https://www.miningweekly.com

Altona's Cloncurry JV agreement amended

14th February 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Copper miner Altona Mining has amended its joint venture (JV) agreement with Chinese partner Sichuan Railway Investment Group (SRIG) over the Cloncurry project, in north-west Queensland.

Altona on Tuesday noted that SRIG has now been replaced as the JV partner by China Sichuan International Investment Company (CSII), which is 50% held by SRIG and 10% owned by its Shanghai-listed subsidiary Sichuan Road and Bridge.

The other shareholders in CSII are State-owned enterprises of the Province of Sichuan, Sichuan Huashi Group and Chengdu XingChen Investment.

CSII will still contribute $213.5-million to the JV and will own 66% of the project, with Altona to contribute $25-million and hold a 34% share.

Altona told shareholders it can meet its contribution obligation from its A$39.9-million cash balance at the end of December, with the companies already having agreed to a $3.1-million expenditure by Altona under an agreed works programme, which will be offset against the obligation.

The JV has been approved by the Chinese regulator and the State-Owned Asset Supervision and Administration Commission of the State Council of the Sichuan Province, and is under consideration for approval by the Sichuan provincial government. The Foreign Investment Review Board is also expected to deliver an approval shortly.

The JV partners intend to develop a seven-million-tonne-a-year openpit mine and flotation plant capable of producing 39 000 t/y copper and 17 000 oz/y of gold over an initial mine life of 11 years.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.117 0.157s - 112pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: