Canadian company Copper Mountain Mining Corporation (CMMC) is now trading on the Australian Securities Exchange (ASX) following its $93 million acquisition of Altona Mining, first announced last November. The company already trades on the Toronto Stock Exchange (TSX).
CMMC has received a boost on the ASX recently as one of the sole publicly traded, mid-tier copper producers, not just due to its Altona acquisition, but because of the recent hostile takeover of Finders Resources by Indonesian consortium Eastern Field Development, as well as the recent news that Avanco is being urged to accept a $444 million takeover offer from OZ Minerals.
CMMC’s flagship mine is its 75 per cent-owned Copper Mountain open pit operation in British Columbia, Canada, which produced 34,392 tonnes (t) of copper and 23,600 ounces of gold last year.
It is currently working on the 100 per cent-owned Cloncurry project in Queensland (95km northeast of Mt Isa), which has an estimated annual copper production of around 73,000t and combined proven and probable reserves of 0.92 million tonnes (Mt) of copper. Combined measured and indicated copper resources are 1.8Mt and inferred resources are 1.5Mt.