copper Resources (CYU) to develop the Roseby copper/gold project, in Queensland.
CYU could earn up to a 70% interest in the Rosbey project, which covers some 704 km2. CYU must spend at least A$1-million on exploration at Roseby during the first two years of the earn-in period, and will earn its first 30% interest in the project by spending A$2-million.
A 60% interest could be earned if CYU spent A$4-million within the five-year period. This shareholding could be taken to 70% if CYU funded and completed a definitive feasibility study and took a decision to mine on the Roseby project.
“Altona is concentrating its efforts at Roseby on the Little Eva development through reviewing and updating the 2012 definitive feasibility study,” said MD Alistair Cowden.
He noted that the company was seeking a transaction to sell, partner or finance Little Eva while minimising dilution to shareholders.
“The JV with CYU allows us to focus on our extensive northern leases at Roseby, while retaining what is essentially a 30% free-carried interest to a decision to mine in the southern tenements, should CYU complete the JV earn-in.”
CYU MD Paul Williams said the Roseby JV was an important step for the company as it was consistent with the objective of gaining a strong presence in the Mount Isa region.
“The Roseby tenure covers a very large area of highly prospective ground that needs to be explored. Using the significant data package that Altona has already compiled, CYU is well placed to commence exploration programmes across this area almost immediately,” he said.
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