Inicio » De interés » Altona mining sells down Finland operations

Altona mining sells down Finland operations


Altona Mining is offloading its Finnish operations and most of its assets to Swedish company Boliden Mineral for $106 million.

Boliden agreed to purchase the West Australian mining company’s offshore operations as well as most of its exploration assets in Finland’s Outokumpu region.

Boliden, already a customer of Altona’s concentrates, will pay $US95 million ($101 million) for the assets, and with adjustments for working capital, net debt and net capital expenditure during settlement, the deal would amount to a total of $US100 million ($106 million).

Altona said it expected to have between $120 million and $125 million in cash after all costs.

Its remaining assets will include full ownership of an undeveloped copper mine near Mt Isa, the Little Eva Project, and an interest in a joint copper exploration venture with Chinalco Yunnan nearby.

It will keep two small assets in Finland, one of which Boliden will mine at a 2 per cent net smelter royalty rate, or purchase outright for $US3 million. Altona said once the deal was finalised it would look to either sell or secure a partnership for its Little Eva Project.

It also announced it would seek to reduce corporate overheads as a result of its reduced operations, and stem cash burn.

The agreement is expected to be finalised October, and is conditional on a shareholders approval, to be decided at a general meeting on August 14, and approval by Finnish competition authorities.

The company said benefits to shareholders would include a consideration equivalent to 20c per share, and a 15c per share cash return.

Credit Suisse and Gilbert and Tobin were advisers to Altona.



Exxon Mobil gde

Dejar un comentario

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

×Exxon Mobil
Scroll to Top