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Altona Mining: Finnische Betriebsanteile für 95 Mio. USD verkauft

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Finnische Betriebsanteile für 95 Mio. USD verkauft

30. Juli 2014

Juniquartal

Kupfer im Konzentrat                                           3.030 Tonnen

Gold im Konzentrat                                                2.429 Unzen

Kupfer-Äquivalent                                                3.533 Tonnen

C1 Betriebskosten                                 1,79 USD/Pfund Kupfer

Produktion im Jahresvergleich

Kupfer in Konzentraten (YTD)                             10.253 Tonnen

C1 Betriebskosten                                 1,89 USD/Pfund Kupfer

-              Finnische Betriebsanteile verkauft - Outokumpu und andere finnische Betriebsanteile wurden vorbehaltlich der Genehmigung der Aktionäre für 95 Mio. USD verkauft. Der Gesamtpreis wird bei Abschluss nach Anpassungen auf 100 Mio. USD geschätzt.

-              Barauszahlung an Aktionäre - das Unternehmen beabsichtigt eine Auszahlung an die Aktionäre von bis zu 15 Cents pro Aktie. Die Auszahlungsart wird nach Erhalt einer Entscheidung der australischen Steuerbehörde festgelegt.

-              Vorratserhöhung auf Kylylahti - bereinigt um den bisherigen Abbau per 31. Dezember 2013 erhöhten sich die Vorräte auf 97.400 Tonnen enthaltenes Kupfer-Äquivalent aus 4,558 Mio. Tonnen Erz mit 1,66 % Kupfer, 0,83 g/t Gold und 0,62 % Zink.

-              Produktion - die Kupferproduktion des Outokumpo-Projekts im Juniquartal war stark. Die vollständige Kupferproduktion im Geschäftsjahr 2014 von 10.253 Tonnen übertraf die aktualisierte Prognose von 9.000 bis 10.000 Tonnen.

-              Kosten - im Juniquartal betrugen die C1 Betriebskosten 1,79 USD/Pfund Kupfer und lagen damit beachtlich unter den Kosten des vorherigen Quartals (2,37 USD/Pfund Kupfer). Die Gründe dafür sind höhere Gehalte und niedrigere Minenentwicklungskosten.

-              Barmittel - die Barmittel liegen weiterhin bei soliden 18,1 Mio. AUD.

Roseby - das Unternehmen sucht für Roseby einen Partner oder einen Verkauf. Eine Anzahl von interessierten Parteien sind im Datenraum und während des Quartals wurden Projektbesichtigungen durchgeführt.

Outokumpu Betriebe

Absoluter Quartalsrekord der Kupfer-produktion. Kupfergehalte liegen in diesem Quartal höher. Im Jahres-vergleich stehen Kupfergehalte im Einklang mit Vorrats-durchschnitt

Produktionsstatistik

Metrisch

dieses

Quartal

letztes

Quartal

Jahr bis dato

Abgebautes Erz

Tonnen

161,830

159,393

656,121

Kupfer (%)

1.88

1.62

1.70

Gold (g/t)

0.62

0.61

0.66

Zink (%)

0.72

0.63

0.70

Aufbereitetes Erz

Tonnen

159,539

166,313

654,779

Kupfer (%)

2.00

1.56

1.68

Gold (g/t)

0.57

0.58

0.62

Zink (%)

0.72

0.67

0.72

Ausbringung

Kupfer (%)

94.9

92.5

93.0

Gold (%)

82.6

76.8

77.1

Zink (%)

48.6

45.6

49.3

Metall in Konzentraten

Kupfer(t)

3,030

2,401

10,253

Gold (oz)

2,429

2,391

10,117

Zink (t)

561

508

2,319

Silber (oz)

19,631

17,379

74,658

Kupfer-Äquivalent

Tonnen

3,533

2,838

12,501

Verkauf

Geliefertes Kupferkonzentrat

Tonnen

14,406

11,438

48,653

Enthaltenes Metall

Kupfer (t)

3,056

2,421

10,344

Gold (oz)

2,433

2,334

10,087

Silber (oz)

19,995

17,136

76,257

Geliefertes Zinkkonzentrat

Tonnen

1,071

1,134

4,711

Enthaltenes Metall

Zink (t)

511

534

2,229

Erzielter Preis*

Kupfer

USD/lb

3.22

3.36

3.24

Gold

USD/oz

1,294

1,265

1,362

Silber

USD/oz

19.76

19.94

20.90

Zink

USD/lb

0.90

0.86

0.85

Einnahmen**

Kupfer

USD Mio.

20.52

15.63

70.09

Gold

USD Mio.

2.50

2.31

11.49

Silber

USD Mio.

0.87

0.84

3.47

Zink

USD Mio.

0.12

0.09

0.60

Gesamt

USD Mio.

24.01

18.87

85.65

*              Erzielter Preis schließt alle erzielten und nicht erzielten kurz und langfristigen Hedgebuchgewinne und Verluste (ausgenommen Auflösung des Gold-Hedgebuches) ein. Beträge könnten einstweiligen Preisanpassungen unterliegen, die durch Absicherung der jeweiligen Kursperiode abgeschwächt wird

**              Einnahmen vor Verarbeitungs- und Affinierungsgebühren

Die vollständige Meldung finden Sie hier:

Die vollständige Meldung finden Sie hier:

http://www.asx.com.au/asxpdf/20140730/pdf/42r3dtdxjg83d8.pdf

Safety, Environment and People  Es geht in Englisch weiter!

Safety performance not at satisfactory level

There were three Lost Time Incidents in the quarter. Two of these occurred at the Kylylahti mine and were related to back and knee strains of underground miners resulting in a few days of sick leave. The third incident occurred at the Luikonlahti cobalt - nickel dam construction site where a truck tipped over and the driver hurt his ankle fortunately with no long-term consequences.

As a result of the disappointing safety performance the rolling 12 months Lost Time Injury Frequency Rate has increased to 16 from 12 in the previous quarter. 

The Total Recordable Injury Frequency Rate is down 20% compared to the same time last year (calculated based on the  number of injuries per 1,000,000 hours worked representing medical treatment cases, restricted work day cases and lost time injuries for employees and contractors).

Monitoring to detect asbestiform minerals in the mine is continuing and all necessary actions have been taken to ensure safe working conditions. The decline location has been relocated to the footwall of the orebody from 530 metres depth where rocks do not contain asbestiform minerals and thus avoiding a recurrence of the problem.

There were no reportable environmental incidents during the quarter.

Altona has 252 employees and contractors in Finland and 12 employees in Australia.

Production and Cost Performance

Altona makes daily deliveries of copper-gold concentrate to New Boliden?s copper smelter at Harjavalta on the south-west coast of Finland and delivers zinc concentrate to New Boliden at Kokkola as production allows.  Copper concentrates were delivered without incident or penalty.  Zinc concentrates incur modest penalties for low grades and iron and cobalt content.

Copper and gold production levels exceeded the revised guidance. Excellent volumes were maintained at both mine and mill. Metal production continues to trend up.

Quarterly Production of Metal in Concentrate and Cash Cost by Quarter

30072014_DE_Quarterly ended 30 June 2014_prcom.001

*C1 cash cost calculated per Brook Hunt methodology.

June quarter cash costs decreased

In the June quarter C1 cash costs decreased from the previous quarter due to record copper production. Copper head grade for the June quarter was above average resulting in improved cost performance as expected.

Cost Performance

This Quarter (US$M)

This

Quarter

(US$/lb)

Year

to Date

(US$/lb)

Mining costs

7.16

1.11

1.21

Ore trucking costs

1.08

0.17

0.20

Site processing costs

3.41

0.53

0.61

TC/RC and transport

2.95

0.45

0.43

Other cash costs

0.68

0.11

0.12

Net gold, silver and zinc credits

(3.73)

(0.58)

(0.68)

C1 Cash cost per pound payable copper*

1.79

1.89

Capital expenditure

4.02

0.62

0.78

Financing costs

0.39

0.06

0.06

Total Expenditure (capital and operating)

15.96

2.47

2.73

Note:  No royalties are payable in Finland.

*               Based on invoiced prices, and excluding hedge settlements (subject to finalisation of provisional pricing).

Unit cost performance in the local currency (Euros) remained slightly elevated at ?59 per tonne of ore milled.  Lower mine development costs, as forecast for the quarter, were offset by increased backfilling expenses associated with the higher quality cemented frock fill required by transverse stoping. A review of the backfilling methodology and costs is currently underway.

Total capital expenditure at the mine for the quarter was US$2.4 million of which approximately US$1.9 million was for decline and level development. This was 17% less than in the previous quarter due to reduced utilisation of contractors for mine development. Expenditure on ventilation, water management and electrification totalled US$0.4 million. Discretionary spending of US$0.1 million, mainly related to installation of an electricity backup connection and a second communication system for the mine.

Capital expenditure at the mill for the quarter totalled US$1.6 million, the majority of which related to the construction of the new cobalt-nickel concentrate storage dam. The forecast total cost for Stage 1 of the dam is estimated to be US$5.4 million (?4 million) of which approximately US$2.8 million remains to be spent next financial year. US$0.3 million was spent on miscellaneous discretionary items.

Production Guidance

Production and cost guidance for the financial year 2015 is not offered as the operations are likely to be managed by Boliden from the second quarter of the financial year. Should Altona continue to own and manage the mine, guidance would be similar to the performance for the 2014 year just completed.

Production Comments

Mine production volumes were excellent

Ore production was higher than planned for the quarter. The copper grade of 1.88% was slightly below expectations due to the sequence in which stopes were extracted.

Six stopes were completed and five were filled during the quarter. Two new stopes were in production at the end of the period. On average one to two stopes were open at any point in time.

Mine is 605 metres deep

Some 606 metres of decline and level development were completed in the quarter and mine development is now down to 605 metres below surface. No new vertical development (ventilation raises) were completed during the quarter. The decline is planned to reach its final depth of 800 metres in 2017. However, given the results of deeper drilling, it is expected that mining will continue to greater depths.

Successful commencement of transverse mining at the lower Wombat orebody

The first two transverse stopes (440ppL6 and 440ppL4) were mined without incident in the Wombat ore zone. The new mining method brings increased flexibility and certainty to stoping activities including better control of ore recovery and dilution rates. Preparations for transverse stoping require more level development compared to longhole stoping which was used for the narrower Wallaby zone.

Rock conditions in the deeper parts of the mine are good but local weaker zones have resulted in additional ground support works being required which impacts on development advance rates. During the quarter the decline contractor?s new bolting jumbo commenced operations in order to meet the demand for rock support.

Good mill performance

The Luikonlahti processing plant operated at a rate controlled by ore availability and throughput matched the mine?s output for the quarter.

Feed rate averaged 80tph for the quarter relative to the 69tph design. Utilisation averaged 92% including a five-day planned shutdown for a rod mill liner change. The mill operated at an annualised rate of 654,000 tonnes for the year just completed relative to 550,000 tonnes per annum design. This represents a 18% outperformance.

Significant improvement in copper and gold recoveries

Copper recovery improved significantly from design levels of 92.5% in the previous quarter to 94.9%. This was due to a higher than average copper head-grade and also the successful modification of the copper circuit. Gold recovery also improved in tandem with copper to 82.6% compared to 76.8% in the previous quarter. Design recovery is 72%. Copper-gold concentrate grade was 21% copper.

Zinc recovery and concentrate grade of 48.6% and 47.9% zinc, respectively, were slightly below design of 50% but improved from the previous quarter. Relocation of the final zinc cleaner to a location more easily monitored and the addition of on-stream analysis to the zinc circuit assisted in its operation.

Mineralogical studies have continued to provide a better understanding of gold losses in the circuit, which is important in light of the requirement to process ore from zones of high gold and modest copper grade that have been delineated in the past year.

Cobalt-nickel concentrate storage dam on schedule and a new environmental permit granted

Construction of a new cobalt-nickel concentrate storage dam continued in the quarter according to the planned schedule. The dam is required to ensure capacity is available in early 2015 when the current dam will be filled.

An environmental permit to allow processing of 800,000 tonnes per annum from a variety of ore sources, and to operate the new concentrate dam, was granted in early July; the period for community appeals closes on 8 August 2014. The terms of the Permit were as expected and will allow the mill to operate according to existing plans.

Cobalt-nickel treatment pre-feasibility study completed

Processing cobalt-nickel concentrate to produce a commercial product has previously been examined at a pre-feasibility level utilising Xstrata Technology?s Albion Process.  A mixed cobalt-nickel-copper hydroxide was produced which would be readily saleable to refineries.

During the quarter Outotec completed a similar pre-feasibility study based on their atmospheric chloride leach technology. The study comprised bench scale test work, process engineering, and estimates of both operation and capital costs at +/-35% accuracy. The study confirmed technical viability of the chloride leach technology but both capital and operating cost were higher than expected. 

Resource and Reserves

Reserves now exceed pre-mining estimates

An update of Ore Reserve was released for Kylylahti during the quarter (7 May 2014). This was the regular update of Ore Reserves that Altona undertakes in conjunction with annual and half year reporting. The estimate was carried out based on the Mineral Resource estimate reported on 26 March 2014.

The Ore Reserve estimate for the Kylylahti mine reflects depletion to 31 December 2013 and highlights are:

- 4.55 million tonnes at 1.66% copper, 0.83 g/t gold and 0.62% zinc.

- Contained metal of 75,651 tonnes of copper, 121,915 ounces of gold and 28,032 tonnes of zinc.

- Contained copper is up 13% from June 2013 after mine depletion.

- The reserve estimate is higher in tonnes, grade and contained metal than the August 2010 pre-production reserve estimate.

Additions to the ore reserve have come mainly from resource extensions in the deeper parts of the mine.

Kylylahti Resource Development and Exploration

Infill drilling continues to confirm Resource models

Definition drilling focused on mining levels 470, 500 and 530 in order to increase the certainty of short-term production and to define hanging wall gold ore shoots.

Definition drilling on the upper part of Wombat returned similar thick intersections as reported in the previous quarters; best intercepts are 20.4 metres at 4.0% copper, 66.9 metres at 1.6% copper and 25.3 metres at 2.6% copper in KU-480B, KU-20 and KU-481 respectively.  

Hole

From

(m)

Width

(m)

Copper

(%)

Gold

(g/t)

KU-20

203.1

66.9

1.6

1.2

KU-480B

86.0

20.4

4.0

1.3

KU-446

70.0

13.0

2.8

0.6

KU-448

87.0

28.0

1.8

0.6

KU-506

24.0

6.3

3.1

0.7

KU-481

77.0

25.3

2.6

0.8

KU-482

42.0

58.4

1.5

1.4

KU-507

21.2

6.5

3.3

0.6

Drillhole intersections are reported using 0.4% copper cut-off and 2 metres minimum width. Table shows the best intersections of the quarter.

Definition drilling of the hanging wall gold shoots returned several good intersections including 15 metres at 3.9g/t gold, 8 metres at 4.6g/t gold and 7 metres at 4.1g/t gold.

Hole ID

From

Width

Gold

Copper

(m)

(m)

(g/t)

(%)

KU-484

37.0

15.0

3.9

0.1

KU-486

51.0

7.0

4.1

0.1

KU-487

15.6

7.8

4.7

0.1

KU-490

48.0

12.0

5.4

0.1

KU-489

24.0

11.0

3.1

0.2

KU-488

82.0

8.3

2.6

0.5

KU-485

46.0

17.0

2.0

0.2

Drillhole intersections are reported using 1.0g/t gold cut-off and 2 metres minimum width. Table shows the best intersections of the quarter.

Down hole geophysical EM surveys were completed during the quarter in order to investigate depth extensions of the Kylylahti orebody. The survey program utilised three of the deep drilling campaign Phase 1 drillholes: KE-1, KU-903 and KU-904. Interpretations on the survey results are still pending.

Little Eva Project

The 100% owned Little Eva Copper-Gold Project is 90 kilometres north-east of Mt Isa and 11 kilometres north of MMG?s $1.2 billion Dugald River zinc mine.  The project sits within granted mining licences and native title agreements and environmental authority are in place.

A Definitive Feasibility Study ('DFS?) on the Little Eva Project was released in May 2012 and was updated in March 2014.

Partnering process continues

The process to sell, partner or finance the Little Eva Project continues. A number of parties are active in the data room, have visited site and conducted due diligence studies.  Dialogue with these parties continues. 

Resource estimate update

An update of the resource estimate for the Little Eva deposit was completed during the quarter. The estimate is based upon a new geological model derived from an extensive programme of re-logging and data validation. There has been no new drilling and there is no material change from the previous estimate which was reported on 19 December 2011.

The new estimate has increased contained copper metal by 2% and contained gold by 4% and total tonnage by 6%. Confidence in the estimate has improved with 78% of tonnage now in the Measured and Indicated categories, up from 69% in the 2011 estimate. Both estimates exclude oxide mineralisation.

The updated Little Eva resource at a 0.2% copper cut-off grade is tabulated below:

Tonnes

(million)

Copper

(%)

Gold

(g/t)

Contained Copper

(tonnes)

Contained Gold

(ounces)

Measured

37.1

0.60

0.09

222,000

112,000

Indicated

45.0

0.46

0.08

205,000

108,000

Inferred

23.9

0.50

0.10

119,000

75,000

Total

105.9

0.52

0.09

546,000

295,000

For full description of the assessment and reporting criteria used in the estimation see ASX release dated 27 May 2014.

Roseby South Joint Venture

Chinalco Yunnan Copper Resources Ltd continued exploration activities to earn an interest in the Roseby South Project. Exploration during the quarter included orientation soil sampling at Companion and infill RC drilling at the Millenium prospect partially within the Roseby South joint venture area. Highlights included 13 metres at 0.53% copper, 0.31% cobalt and 0.24g/t gold.

Corporate

Sale of Finnish Assets to Boliden

On 8 July 2014, Altona announced it had entered into an agreement for the sale of all of its Finnish operations and most of its exploration assets in Finland to Boliden Mineral AB (Publ) ('Boliden?), a Swedish base metal miner and smelter ('Transaction?).  Boliden (www.boliden.com) currently buys all of Altona?s concentrate products.

The Transaction

The consideration for the Transaction will be US$95 million for the assets together with adjustments for working capital, net debt and net capital expenditure during the settlement period.  Based upon current estimates the total consideration will be approximately US$100 million in cashThis equates to A$106 million at an exchange rate of AUD:USD 0.94. Closing is expected to occur on 1 October 2014. At closing US$10 million will be held in an escrow account pending the determination of the final consideration which will be adjusted to reflect the actual movements in working capital, net debt and net capital expenditure during the settlement period. 

The Transaction is conditional upon, amongst other things, the approval of Altona shareholders at a General Meeting to be held on 20 August 2014.  A simple majority of those voting in person or by proxy is required to pass the resolution.  The Transaction was also dependent on the approval of Finnish competition authorities.  This approval has been granted. 

The material terms of the agreement are set out in the ASX release of 14 July 2014.

Upon closing of the Transaction it is expected that Altona will have between A$120 and A$125 million in cash after all costs.  It is anticipated that the Company will have sufficient tax losses to cover any tax liability arising from the Transaction.

Return to Shareholders

The Company intends to make a cash payment to shareholders of up to 15 cents per share, which equates to approximately A$80 million in total.  The form of the payment will be determined after the receipt of a public tax ruling from the Australian Taxation Office.

Should the Transaction be approved at the General Meeting, and if required, shareholders will be asked to approve the capital management initiatives proposed to be undertaken by Directors at a further General Meeting to be called after the tax ruling is received.  Any cash return to shareholders is conditional on the Transaction being completed.

Retained Assets in Finland

Altona will retain the Hautalampi Project near Outokumpu but has granted Boliden an option to either mine the Hautalampi deposit in exchange for payment of a 2% Net Smelter Royalty or to purchase the project outright for US$3 million.  The option has a 10 year term.  Altona will also retain the Sarkiniemi nickel mine.

Provisional Timetable

- 20 August 2014:  General Meeting of shareholders to approve the Transaction.

- 1 October 2014:  Completion of the Transaction. *

- October - November 2014:  General Meeting of shareholders to approve the return of capital. *

- December 2014:  Proposed cash distribution to shareholders. *

* Dates are estimates.

Cash

Strong cash balance of A$18.1 million

The Company has A$18.1 million in cash, receivables from concentrate sales stand at A$9.8 million and ROM and concentrate inventories stand at A$0.7 million at the end of the quarter. The cash balance is up from A$15.8 million in the prior quarter reflecting a positive cash flow in operating activities.

Cash movements for the quarter are tabulated below:

A$ (millions)

Opening cash (1st April)

15.8

Proceeds from concentrate sales

23.1

Outokumpu operating costs

(13.3)

Sustaining capital expenditure *

(4.1)

Finance costs and debt repayment

(0.5)

Roseby activities

(0.5)

Overheads/Corporate

(1.6)

Interest received and other **

(0.8)

Closing cash position (30th June)

18.1

*   Sustaining capital includes mine decline development and tailings dam costs, etc.

** Other includes exchange rate adjustments.

Please note an Appendix 5B disclosure as required by ASX for exploration entities is enclosed.  The forecast cash expenditure for the next quarter is required to be presented in a form that excludes all revenues and does not reflect actual predicted cashflows.

Hedging

Altona has the following commodity hedges in place at 30 June 2014:

Month

Copper

(tonnes)

Copper (US$/t)

Gold

(ounces)

Gold

(US$/oz)

August

400

6,903

150

1,320

September

420

6,892

150

1,325

Total

820

300

At the time of writing, the copper price was US$7,125 per tonne.

The Company also undertakes short-dated (3 months) hedging to secure revenue for the period (Quotational Period) between the receipt of the provisional invoice for concentrate sales and the final pricing.  Realised and unrealised gains and losses on Quotational Period hedging have been included in the realised prices per commodity shown in page 2. Altona has realised a loss of US$0.7 million on these hedges for the quarter.

Share Price Activity on ASX

Quarter open              0.17¢

High              0.175¢

Low              0.145¢

Quarter close              0.16¢

Average daily volume               192,684

Competent Persons Statement and JORC Compliance

Competent Persons Statement: The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG and Dr Iain Scott PhD Min. Processing, BSc Met. (Hons). Dr Cowden and Dr Scott are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ?Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Dr Cowden and Dr Scott consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Little Eva Project production target and forecast financial information: Information in this release refers to a production target and the forecast financial information derived from a production target as disclosed to the market in the ASX release 'Cost Review Delivers Major Upgrade to Little Eva? dated 13 March 2014, which 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.

Copper equivalence:  When used, copper equivalent refers to copper in concentrate produced, or planned to be produced.  It does not refer to metal contained within insitu resources, reserves or drill results.  The copper equivalent grade is calculated by factoring the copper grade by reserve from all metals (NSR) being copper, zinc, gold and silver.

Please direct enquiries to:

Alistair Cowden

Managing Director

Tel: +61 8 9485 2929

altona@altonamining.com

James Harris

Professional Public Relations

Tel: +61 8 9388 0944

james.harris@ppr.com.au

Jochen Staiger

Swiss Resource Capital AG - Germany

Tel: +41 71 354 8501

js@resource-capital.ch

See ASX release of 27 May 2014 (Little Eva), 26 July 2011* (Longamundi, Great Southern, Caroline and Charlie Brown), 23 April 2012* (Bedford, Ivy Ann and Lady Clayre), 03 July 2012* (Blackard and Scanlan) and 22 August 2012* (Legend) for full details of resource estimation methodology and attributions.

Note:  All figures may not sum exactly due to rounding.

Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off grade.

*  This information was prepared and first disclosed under the JORC Code 2004.  It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Table 1:  Resource Estimates for the Roseby Project

DEPOSIT

TOTAL

CONTAINED

METAL

MEASURED

INDICATED

INFERRED

Tonnes

Grade

Copper

Gold

Tonnes

Grade

Tonne

Grade

Tonnes

Grade

million

Cu

%

Au

g/t

tonnes

ounces

million

Cu

%

Au

g/t

million

Cu

%

Au

g/t

million

Cu

%

Au

g/t

COPPER GOLD DEPOSITS

Little Eva

105.9

0.52

0.09

546,000

295,000

37.1

0.60

0.09

45.0

0.46

0.08

23.9

0.50

0.10

Ivy Ann

7.5

0.57

0.07

43,000

17,000

-

-

-

5.4

0.60

0.08

2.1

0.49

0.06

Lady Clayre

14.0

0.56

0.20

78,000

85,000

-

-

-

3.6

0.60

0.24

10.4

0.54

0.18

Bedford

1.7

0.99

0.20

17,000

11,000

-

-

-

1.3

1.04

0.21

0.4

0.83

0.16

    Sub-total

129.1

0.53

0.10

684,000

409,000

37.1

0.60

0.09

55.3

0.49

0.09

36.7

0.51

0.12

COPPER ONLY DEPOSITS

Blackard

76.4

0.62

-

475,000

-

27.0

0.68

-

6.6

0.60

-

42.7

0.59

-

Scanlan

22.2

0.65

-

143,000

-

-

-

-

18.4

0.65

-

3.8

0.60

-

Longamundi

10.4

0.66

-

69,000

-

-

-

-

-

-

-

10.4

0.66

-

Legend

17.4

0.54

-

94,000

-

-

-

-

-

-

-

17.4

0.54

-

Great Southern

6.0

0.61

-

37,000

-

-

-

-

-

-

-

6.0

0.61

-

Caroline

3.6

0.53

-

19,000

-

-

-

-

-

-

-

3.6

0.53

-

Charlie Brown

0.7

0.40

-

3,000

-

-

-

-

-

-

-

0.7

0.40

-

    Sub-total

136.7

0.61

-

840,000

-

27.0

0.68

-

25.0

0.64

-

84.7

0.59

-

TOTAL

265.8

0.57

0.05

1,524,000

409,000

64.1

0.63

0.05

80.3

0.54

0.06

121.4

0.56

0.04

See ASX release of 27 May 2014 (Little Eva), 26 July 2011* (Longamundi, Great Southern, Caroline and Charlie Brown), 23 April 2012* (Bedford, Ivy Ann and Lady Clayre), 03 July 2012* (Blackard and Scanlan) and 22 August 2012* (Legend) for full details of resource estimation methodology and attributions.

Note:  All figures may not sum exactly due to rounding.

Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off grade.

*  This information was prepared and first disclosed under the JORC Code 2004.  It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Table 2:  Kylylahti Resource Estimate, December 2013

Tonnes

(m)

Cu

                            (%)

Au

(g/t)

Zn

(%)

Co

(%)

Ni

(%)

Measured

1.2

1.19

0.48

0.56

0.22

0.19

Indicated

7.2

1.35

0.77

0.53

0.24

0.23

Inferred

0.5

1.38

1.71

0.54

0.27

0.24

TOTAL

8.8

1.33

0.78

0.54

0.24

0.22

Metal Tonnes

117,480

222,600oz

47,400

21,350

19,680

See ASX release dated 26 March 2014 for JORC 2012 Compliance.

Table 3:  Kylylahti Ore Reserves, December 2013

Tonnes

(m)

Cu

(%)

Au

(g/t)

Zn

(%)

Co

(%)

Ni

(%)

Proven Ore Reserves

0.6

1.43

0.66

0.66

0.23

0.15

Probable Ore Reserves

4.0

1.70

0.86

0.61

0.27

0.16

TOTAL

4.6

1.66

0.83

0.62

0.26

0.16

Metal Tonnes

75,651

122,000

28,000

12,000

7,400

See ASX release dated 7th of May 2014 for JORC 2012 Compliance. 

Resources are inclusive of ore reserves.

Table 4Outokumpu Resources, December 2013

Deposit

Classification

Tonnes

(m)

Cu

(%)

Au

(g/t)

Zn

(%)

Co

(%)

Ni

(%)

Kylylahti

Measured

1.2

1.19

0.48

0.56

0.22

0.19

Indicated

7.2

1.35

0.77

0.53

0.24

0.23

Inferred

0.5

1.38

1.71

0.54

0.27

0.24

TOTAL

8.8

1.33

0.78

0.54

0.24

0.22

Saramäki           

Inferred

3.40

0.71

-

0.63

0.09

0.05

Vuonos

Inferred

0.76

1.76

-

1.33

0.14

-

Hautalampi

Measured

1.03

0.47

-

0.06

0.13

0.47

Indicated

1.23

0.30

-

0.07

0.11

0.42

Inferred

0.90

0.30

-

0.10

0.10

0.40

Total

3.16

0.36

-

0.07

0.11

0.43

Riihilahti            

Indicated

0.14

1.69

-

-

0.04

0.16

Valkeisenranta  

Indicated

1.54

0.29

-

-

0.03

0.71

Särkiniemi         

Indicated

0.10

0.35

-

-

0.05

0.70

TOTAL                                             

17.94

0.97

0.39

0.45

0.16

0.26

See Vulcan ASX Release of 16 November 2009 for JORC 2004 compliance for deposits other than Kylylahti.  This release can be found on the Finland Resource and Reserve estimates page of Altona?s website: www.altonamining.com. There has been no annual review of the Outokumpu area resources other than Kylylahti.  Estimation for all of these deposits under the 2012 version of the JORC code is underway.

The ASX releases referenced in Tables 1 through 4 are on the Altona website at www.altonamining.com.  The Company confirms that it is not aware of any new information or data that materially affects the information included in the most recent market announcement for each deposit and, in the case of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.  The Company confirms that the form and context in which the Competent Person?s findings are presented have not materially modified from the original market announcement:

Name of entity

ALTONA MINING LIMITED

ABN                            Quarter ended ('current quarter?)

35 090 468 018

30 June 2014

Consolidated statement of cash flows

Cash flows related to operating activities

1.1              Receipts from product sales and related debtors

              23,063

              82,174

1.2              Payments for              (a)              exploration and evaluation

              (610)

              (3,532)

                                          (b)              development **

              (4,556)

              (14,692)

                                          (c)              production

              (12,769)

              (48,487)

                                          (d)              administration (Finland & Australia)

              (1,671)

              (7,538)

1.3              Dividends received

              -

              -

1.4              Interest and other items of a similar nature received

              60

              192

1.5              Interest and other costs of finance paid

              (369)

              (2,334)

1.6              Income taxes rebate

              -

              37

1.7              Other*

              (912)

              14,085

              Net Operating Cash Flows

              2,236

              19,905

              Cash flows related to investing activities

1.8              Payment for purchases of:              (a)              prospects

              -

              -

                                          (b)              equity investments

              -

              -

                                          (c)              other fixed assets **

              418

              (6,034)

1.9              Proceeds from sale of:              (a)              prospects

              -

              -

                                          (b)              equity investments

              -

              -

                                          (c)              other fixed assets

              -

              -

1.10              Loans to other entities

              -

              -

1.11              Loans repaid by other entities

              -

              -

1.12              Other

              -

              -

              Net investing cash flows

              418

              (6,034)

1.13              Total operating and investing cash flows (carried forward)

              2,654

              13,871

* Predominantly includes gain from close out of copper, gold and zinc hedge (December 2013 and March 2014) and VAT/GST received.

** Allocation error in March quarterly. YTD amount spent in relation to other fixed assets is A$6.0 million, amount spent in current quarter is A$0.6 million.

              Cash flows related to financing activities

1.14              Proceeds from issues of shares (net of costs)

              -

              -

1.15              Proceeds from sale of forfeited shares

              -

              -

1.16              Proceeds from borrowings

              -

              -

1.17              Repayment of borrowings

              -

              (22,321)

1.18              Dividends paid

              -

              -

1.19              Other

              -

              -

              Net financing cash flows

              -

              (22,321)

              Net increase (decrease) in cash held

              2,654

              (8,450)

1.20              Cash at beginning of quarter/year

              15,834

              26,093

1.21              Exchange rate adjustments to 1.20

              (412)

              433

1.22              Cash at end of quarter

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

1.23              Aggregate amount of payments to the parties included in item 1.2

1.24              Aggregate amount of loans to the parties included in item 1.10

1.25              Explanation necessary for an understanding of the transactions

Payment of executive and non-executive directors? fees, salaries and superannuation during the quarter.

Non-cash financing and investing activities

2.1              Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

N/A

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1              Loan facilities(*)

-

-

3.2              Credit standby arrangements

-

-

(*) The Credit Suisse senior debt facility was fully drawn down in March 2012 as a component of the funding package to construct the Outokumpu Copper Project. Full repayment of the facility was achieved on 31 March 2014, some two years ahead of scheduled repayment terms.

Estimated cash outflows for next quarter (excluding any proceeds from concentrate sales and other income)

4.1              Evaluation/Exploration

4.2     Development

4.3     Production

4.4     Administration (Australia and Finland)

              Total

Reconciliation of Cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

5.1              Cash on hand and at bank

              17,301

              14,234

5.2              Deposits at call

              775

              1,600

5.3              Bank overdraft

              -

              -

5.4              Other (provide details)

              -

              -

              Total: cash at end of quarter (item 1.22)

              18,076

              15,834

Changes in interests in mining tenements

6.0              See attached Schedule A.

Issued and quoted securities at end of current quarter

7.1              Preference

              securities

              (description)

7.2 Changes during

              quarter

7.3              Ordinary

              securities

532,234,704

532,234,704

7.4              Changes during

              quarter

              -  Issued

7.5 Converting debt

              Securities

              (description and

              conversion factor)

7.6 Changes during

              quarter

7.7 Options

              (description and

              conversion factor)

14,726,749^

7.8              Issued during               quarter

7.9              Exercised during

              quarter

7.10              Expired during

              quarter

7.11              Debentures

              (totals only)

7.12              Unsecured notes

              (totals only)

^               Share rights issued pursuant to approved Employee Share Scheme. These Share Rights form part of the Long Term Incentive Scheme in compliance with Altona?s Remuneration Policy. The Share Rights have various expiry dates and performance hurdles.

Compliance statement

1. This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX.

2. This statement does give a true and fair view of the matters disclosed.

Sign here:              Date:  30 July 2014

Company Secretary

Print Name:              Eric Hughes

Über Altona

Altona Mining Limited (ASX: AOH) ist ein Kupferproduzent in Finnland und besitzt ein großes Kupferentwicklungsprojekt in Queensland, Australien.

Das Outokumpu-Projekt im Südosten Finnlands umfasst eine Untertagemine mit Verarbeitungsanlage. Die

Produktion startete 2012 und liegt bei durchschnittlich 9.000 t  Kupfer p.a, 9.000 Unzen Gold p.a. und 1.600 t

Zink p.a.

Das Projekt Little Eva nahe Mt.Isa in Queensland besitzt eine Resource von 1,52 Mio. t Kupfer und 0,38 Mio. Unzen Gold. Es wurde eine endgültige Machbarkeitsstudie für eine 7 Mio. t Kupfer-Gold-Tagebaumine und einen Konzentrator auf Little Eva erstellt. News TV- Interview with Dr. A. Cowden: http://bit.ly/1xxQjH4

Stand 30. Juni 2014

Ausgeg. Aktien:        532.234.704

Ausgeg. Aktienrechte: 14.726.749

Barmittel:                18,1 Mio. AUD

Marktkapitalisierung

@ 22 Cents/Aktie     117 Mio. AUD

(Stand 29. Juli 2014)

Altona Mining Limited

ACN: 090 468 018

Ground Floor, 1 Altona Street

West Perth

Western Australia 6005

T:  +61 8 9485 2929

E:  admin@altonamining.com

W: altona@altonamining.com

ASX:               AOH

Frankfurt:               A20

Oslo:               ALTM

SCHEDULE A

FINNISH MINING TENEMENTS

Interests in mining tenements relinquished, reduced or lapsed during the quarter

Kuhmo Metals? three claims, Hakovaara, Myllyaho 1 and Myllyaho 2 (Reg no 8618/1, 8618/3-4) expired during the quarter. Restructuring of the Kuhmo Metals? tenement package is now completed and it includes two mining licenses, five exploration permits and one claim. Four of the five exploration permits are extension applications which have been submitted for public hearing by the Mining authorities. Permits are expected to be granted within the next three months. The total area of the tenement package is now 386 hectares.

All eight Vulcan Kotalahti claims expired during the quarter. An extension application totalling 252 hectares (Exploration Permit) that covers most of the expired ground was submitted in March.

Interests in mining tenements acquired or increased during the quarter

Perttilahti 1-2 (ML2012:0222) and Kokonvaara (ML2013:0034) exploration permit applications were consolidated into one single permit called Perttilahti (ML2012:0222) which was granted during the quarter and is valid for the next three years.

Interests in mining tenements at end of the quarter

OUTOKUMPU AREA

Mining Licenses

Number

Name

Holder

Beneficial

Interest Held

3593/1a

Kylylahti

Kylylahti Copper Oy

100%

3593/1b

Kylylahti

Kylylahti Copper Oy

100%

3593/1c

Kylylahti ML extension

Kylylahti Copper Oy

100%

3593/2a

Kylylahti 2

Kylylahti Copper Oy

100%

K7802

Hautalampi

Vulcan Hautalampi Oy

100%

KL2012:0007

Riihilahti

Kylylahti Copper Oy

100%

553/1a,2a,4a,6a-11a

Luikonlahti1-2,4,6-11

Kylylahti Copper Oy

100%

1281/1a-2a

Petkel I+ II

Kylylahti Copper Oy

100%

2061/1a

Petkellahti

Kylylahti Copper Oy

100%

553/1a,2a,4a,6a-11a

Luikonlahti auxiliary areas

Kylylahti Copper Oy

100%

KL2013:0003

Luikonlahti auxiliary areas expansion

Kylylahti Copper Oy

100%

Claims/Exploration permits

Number

Name

Holder

Beneficial

Interest Held

ML2012:0154

Kylylahti 2-4

Kylylahti Copper Oy

100%

ML2012:0224

Saramäki 1

Kylylahti Copper Oy

100%

ML2012:0222

Perttilahti

Kylylahti Copper Oy

100%

ML2012:0223

Vuonos 1-3

Kylylahti Copper Oy

100%

ML2013:0059

Polvikoski

Kylylahti Copper Oy

100%

ML2013:0058

Kylylahti 6

Kylylahti Copper Oy

100%

ML2013:0056

Saramäki 2

Kylylahti Copper Oy

100%

ML2013:0057

Sukkula

Kylylahti Copper Oy

100%

8623/1

Sivakkavaara 2a

Kylylahti Copper Oy

100%

8623/2

Sivakkavaara 2b

Kylylahti Copper Oy

100%

8623/3

Sivakkavaara 3

Kylylahti Copper Oy

100%

8974/1

Kokka 2

Kylylahti Copper Oy

100%

8974/2

Kokka 3

Kylylahti Copper Oy

100%

8974/3

Kokka 4

Kylylahti Copper Oy

100%

8974/4

Kokka 5

Kylylahti Copper Oy

100%

9106/1

Kokka 6

Kylylahti Copper Oy

100%

ML2013:0036

Perttilahti South

Kylylahti Copper Oy

100%

Reservations

Number

Name

Holder

Beneficial

Interest Held

VA2012:0188

Miihkali

Kylylahti Copper Oy

100%

VA2012:0189

Saramäki-South

Kylylahti Copper Oy

100%

KUHMO JOINT VENTURE

Mining Licenses

Number

Name

Holder

Beneficial

Interest Held

7014

Hietaharju

Kuhmo Metals Oy

95%

7922

Peura-aho

Kuhmo Metals Oy

95%

Claims/Exploration permits

Number

Name

Holder

Beneficial

Interest Held

ML2012:0047

Vaara

Kuhmo Metals Oy

95%

ML2013:0048

Kauniinlampi

Kuhmo Metals Oy

95%

7922/1

Peura-aho

Kuhmo Metals Oy

95%

8745/1

Hietaharju North

Kuhmo Metals Oy

95%

ML2013:0047

Sika-aho

Kuhmo Metals Oy

95%

ML2013:0003

Arola

Kuhmo Metals Oy

95%

KOTALAHTI AREA NICKEL

Mining Licenses

Number

Name

Holder

Beneficial

Interest Held

6977/1a

Särkiniemi

Vulcan Kotalahti Oy

100%

7739

Valkeisenranta

Vulcan Kotalahti Oy

100%

Exploration permits

Number

Name

Holder

Beneficial

Interest Held

ML2014:0027

Kotalahti

Vulcan Kotalahti Oy

100%

AUSTRALIAN MINING TENEMENTS

Interests in mining tenements relinquished, reduced or lapsed during the quarter

Partial relinquishments during the quarter include 45 sub block relinquishment of 89 sub blocks in EPM 10833 - Cameron and 2 sub blocks out of 5 EPM 14371 - Mt Angelay sub blocks.

Interests in mining tenements acquired or increased during the quarter

Correspondence was received from the Queensland DNRM during the December Quarter approving the renewal application for EPM14371. Renewal applications for three Roseby Project EPMs are currently being processed by the Queensland DNRM.

The area under granted EPMs within Queensland presently totals 1,294.1km2.

Interests in mining tenements at end of the quarter

QUEENSLAND - ROSEBY PROJECT

Mining Leases (ML)

Number

Name

Holder

Beneficial

Interest

Held

90162

Scanlan

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90163

Longamundi

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90164

Blackard

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90165

Little Eva

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

90166

Village

Altona Mining Ltd / Roseby Copper Pty Ltd

100%

Exploration Permit for Minerals (EPM)

Number

Name

Holder

Beneficial

Interest

Held

8059

Cameron River

Roseby Copper Pty Ltd

100%

8506

Mt Roseby

Roseby Copper Pty Ltd

100%

9056*

Pinnacle

Roseby Copper (South) Pty Ltd

100%

10266

Highway

Roseby Copper Pty Ltd

100%

10833*

Cameron

Roseby Copper (South) Pty Ltd

100%

11004*

Ogorilla

Roseby Copper (South) Pty Ltd

100%

11611*

Gulliver

Roseby Copper (South) Pty Ltd

100%

12121

Gulliver East

Roseby Copper Pty Ltd

100%

12492

Queen Sally

Roseby Copper Pty Ltd

100%

12493

Quamby

Roseby Copper Pty Ltd

100%

12529

Cabbage Tree

Roseby Copper Pty Ltd

100%

13249

Lilliput

Roseby Copper Pty Ltd

100%

14363

Bannockburn

Roseby Copper Pty Ltd

100%

14365*

Corella

Roseby Copper (South) Pty Ltd

100%

14535*

Roseby Infill

Roseby Copper (South) Pty Ltd

100%

14556

Coolullah

Roseby Copper Pty Ltd

100%

14822

River Gum

Roseby Copper Pty Ltd

100%

18784

Roseby East

Roseby Copper Pty Ltd

100%

18983

Coolullah North

Roseby Copper Pty Ltd

100%

*  These tenements are subject to a Farm-in agreement with Chinalco Yunnan Copper Resources Ltd.  Details of the Farm-in terms are set out in ASX announcement of 17 September 2013. At 30 June 2014, Chinalco Yunnan Copper Resources Ltd has not expended sufficient funds to earn a beneficial interest in these tenements.

QUEENSLAND - REGIONAL PROJECTS

Exploration Permit for Minerals (EPM)

Number

Name

Holder

Beneficial

Interest

Held

9611

Happy Valley

Roseby Copper (South) Pty Ltd

100%

14370

Malakoff

Roseby Copper (South) Pty Ltd

100%

14371

Mt. Angelay

Roseby Copper (South) Pty Ltd

100%


Für den Inhalt der Pressemitteilung ist der Einsteller, Altona Mining Ltd., verantwortlich.

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