Xstrata’s Roseby option lapses
PERTH (miningweekly.com) - Diversified miner Xstrata’s option over a 51% interest in ASX-listed Altona Mining’s Roseby project has lapsed, allowing the junior to move forward with its development options over the Queensland copper project.
In 2012, Xstrata Copper announced that it would exercise its option to acquire a controlling interest in the Roseby tenement, which includes the Little Eva development project.
However, Altona said on Monday that it had now been informed by the Swiss-listed Xstrata that the major would not be exercising its option.
“Now that the uncertainty of the Xstrata Copper option is resolved, the company is able to move forward to realise value from the project. Altona and its advisers will now progress options for the partnering, financing and development of the project,” said Altona MD Dr Alistair Cowden.
A definitive feasibility study found that the Little Eva project could produce up to 39 000 t/y of copper and 17 000 oz/y of gold from a resource base of 100-million tons at 0.54% copper and 0.1 g/t gold.
The Roseby project also includes an additional 840 000 t of copper in resource, which has yet to be studied, and some 1 400 km2 of tenure with the potential for further copper, gold, zinc and uranium discoveries.
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