https://www.miningweekly.com

Altona pays off debts early

Altona pays off debts early

Photo by Bloomberg

6th January 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Copper miner Altona Mining has more than halved its debt after making an early repayment of $10.45-million on its debt facility, and reducing the balance of the facility from $20.45-million to $10-million.

The miner said on Monday that the debt reduction was funded by $5.05-million in cash and $5.40-million from the closure of the company’s gold hedge book. Copper and zinc hedging would be retained.

“The excellent performance of the Outokumpu project has permitted Altona to accelerate the repayment of its debt. Hedging has been reduced accordingly,” said Altona MD Alistair Cowden.

He noted that the repayment reflected the company’s success in Finland, where production was delivered on time and within budget, and exceeded feasibility forecasts in both tonnes and grade.

“Reserves exceed those available when the operation commenced in early 2012, and will grow further at the next update in February. We are a profitable and cash generative company with the potential for production expansion,” said Cowden.

He added that the company also intended to build on its success in 2014.

Altona now had some $10-million in debt remaining and A$18.52-million cash in hand. The company said that the remaining debt would be amortised over the period ending June 2016. The company also retained a hedge book until that time.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 
ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

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:0.044 0.819s - 110pq - 2rq
Subscribe Now