Altona and SRIG sign Cloncurry project joint venture agreement

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Image credit: www.altonamining.com

Altona Mining Limited and Sichuan Railway Investment Group (SRIG) have successfully concluded negotiations for the creation of a joint venture to build a new copper-gold mine at Altona’s Cloncurry Project located in north-west Queensland.

Image credit: www.altonamining.com
Image credit: www.altonamining.com

Under the terms of the agreement, the two parties will develop a 7 million tonne per annum open-pit mine and floating plant with a capacity to produce 30,000 tonnes per annum copper and 17,000 ounces gold over an initial mine life of 11 years.

The Cloncurry Project will be owned by a joint venture company named Roseby Copper (JVCo). Altona will be the manager of JVCo for the initial 3-month period of its establishment, after which JVCo will have in place its own management.

SRIG will hold 66% interest in JVCo, while Altona will own the remaining 34%. Altona’s interest in JVCo which will equate to approximately 15,000 tonnes of copper equivalent production.

Adertisement

“We are delighted to announce the finalisation of binding agreement for this major partnership with SRIG on the Cloncurry project,” said Altona’s Managing Director, Dr Alistair Cowden.

“The project is significant for Queensland bringing approximately 300 constructions jobs and when in production it will sustain approximately 280 new direct jobs.”

The Cloncurry Project has Mineral Resources containing some 1.65 million tonnes of copper and 0.41 million ounces of gold.