Altona delivers record result
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Altona Mining (AOH) could play catch up with other junior miners today after it posted record quarterly production at its Finnish mine and upped its guidance.
The emerging mineral producer produced 2,677 tonnes of copper and 2,934 ounces of gold in concentrates in the September quarter from its Outokumpu mine compared with 1,809 tonnes of copper and 1,821 ounces of gold for the last quarter.
Management has also upped its 2013-14 production guidance to between 8,000 to 8,800 tonnes of copper and 8,400 to 9,200 ounces of gold, and is forecasting a lower cash cost of $US1.60 to $US1.75 a pound.
This compares to last month’s full year guidance of 7,600 to 8,400 tonnes of copper and 8,000 to 9,000 ounces of gold at a cash cost of $US1.70 to $US1.85 a pound.
The stock has been lagging its peers even though it is one of few that is generating a profit because of concerns around its Roseby project in Queensland after Xstrata opted not to purchase a 51% stake in it.
Altona needs a major partner to fund the development of Roseby, and while it has managed to secure a partnership with another small cap ASX miner, Chinalco Yunnan Copper Resources (CYU), the joint venture is limited to the exploration of the southern tenure at Roseby.
Altona has shed close to 50% of its value since the start of the calendar year, which is 12.2% behind the ASX Small Resources Index.
Altona is part of the Uncapped 100.
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