THE BOURSE WHISPERER: Altona Mining (ASX: AOH) 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.
The grant of the amendment is a key condition precedent of a US$238.5 million proposed Joint Venture with Sichuan Railway Investment Group (SRIG).
The planned Little Eva mining project sits within the Cloncurry project, for which 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,” Altona Mining said in its ASX announcement.
The company outlined these changes to be:
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; and
A larger flood protection bund and diversion channel around the Little Eva pit to permit a larger pit.
Altona explained the technical work required was undertaken as part of an agreed budget with SRIG and that this expenditure may be offset against Altona’s cash contribution to the JV.