A major Australian copper explorer and developer has signed an off-take agreement with one of the largest mining companies in the world, a it continues to grow.
Altona Mining, the ASX listed copper developer, has announced that it has entered into an agreement with Glencore for sale of copper-gold concentrates produced at its flagship Cloncurry Copper Project.
The agreement will see Glencore, over a five-year period, receive an offtake from the whole of mine production as well as taking delivery at the project mine gate.
Through the agreement, Altona will “hit the ground running” at Cloncurry.
Altona’s Managing Director Alistair Cowden commented: “We recently announced the acquisition of Altona by Canada’s Copper Mountain Corporation through a Scheme of Arrangement. The parties are collaborating on fast tracking the Cloncurry Project and the announcement of the Offtake agreement with Glencore is one of the milestones we are looking to achieve such that the Cloncurry Project can hit the ground running once the Scheme is completed.”
The Cloncurry Copper Project, located in Queensland, Australia has Mineral Resources containing some 1.67 million tonnes of copper and 0.43 million ounces of gold.
Altona will look to develop 7 million tonnes per annum open pit copper-gold mine and concentrator to meet a proposed annual production of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years.