Altona is debt free two years early and had another strong quarter of copper production
(firmenpresse) - Altona is debt free two years early and had another strong quarter of copper production
MARCH QUARTER
Copper in concentrates 2,401 tonnes
Gold in concentrates 2,391 ounces
Copper equivalent 2,838 tonnes
C1 cash cost US$2.37/lb
YEAR-TO-DATE
Copper in concentrates (YTD) 7,223 tonnes
C1 cash cost US$1.94/lb
· Debt repaid - Debt repaid two years ahead of schedule. This was funded from cash reserves and by US$8.3 million realised from closing out copper and zinc hedging.
· Little Eva Feasibility improved - A cost review of the May 2012 Definitive Feasibility Study was completed by GR Engineering Services delivering improved outcomes with an all-in cash cost of US$1.96/lb and a low capital intensity of US$6,700 per annual copper tonne at USD:AUD 0.89.
· Resource upgrade at Kylylahti - Resources increased after mine depletion to 161,000 tonnes of contained copper equivalent from a Resource of 8.8 million tonnes at 1.33% copper, 0.78g/t gold and 0.54% zinc.
· Production - The December quarter copper production for the Outokumpu Project was strong. Year to date copper metal production of 7,223 tonnes remains on track to meet upgraded guidance of 9,000-10,000 tonnes.
· Costs - March quarter C1 cash cost of US$2.37 per pound of payable copper was high as forecast due to above average mine development. The June quarter is expected to see an improvement in grade and cash cost performance.
· Cash - Cash balance remains healthy at A$15.8 million after the early repayment of debt.
Half-year result - A profit after tax of A$4.3 million was reported for the December 2013 half-year. This is the third consecutive half-year that Altona has recorded a profit.
ABOUT ALTONA
Altona Mining Limited (ASX: AOH) is a copper producer in Finland and has a major copper development project in Queensland, Australia.
The Outokumpu Project in south-east Finland comprises an underground decline mine and processing plant. Production commenced in 2012 and averages 9,000tpa of copper, 9,000ozpa of gold and 1,600tpa of zinc.
The Little Eva Project near Mt Isa in Queensland has a resource containing 1.52Mt of copper and 0.38Moz of gold. A Definitive Feasibility Study has been completed for a 7Mtpa open pit copper-gold mine and concentrator at Little Eva.
Shares on issue: 532,234,704
Share rights on issue:13,803,729
Cash on hand:A$15.8M
Market capitalisation
at 16 cents per shareA$81M
Altona Mining Limited
ACN: 090 468 018
Ground Floor, 1 Altona Street
West Perth
Western Australia 6005
T: +61 8 9485 2929
E: admin(at)altonamining.com
W: altona(at)altonamining.com
ASX: AOH
Frankfurt: A20
Oslo: ALTM
Please Alistair CowdenJames Harris
direct Managing DirectorProfessional Public Relations
enquiries Tel: +61 8 9485 2929Tel: +61 8 9388 0944
to: altona(at)altonamining.comjames.harris(at)ppr.com.au
Jochen Staiger
Swiss Resource Capital AG - Germany
Tel: +41 71 354 8501
js(at)resource-capital.ch
The full report you can find under the following link: http://www.asx.com.au/asxpdf/20140430/pdf/42p9d51d487q1x.pdf
Leseranfragen:
Altona Mining Limited ist ein Kupferproduzent in Finnland und besitzt ein Hauptkupferentwicklungsprojekt in Australien.
Datum: 01.05.2014 - 11:10 Uhr
Sprache: Deutsch
News-ID 330942
Anzahl Zeichen: 3780
contact information:
Town:
Wien
Kategorie:
Business News
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