Altona Mining Limited is pleased to announce it has received an Amended Environmental Authority from the Queensland Department of Environment and Heritage Protection for the Company’s Cloncurry Copper Project near Mt Isa in Queensland.
Highlights:
Key condition precedent to closing of SRIG JV successfully completed
Environmental Authority for new mine plan issued
Mining of Turkey Creek and a larger Little Eva pit approved
The Cloncurry Project is the subject of an US$238.5 million proposed joint venture with Sichuan Railway Investment Group. Refer to ASX release of 2 June 2016 for further information on the SRIG JV.
The grant of the amendment is a key condition precedent to the completion of the SRIG JV.
The planned Little Eva mining project sits within the Cloncurry Project. A revised mine plan layout has been approved.
The key amendments largely flow from the discovery of the Turkey Creek deposit adjacent to planned infrastructure and incorporating that deposit into the mine plan. The changes are:
A new open pit mine at Turkey Creek
Waste rock storage from the Turkey Creek mine
Increase to mine life and total tonnage treated
Re-location and increased capacity of the Tailings Storage Facility
A larger flood protection bund and diversion channel around the Little Eva pit to permit a larger pit
The technical work required was undertaken as part of an agreed budget with SRIG. This expenditure may be offset against Altona’s cash contribution to the joint venture.