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ALTONA MINING LIMITED (AOH)
SASAC approval granted
AOH has been advised by the Sichuan Railway Investment Group (SRIG) that approval has been received from SASAC for SRIG to go ahead with the investment of US$214M in the Cloncurry Copper Project, currently owned by AOH.
SRIG still needs Sichuan provincial government approval and Australian FIRB approval, but SASAC (State owned Assets Supervision and Administration Commission) was the major hurdle. The remaining approval processes should follow, allowing deal completion within the next few months. AOH has extended the closing date of the agreement to June 2017. The deal has been in the works since mid-2015.
Under the agreement SRIG will invest US$214M (A$282M) cash, and AOH AOH will invest US$25M (A$33M) cash, into a JV company in which AOH will hold 34%, and SRIG 66%. The JV will be fully funded into production with a cash position of A$314M covering the pre-production capex requirement of A$294M for the Cloncurry project, according to the 2014 DFS estimate.
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