Copper Mountain Mining acquires Altona Mining in $93m deal

By Dale Benton
Share
A new “major copper producer” looks set to be born, following an acquisition between two leading exploration companies in Canada. Copper Mountain M...

A new “major copper producer” looks set to be born, following an acquisition between two leading exploration companies in Canada.

Copper Mountain Mining Corporation, producer of over 100 million pounds of copper per year in Canada, has announced that it is set to acquire Altona Mining ltd., combining the wo companies to create a “major” new copper producer.

Copper Mountain Mining Corporation will inherit Altona’s flagship asset, the Cloncurry Copper Project. The project is an undeveloped open pit located in Queensland, Australia and has a mineral resource of over 2 billion pounds of copper.

Related stories:

Read the latest issue of Mining Global here

SSR Mining to significantly expand Seabee Gold Mining operation

Nexans to power world's largest potash mine

BHP Billiton records major milestones at Olympic Dam

 

The transaction, valued at around A$93 million, will see Altona become a wholly owned subsidiary of Copper Mountain Mining Corporation.

For Copper Mountain Mining Corporation, Cloncurry will add to its already strong portfolio, which includes the Copper Mountain Pit Mine in British Columbia. The mine, which is jointly owned y Mitsubishi Materials Corporation, is on track to produce of 75-85 million pounds of copper in 2017.

Share

Featured Articles

Intel Ridding its Supply Chain of Conflict Minerals

Intel first began to work towards responsibly sourced conflict minerals from the Democratic Republic of Congo and adjoining countries about 12 years

IEF on 'Paradox' of Mining's Role in Quest for Clean Energy

International Energy Forum says mining is the 'paradox' at heart of quest for clean energy but recognises the industry is addressing sustainability issues

ABB Reduces its Industrial e-Waste Impact

Leading global engineering company ABB – with strong mining presence – cuts industrial e-waste by promoting reuse and recycling in a push for circularity

Mining Automation Drives Efficiency and Safety Gains

Digital Mining

New Schneider SBS Energy Solution for Mining Sector

Smart Mining

Mining Conflicts Hit Communities As Battery Demand Soars

Sustainability