Copper Mountain to buy Altona Mining in $90 mln deal

Copper Mountain Mining Corp (TSX: CMMC) has agreed to acquire the entire issued capital of Altona Mining Ltd, a mining company and owner of the Cloncurry Copper Project in Queensland, Australia. The deal values Altona at about A$93 million ($90 million). Altona's major shareholder, Matchpoint Asia Fund, a Hong Kong hedge fund, indicated that it will vote in favour. Copper Mountain, a Vancouver-based mining company and 75 percent owner of the Copper Mountain Mine in British Columbia, said the deal will create a multi-jurisdictional, mid-tier copper producer with a pro forma market cap of about $300 million.

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