Copper Mountain Mining (TSX: CMMC) announced that it has tabled a $70-million, all-share bid for Australia-based Altona Mining (ASX:AOH) and its district-scale Cloncurry copper-gold property, located 95 km northeast of Mount Isa in Queensland.
According to Altona’s updated feasibility study, Cloncurry is a 19,200-tonnes-per-day open pit mine comprised of four copper-gold deposits that would produce 86 million lbs. copper and 17,200 oz. gold annually over a 14-year mine life at cash costs of $1.92 per lb.
In an official statement, Copper Mountain said that if the acquisition comes to fruition, it would be targeting production by 2020 and would likely fund the $217 million capital expenditure requirements of the mine via debt facilities and treasury. Continue Reading →