JOHANNESBURG (miningweekly.com) – Junior Altona Mining’s Cloncurry project, in Queensland, has received amended environmental approval from the Queensland Environment and Heritage department, paving the way for closing a $238.5-million joint venture agreement with Sichuan Railway Investment Group (SRIG).
SRIG will fund the development of the Little Eva copper/gold project, which sits in the Cloncurry project.
Altona reported on Tuesday that an environmental authority for a new mine plan was issued, after the discovery of the Turkey Creek deposit, which was adjacent to planned infrastructure.
The revised plan includes a new openpit mine at Turkey Creek, waste storage from the Turkey Creek mine, an increase in the mine life and total tonnages treated, as well as the relocation and a larger tailings storage facility. The revised approval also allows for a larger flood protection bund and a diversion channel around the Little Eva pit to permit a larger pit.
Altona said it undertook the technical work as part of an agreed budget with SRIG and that the expenditure would be offset against its cash contribution to the JV.