Copper Mountain Mining acquires Altona Mining in $93m deal
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.
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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.
