Altona Mining Limited: 2015 ANNUAL REPORT - THIRD CONSECUTIVE YEAR OF PROFIT
(firmenpresse) -
2015 ANNUAL REPORT - THIRD CONSECUTIVE YEAR OF PROFIT
Altona Mining Limited (Altona or the Company - http://www.commodity-tv.net/c/mid,3159,Companies_und_Projects/?v=286622) is pleased to release its 2015 Annual Report.
Highlights are:
· Profit before tax of A$33 million for FY2015.
· Sale of Finnish operations to Boliden Mineral AB in October 2014 for A$112 million.
· 15 cents per share returned to shareholders in February 2015 as a 12 cent capital return and a 3 cent dividend.
· Framework Agreement for the formation of a joint venture on the Cloncurry Project with Sichuan Railway Investment Group (SRIG). SRIG to inject US$214 million into the Cloncurry Project.
· SRIG transaction values the Project at US$105 million.
· Cloncurry will be fully funded to production on conclusion of the transaction.
· Share price performed well in a difficult market with the price outperforming peers and up on 12 months prior when accounting for the return to shareholders.
Message from the Chairman, Mr Kevin Maloney
The past year has delivered yet another outstanding performance and third consecutive year of profitability for Altona Mining.
Since I wrote to you last, two transactions were announced: the sale of our Finnish assets to Boliden and the Framework Agreement with Sichuan Railway Investment Group (SRIG) to form a Joint Venture to develop the Cloncurry Copper Project (Cloncurry Project) in Queensland.
In October 2014, Altona completed the sale of its Finland mining operations for A$112 million for which the Company received the London Mines and Money award for best M & A transaction. Altona demonstrated its commitment to its shareholders with A$80 million of these funds returned to shareholders in February 2015. Last year, I wrote about how our Finnish mine was undervalued and now shareholder patience has been rewarded.
Subsequent to the sale of the Finland operations, we focussed on reshaping Altona to husband cash and release value locked in the Cloncurry Project. This approach has resulted in the June 2015 announcement of the proposed joint venture with SRIG whereby SRIG can acquire 60% of the Cloncurry Project by injecting US$214.5 million cash into the project. Combined with Altonas contribution of US$38 million, this will result in a fully funded development of the Little Eva copper gold mine within the Cloncurry Project. Altonas equity share of copper production from the Little Eva Project is forecast to be 17-18,000 tonnes of copper equivalent metal for a nominal cost to Altona.
We are very pleased with the deal structure as the last few years have seen numerous company failures characterised by technical or production glitches triggering major issues with high debt loads. Cloncurry will be developed with a substantial allowance for working capital and overruns and without recourse to debt.
At this time last year our share price was 17 cents. Since that time, shareholders have had 15 cents returned and the share price has ranged from 8.5-11 cents. This represents a significant return and, in addition, Altona has A$45 million in the bank and looks forward to developing Cloncurry at low cost to Altona in partnership with SRIG. We find ourselves stronger and better positioned than ever and still represent compelling value.
Altona is now a smaller company and we have reduced staffing, board and overheads. We have also reduced executive and board salaries. We are sad to say goodbye to Peter Ingram who is retiring from the Board at the AGM. Peter was a founder of the company in 2000 and responsible for acquiring the Cloncurry Project.
Our challenge is to now finalise the SRIG transaction, develop the Little Eva mine and continue to grow the Company such that the true value of Cloncurry is evident in our share price. I hope you will continue with us on what has been an exciting journey to date.
Please direct enquiries to:
Alistair Cowden - -
Managing Director --
Altona Mining Limited - -
Tel: +61 8 9485 2929 - -
altona(at)altonamining.com -
David Tasker
Profess ional Public Relations
Perth
Tel: +61 8 9388 0944
david.Tasker(at)ppr.com.au
Jochen Staiger
Swiss Resource Capital AG
Tel: +41 71 354 8501
info(at)resource-capital.ch
About Altona
Altona Mining Limited is an ASX listed company which recently sold its successful Outokumpu mine in Finland and is now focussed on the Cloncurry Project in Queensland, Australia.
The Cloncurry Copper Project has Mineral Resources containing some 1.65 million tonnes of copper and 0.41 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Altona has completed a Framework Agreement with Sichuan Railway Investment Group to fully fund and develop Little Eva. Little Eva is permitted with proposed annual production(1) of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study was published in March 2014.
Altona Mining is listed on the Australian Securities Exchange and the Frankfurt Stock Exchange.
1Refer to the ASX release Cost Review Delivers Major Upgrade to Little Eva dated 13 March 2014 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.
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Unternehmensinformation / Kurzprofil:
Altona Mining Limited ist ein Kupferproduzent in Finnland und besitzt ein Hauptkupferentwicklungsprojekt in Australien.
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Datum: 23.09.2015 - 01:28 Uhr
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