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Another medium-sized copper company will soon be born. Annual output will reach 73,000 tons of copper.
Canadian Copper Mountain Mining Company completed the acquisition of Australian Altona Mining Company for US$72 million.
As part of the transaction, each Altona stock will be exchanged for 0.0974 shares of Copper Mountain, which represents a 41.7% premium to the closing price of the two companies in November when they reached a preliminary transaction.
The merger allowed Vancouver’s Copper Mountain Copper Company to acquire Altona’s assets, including $30 million in cash, and project development licenses in Queensland, Australia.