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Altona Mining Ltd.
Summary
| Project: | Cloncurry | |
|---|---|---|
| Deposit: | Bedford | |
| Location: | Australia | |
| Commodities: | Copper-Gold | |
| Date: | 8/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 3-8-2017: Altona Mining Ltd. announces a Feasibility Study report for its Bedford deposit at the Cloncurry project. Feasibility Study results incl. Pre-tax NPV (7.5%) of $462M, IRR of 36%, LOM of 14 years. Altona Mining Limited (“Altona” or “the Company”) | |
| Resources: | (Reserve, P+P): 85.6Mt @ 0.5% Cu, 0.07g/t Au for 426kt Cu, 203.9koz Au contained at project | |
| CP/QP: | [Resources]: A. Cowden, R. Bartsch, G. Ross, F. Browning (Internal) | |
| ABSTRACT: | Altona Mining Limited (“Altona” or “the Company”) today announces an update of the Definitive Feasibility Study (“DFS”) of the Cloncurry Copper Project (“Project”), 90 kilometres north-east of Mt Isa in Queensland, Australia. Altona Managing Director, Dr Alistair Cowden said, “We are delighted with the study update which results in annual operating surplus before tax and sustaining capital of approximately A$141 million. This highlights the value that will be released once the project is developed.” The study has been completed to provide an up to date status of the Project which consolidates and integrates all technical work of prior studies with a number of significant developments since the initial DFS in May 2012 and the update to the DFS in March 2014 that impact on costs, revenues and design. The Little Eva processing plant will have a technically simple crushing, grinding and flotation circuit resulting in the pre-production capital cost including pre-strip, processing plant and associated infrastructure being A$288 million. The operation will produce 150,000 tonnes per annum of readily marketable, clean copper-gold concentrate containing an average of 39,000 tonnes per annum copper and 17,200 ounces per annum gold for the first 5 years of full production. High metal recoveries of 96% copper and 85% gold are achievable at a coarse grind size of 212 microns. The mill feed grade averages 0.6% copper and 0.1g/t gold excluding marginal grade stockpiles | |
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