Xstrata takes option on Altona copper-gold project
By Barry FitzGerald
SHARES in Altona Mining have shot higher in response to Xstrata exercising an option to acquire a 51 per cent stake in the company’s copper-gold project near Mount Isa in north Queensland.
Xstrata could have walked away from the option at the Roseby-Little Eva project but notified Altona by the June 30 deadline of its intention to exercise, kicking off a process in which the companies will first try to arrive at an agreed price for the 51 per cent stake. Failing that, the price will be determined by an independent expert.