PresseKat - Altona Mining: Finnische Betriebsanteile für 95 Mio. USD verkauft

(firmenpresse) - Finnische Betriebsanteile für 95 Mio. USD verkauft
30. Juli 2014

Juniquartal
Kupfer im Konzentrat 3.030 Tonnen
Gold im Konzentrat 2.429 Unzen
Kupfer-Äquivalent 3.533 Tonnen
C1 Betriebskosten 1,79 USD/Pfund Kupfer

Produktion im Jahresvergleich
Kupfer in Konzentraten (YTD) 10.253 Tonnen
C1 Betriebskosten 1,89 USD/Pfund Kupfer

-Finnische Betriebsanteile verkauft - Outokumpu und andere finnische Betriebsanteile wurden vorbehaltlich der Genehmigung der Aktionäre für 95 Mio. USD verkauft. Der Gesamtpreis wird bei Abschluss nach Anpassungen auf 100 Mio. USD geschätzt.

-Barauszahlung an Aktionäre - das Unternehmen beabsichtigt eine Auszahlung an die Aktionäre von bis zu 15 Cents pro Aktie. Die Auszahlungsart wird nach Erhalt einer Entscheidung der australischen Steuerbehörde festgelegt.

-Vorratserhöhung auf Kylylahti - bereinigt um den bisherigen Abbau per 31. Dezember 2013 erhöhten sich die Vorräte auf 97.400 Tonnen enthaltenes Kupfer-Äquivalent aus 4,558 Mio. Tonnen Erz mit 1,66 % Kupfer, 0,83 g/t Gold und 0,62 % Zink.

-Produktion - die Kupferproduktion des Outokumpo-Projekts im Juniquartal war stark. Die vollständige Kupferproduktion im Geschäftsjahr 2014 von 10.253 Tonnen übertraf die aktualisierte Prognose von 9.000 bis 10.000 Tonnen.

-Kosten - im Juniquartal betrugen die C1 Betriebskosten 1,79 USD/Pfund Kupfer und lagen damit beachtlich unter den Kosten des vorherigen Quartals (2,37 USD/Pfund Kupfer). Die Gründe dafür sind höhere Gehalte und niedrigere Minenentwicklungskosten.

-Barmittel - die Barmittel liegen weiterhin bei soliden 18,1 Mio. AUD.

Roseby - das Unternehmen sucht für Roseby einen Partner oder einen Verkauf. Eine Anzahl von interessierten Parteien sind im Datenraum und während des Quartals wurden Projektbesichtigungen durchgeführt.

Outokumpu Betriebe
ProduktionsstatistiMetrischdiesesletzteJahr b
k Quartas is
Absoluter l dato
Quartalsr Quarta
ekord der l
Kupfer-pr
oduktion. Abgebautes Erz Tonnen 161,83159,39656,12
Kupfergeh 0 3 1
alte
liegen Kupfer (1.88 1.62 1.70
in %)
diesem
Quartal Gold 0.62 0.61 0.66
höher. (g/t)
Im
Jahres- Zink (%)0.72 0.63 0.70
vergleich
stehen Aufbereitetes Erz Tonnen 159,53166,31654,77
Kupfergeh 9 3 9
alte im
Einklang Kupfer (2.00 1.56 1.68
mit %)
Vorrats-d
urchschnit Gold 0.57 0.58 0.62
t (g/t)

Zink (%)0.72 0.67 0.72

Ausbringung Kupfer (94.9 92.5 93.0
%)

Gold (%)82.6 76.8 77.1
Zink (%)48.6 45.6 49.3

Metall in KonzentraKupfer(t3,030 2,401 10,253
ten )

Gold (oz2,429 2,391 10,117
)

Zink (t)561 508 2,319
Silber (19,63117,37974,658
oz
)
Kupfer-Äquivalent Tonnen 3,533 2,838 12,501

Verkauf
Geliefertes KupferkTonnen 14,40611,43848,653
onzentrat

Enthaltenes Metall Kupfer (3,056 2,421 10,344
t)

Gold (oz2,433 2,334 10,087
)

Silber (19,99517,13676,257
oz
)
Geliefertes ZinkkonTonnen 1,071 1,134 4,711
zentrat

Enthaltenes Metall Zink (t)511 534 2,229

Erzielter Preis*
Kupfer USD/lb 3.22 3.36 3.24
Gold USD/oz 1,294 1,265 1,362
Silber USD/oz 19.76 19.94 20.90
Zink USD/lb 0.90 0.86 0.85

Einnahmen**
Kupfer USD Mio. 20.52 15.63 70.09
Gold USD Mio. 2.50 2.31 11.49
Silber USD Mio. 0.87 0.84 3.47
Zink USD Mio. 0.12 0.09 0.60
Gesamt USD Mio. 24.01 18.87 85.65
*Erzielter Preis schließt alle erzielten und
nicht erzielten kurz und langfristigen

Hedgebuchgewinne und Verluste (ausgenommen
Auflösung des
Gold-
Hedgebuches) ein. Beträge könnten einstweiligen
Preisanpassungen unterliegen, die durch
Absicherung der jeweiligen Kursperiode
abgeschwächt
wird

**Einnahmen vor Verarbeitungs- und Affinierungsg
ebühren

Die vollständige Meldung finden Sie hier:
Die vollständige Meldung finden Sie hier:
http://www.asx.com.au/asxpdf/20140730/pdf/42r3dtdxjg83d8.pdf

Safety, Environment and People Es geht in Englisch weiter!

Safety There were three Lost Time Incidents in the
performan quarter.
ce
Two of these occurred at the Kylylahti mine and
not at were related to back and knee strains of
satisfact underground miners resulting
ory in
level a few days of sick leave. The third incident
occurred at

the Luikonlahti cobalt - nickel dam construction
site where a truck

tipped over and the driver hurt his ankle fortuna
tely
with no long-term consequences.

As a result of the disappointing safety
performance the rolling 12 months Lost Time
Injury Frequency Rate has increased to 16 from
12 in the previous quarter.

The Total Recordable Injury Frequency Rate is
down
20%
compared to the same time last year (calculated
based on the number of injuries per 1,000,000
hours worked representing medical treatment

cases, restricted work day cases and lost time
injuries for employees and
contractors
).

Monitoring to detect asbestiform minerals in the
mine
is
continuing and all necessary actions have been
taken
to ensure safe working conditions. The decline
location has been
re
located to the footwall of the orebody from 530
metres depth where rocks do not contain

asbestiform minerals and thus avoiding a
recurrence of the
problem.

There were no reportable environmental incidents
during the quarter.

Altona has 252 employees and contractors in Finla
nd

and 12 employees in Australia.

Production and Cost Performance

Altona makes daily deliveries of copper-gold
concentrate to New Bolidens copper

smelter at Harjavalta on the south-west coast
of Finland and delivers zinc concentrate to
New Boliden at Kokkola as production allows.

Copper concentrates were delivered without
incident or penalty. Zinc concentrates incur
modest penalties for low grades and iron and
cobalt
content.

Copper and gold production levels exceeded the
revised guidance.

Excellent volumes were maintained at both mine
and
mill.
Metal production continues to trend up.

Quarterly Production of Metal in Concentrate
and Cash Cost by
Quarter

30072014_DE_Quarterly ended 30 June
2014_prcom.001

*C1 cash cost calculated per Brook Hunt
methodology.

June In the June quarter C1 cash costs decreased
quarter from the previous quarter due to
cash
costs record copper production. Copper head grade for
decreased the June quarter was above average resulting
in improved cost performance as expected.

Cost Performance This This Year
QuartQuarterto
er (US$/lb Date
(US$M)
) (US$/l
b)

Mining costs 7.16 1.11 1.21
Ore trucking costs 1.08 0.17 0.20
Site processing costs 3.41 0.53 0.61
TC/RC and transport 2.95 0.45 0.43
Other cash costs 0.68 0.11 0.12
Net gold, silver and zinc (3.73)(0.58) (0.68)
credits

C1 Cash cost per pound 1.79 1.89
payable
copper
*
Capital expenditure 4.02 0.62 0.78
Financing costs 0.39 0.06 0.06
Total Expenditure (capital 15.96 2.47 2.73
and
operating)

Note: No royalties are payable in Finland.
* Based on invoiced prices, and excluding
hedge settlements (subject to finalisation of
provisional
pricing).

Unit cost performance in the local currency
(Euros)

remained slightly elevated at 59 per tonne of
ore
milled.
Lower mine development costs, as forecast for
the quarter,

were offset by increased backfilling expenses
associated with the higher quality cemented
frock fill required by transverse

stoping. A review of the backfilling
methodology and costs is currently underway.

Total capital expenditure at the mine for the
quarter
was US$2.4 million of which approximately
US$1.9 million

was for decline and level development. This was
17% less than in the previous quarter due to
reduced

utilisation of contractors for mine development.
Expenditure on ventilation, water management
and electrification totalled US$0.4 million.
Discretionary spending

of US$0.1 million, mainly related to
installation of

an electricity backup connection and a second
communication system

for the mine.

Capital expenditure at the mill for the quarter
totalled
US$1.6 million, the majority of which related
to
the construction of the new cobalt-nickel
concentrate storage dam. The forecast total
cost for Stage 1

of the dam is estimated to be US$5.4 million (4
million
) of which approximately US$2.8 million remains
to be spent next financial year. US$0.3
million was spent on miscellaneous
discretionary
items.

Production Guidance

Production and cost guidance for the financial y
ear

2015 is not offered as the operations are
likely
to
be managed by Boliden from the second quarter
of the financial year. Should Altona continue
to own and manage the mine, guidance would be
similar to the performance for the 2014 year
just
completed.

Production Comments

Mine Ore production was higher than planned for the
productio quarter.
n volumes
were The copper grade of 1.88% was slightly below
excellent expectations due to the sequence in which

stopes were extracted.

Six stopes were completed and five were filled
during the
quarter.
Two new stopes were in production at the end
of the
period.
On average one to two stopes were open at any
point in time.

Mine is Some 606 metres of decline and level
605 development were completed in the quarter and
metres mine development is now down to 605 metres
deep below surface. No new vertical development
(ventilation raises) were completed during the
quarter.
The decline is planned to reach its final
depth of 800 metres in

2017. However, given the results of deeper
drilling, it is expected that mining will
continue to greater depths.

Successfu The first two transverse stopes (440ppL6 and
l 440ppL4) were mined
commencem
ent of without incident in the Wombat ore zone. The
transvers new mining method brings increased flexibility
e mining and certainty to
at the
lower stoping activities including better control of o
Wombat re recovery and dilution rates. Preparations
for transverse
orebody
stoping require more level development compared
to

longhole stoping which was used for the
narrower Wallaby
zone.

Rock conditions in the deeper parts of the mine
are good but local weaker zones have resulted
in additional ground support works being
required which

impacts on development advance rates. During
the quarter the decline contractors

new bolting jumbo commenced operations in order
to meet the

demand for rock support.

Good mill The Luikonlahti processing plant operated at a
performan rate controlled by ore availability and
ce throughput matched the mines output for the
quarter.

Feed rate averaged 80tph for the quarter
relative to the 69tph design. Utilisation
averaged 92%

including a five-day planned shutdown for a rod
mill liner change. The mill operated at an
annualised rate of

654,000 tonnes for the year just completed relat
ive to
55
0,000 tonnes per annum design. This represents a
1
8% outperformance.

Significan Copper recovery improved significantly from desi
t gn levels of
improveme
nt in 92.5% in the previous quarter to 94.9%. This was
copper due to
and gold
recoverie a higher than average copper head-grade and also
s
the successful modification of the copper
circuit.

Gold recovery also improved in tandem with
copper
to 82.6% compared to 76.8% in the previous
quarter
. Design recovery is 72%. Copper-gold concentrat
e grade was

21% copper.

Zinc recovery and concentrate grade of 48.6%
and 47.9% zinc, respectively, were slightly
below design of 50% but improved from the
previous quarter. Relocation of the final zinc
cleaner to a location more easily monitored
and the addition of on-stream analysis to the
zinc circuit
assist
ed in its operation.

Mineralogical studies have continued to provide
a better

understanding of gold losses in the circuit, whi
ch is
important
in light of the requirement to process ore
from zones

of high gold and modest copper grade that have
been delineated
in
the past year.

Cobalt-nic Construction of a new cobalt-nickel concentrate
kel storage dam continued in the quarter according
concentra to the planned
te schedule
storage . The dam is required to ensure capacity is
dam on available in early 2015 when the current dam
schedule will be filled.
and a
new
environme
ntal An environmental permit to allow processing of
permit 800,000 tonnes per annum
granted
from a variety of ore sources, and to operate
the new concentrate
dam
, was granted in early July; the period for
community appeals

closes on 8 August 2014. The terms of the
Permit

were as expected and will allow the mill to
operate
according to existing plans.

Cobalt-nic Processing cobalt-nickel concentrate to produce
kel a commercial product has previously been
treatment examined at a pre-feasibility level utilising
pre-feasi Xstrata Technologys Albion Process. A mixed
bility cobalt-nickel-copper hydroxide was produced
study which
completed
would be readily saleable to refineries.

During the quarter Outotec completed a similar
pre-feasibility study based on their
atmospheric chloride leach technology. The
study comprised bench scale test work, process
engineering, and estimates of both operation
and capital costs at +/-35% accuracy. The
study confirmed technical viability of the
chloride leach technology but both capital and
operating cost were higher than expected.

Resource and Reserves

Reserves An update of Ore Reserve was released for
now Kylylahti during the quarter (7 May 2014).
exceed This was
pre-minin
g the regular update of Ore Reserves that Altona
estimates undertakes in conjunction with annual and half
year reporting. The estimate was

carried out based on the Mineral Resource
estimate reported on
26
March 2014.

The Ore Reserve estimate for the Kylylahti mine
reflects depletion
to
31 December 2013 and highlights are:

- 4.55 million tonnes at 1.66% copper, 0.83 g/t
gold and 0.62% zinc.

- Contained metal of 75,651 tonnes of copper,
121,915 ounces of gold and 28,032 tonnes of
zinc.

- Contained copper is up 13% from June 2013
after mine
depletion.

- The reserve estimate is higher in tonnes,
grade and contained metal than the August 2010
pre-production reserve
estimate.

Additions to the ore reserve have come mainly
from

resource extensions in the deeper parts of the
mine.

Kylylahti Resource Development and Exploration

Infill Definition drilling focused on mining levels
drilling 470,
continues
to 500 and 530 in order to increase the certainty o
confirm f short-term production and to
Resource defin
models e hanging wall gold ore shoots.

Definition drilling on the upper part of Wombat
returned similar thick intersections as
reported in the previous quarters;

best intercepts are 20.4 metres at 4.0% copper,
66.9 metres at 1.6% copper and 25.3 metres at
2.6% copper in KU-480B, KU-20 and KU-481
respectively.

Hole From Width Copper Gold
(m) (m) (%) (g/t)
KU-20 203.1 66.9 1.6 1.2
KU-480B 86.0 20.4 4.0 1.3
KU-446 70.0 13.0 2.8 0.6
KU-448 87.0 28.0 1.8 0.6
KU-506 24.0 6.3 3.1 0.7
KU-481 77.0 25.3 2.6 0.8
KU-482 42.0 58.4 1.5 1.4
KU-507 21.2 6.5 3.3 0.6
Drillhole intersections are reported using 0.4%
copper cut-off and 2 metres minimum width.
Table shows the best intersections of the
quarter.

Definition drilling of the hanging wall gold
shoots returned several

good intersections including 15 metres at
3.9g/t gold, 8 metres at 4.6g/t gold and 7
metres at 4.1g/t
gold.

Hole ID From Width Gold Copper
(m) (m) (g/t) (%)
KU-484 37.0 15.0 3.9 0.1
KU-486 51.0 7.0 4.1 0.1
KU-487 15.6 7.8 4.7 0.1
KU-490 48.0 12.0 5.4 0.1
KU-489 24.0 11.0 3.1 0.2
KU-488 82.0 8.3 2.6 0.5
KU-485 46.0 17.0 2.0 0.2
Drillhole intersections are reported using
1.0g/t gold cut-off and 2 metres minimum
width. Table shows the best intersections of
the
quarter.

Down hole geophysical EM surveys were completed
during the quarter in order to investigate
depth extensions of the

Kylylahti orebody. The survey program utilised t
hree of the deep drilling campaign Phase 1

drillholes: KE-1, KU-903 and KU-904. Interpreta
tions on the survey results are still
pending.

Little Eva Project

The 100% owned Little Eva Copper-Gold Project
is 90 kilometres north-east of Mt Isa and 11
kilometres north of MMGs $1.2 billion Dugald
River zinc mine. The project sits within
granted mining licences and native title
agreements and environmental authority are in
place.

A Definitive Feasibility Study (DFS) on the Li
ttle Eva

Project was released in May 2012 and was
updated

in March 2014.

Partnering The process to sell, partner or finance the
process Little Eva
P
continues roject continues. A number of parties are
active in the data
room
, have visited site and conducted due diligence
studies.
D
ialogue with these parties continues.

Resource An update of the resource estimate for the
Little Eva
estimate deposit
update was completed during the quarter. The estimate
is based upon a new geological model derived
from an extensive programme of re-logging and
data
validation.
There has been no new drilling and there is no
material change from the previous estimate
which was reported on 19 December
2011.

The new estimate has increased contained copper
metal by
2
% and contained gold by 4% and total tonnage by
6%
. Confidence in the estimate has improved with
78%

of tonnage now in the Measured and Indicated
categories, up from 69% in the 2011 estimate.
Both estimates exclude oxide
mineralisation
.

The updated Little Eva resource at a 0.2%
copper cut-off grade is tabulated
below
:

Tonnes Copper Gold ContainContained
(millio(%) (g/t) ed Gold
n) Copper
(ounces)
(tonnes
)

Measure37.1 0.60 0.09 222,000112,000
d

Indicat45.0 0.46 0.08 205,000108,000
ed

Inferre23.9 0.50 0.10 119,00075,000
d

Total 105.9 0.52 0.09 546,000295,000

For full description of the assessment and
reporting criteria used in the
estimation
see ASX release dated 27 May 2014.

Roseby South Joint Venture

Chinalco Yunnan Copper Resources Ltd continued
exploration activities to earn an interest in

the Roseby South Project. Exploration during
the quarter included orientation

soil sampling at Companion and infill RC
drilling at

the Millenium prospect partially within the Rose
by South joint venture area. Highlights
included 13 metres at
0.53
% copper, 0.31% cobalt and 0.24g/t gold.

Corporate

Sale of On 8 July 2014, Altona announced it had entered
Finnish into an
Assets
to agreement for the sale of all of its Finnish
Boliden operations and

most of its exploration assets in Finland to
Boliden
Mineral AB (Publ) (Boliden), a Swedish base
metal miner and
smelter
(Transaction). Boliden (www.boliden.com) cur
rently buys all of

Altonas concentrate products.

The Transaction

The consideration for the Transaction will be
US$95
million for the assets together with
adjustments for working capital, net debt and
net capital expenditure during the settlement
period.

Based upon current estimates the total considera
tion
will be approximately US$100 million in cash.
This equates to A$106 million at
an
exchange rate of AUD:USD 0.94. Closing is
expected to occur on 1 October 2014. At
closing US$10 million will be held in an
escrow account pending the determination of
the final consideration which

will be adjusted to reflect the actual
movements
in
working capital, net debt and net capital
expenditure during the settlement period.

The Transaction is conditional upon, amongst
other
things,
the approval of Altona shareholders at a
General Meeting to be held on
20
August 2014. A simple majority of those
voting in person or by proxy is required to
pass the resolution. The Transaction was also
dependent

on the approval of Finnish competition
authorities
. This approval has been granted.

The material terms of the agreement are set out
in the ASX release of
14
July 2014.

Upon closing of the Transaction it is expected
that Altona will have between

A$120 and A$125 million in cash after all
costs. It is anticipated that the Company
will have sufficient tax losses to cover any
tax liability arising from the
Transaction.

Return to Shareholders

The Company intends to make a cash payment to
shareholders of

up to 15 cents per share, which equates to
approximately

A$80 million in total. The form of the payment
will be

determined after the receipt of a public tax rul
ing

from the Australian Taxation Office.

Should the Transaction be approved at the
General Meeting, and if required,
s
hareholders will be asked to approve the capital
management initiatives proposed to be
undertaken by Directors at a further General
M
eeting to be called after the tax ruling is
received. Any cash return to shareholders is
conditional on the Transaction being
completed.

Retained Assets in Finland

Altona will retain the Hautalampi Project near
Outokumpu but has granted Boliden an option to
either mine the Hautalampi deposit in exchange
for payment of a 2% Net Smelter Royalty or to
purchase the project outright for US$3
million. The option has a 10 year term.
Altona will also retain the Sarkiniemi nickel
mine.

Provisional Timetable

- 20 August 2014: General Meeting of
shareholders to approve the
Transaction.

- 1 October 2014: Completion of the
Transaction.
*
- October - November 2014: General Meeting of
shareholders to approve the

return of capital. *
- December 2014: Proposed cash distribution to
shareholders.
*

* Dates are estimates.

Cash

Strong The Company has A$18.1 million in cash, receivab
cash les from concentrate sales
balance
stand at A$9.8 million and ROM and concentrate i
of A$18.1 nventories
million
stand at A$0.7 million at the end of the quarter
.

The cash balance is up from A$15.8 million in
the prior quarter reflecting

a positive cash flow in operating activities.

Cash movements for the quarter are tabulated bel
ow:

A$ (millions)
Opening cash (1st April) 15.8
Proceeds from concentrate sales 23.1
Outokumpu operating costs (13.3)
Sustaining capital expenditure * (4.1)
Finance costs and debt repayment (0.5)
Roseby activities (0.5)
Overheads/Corporate (1.6)
Interest received and other ** (0.8)
Closing cash position (30th June)18.1
* Sustaining capital includes mine decline
development and tailings dam
costs
, etc.
** Other includes exchange rate adjustments.

Please note an Appendix 5B disclosure as
required by ASX for exploration entities is
enclosed. The forecast cash expenditure for
the next quarter is required to be presented
in a form that excludes all revenues and does
not reflect actual predicted

cashflows.

Hedging
Altona has the following commodity hedges in
place at 30 June
2014:

Month Copper Copper Gold Gold
(tonnes) (US$/t) (ounces) (US$/oz)

August 400 6,903 150 1,320
September420 6,892 150 1,325
Total 820 300

At the time of writing, the copper price was US$
7
,125 per tonne.

The Company also undertakes short-dated (3
months) hedging to secure revenue for the
period
(
Quotational Period) between the receipt of the
provisional invoice for concentrate sales and
the final pricing. Realised and unrealised
gains and losses on

Quotational Period hedging have been included
in the realised prices per commodity shown in

page 2. Altona has realised a loss of US$0.7 mil
lion on these hedges for the quarter.

Share Price Activity on ASX

Quarter open0.17¢
High0.175¢
Low0.145¢
Quarter close0.16¢
Average daily volume 192,684

Competent Persons Statement and JORC Compliance

Competent Persons Statement: The information in
this report that relates to Exploration
Targets, Exploration Results, Mineral
Resources or Ore Reserves is based on
information compiled by

Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM,
MAIG and Dr Iain Scott PhD
Mi
n. Processing, BSc Met. (Hons). Dr Cowden and D
r

Scott are full time employees of the Company
and have sufficient experience which is
relevant to the style of mineralisation and
type of deposit under consideration and to the
activity being undertaking to qualify as a
Competent Person as defined in the 2012
Edition of the Australasian Code for
Reporting of Exploration Results, Mineral
Resources
and Ore Reserves. Dr Cowden and Dr Scott cons
ent to the inclusion in the report of the
matters based on their information in the form
and context in which it
appears.

Little Eva Project production target and
forecast financial
information:
Information in this release refers to a
production target and the forecast financial
information derived from a production target
as disclosed to the market in the ASX release
Cost Review Delivers Major Upgrade to Little
Eva dated 13 March 2014, which is available
to be viewed at www.altonamining.com or
www.asx.com.au. The Company confirms that all
the material assumptions underpinning the
production target and the forecast financial
information derived from the production target
referred to in the above-mentioned release
continue to apply and have not materially
changed.

Copper equivalence: When used, copper
equivalent refers to copper in concentrate
produced, or planned to be produced. It does
not refer to metal contained within

insitu resources, reserves or drill results.
The copper equivalent grade is calculated by
factoring the copper grade by reserve from all
metals (NSR) being copper, zinc, gold and
silver.

Please direct enquiries to:

Alistair Cowden
Managing Director
Tel: +61 8 9485 2929
altona(at)altonamining.com

James Harris
Professional Public Relations
Tel: +61 8 9388 0944
james.harris(at)ppr.com.au

Jochen Staiger
Swiss Resource Capital AG - Germany
Tel: +41 71 354 8501
js(at)resource-capital.ch

See ASX release of 27 May 2014 (Little Eva), 26 July 2011* (Longamundi, Great Southern, Caroline and Charlie Brown), 23 April 2012* (Bedford, Ivy Ann and Lady Clayre), 03 July 2012* (Blackard and Scanlan) and 22 August 2012* (Legend) for full details of resource estimation methodology and attributions.
Note: All figures may not sum exactly due to rounding.
Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off grade.
* This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Table 1: Resource Estimates for the Roseby Project

DEPOSIT TOTAL CONTAINED MEASURED INDICATED INFERRED
METAL
TonnesGrade CopperGold TonnesGrade TonneGrade TonnesGrade
millioCu Au tonnesouncesmillioCu Au milliCu Au millioCu Au
n % g/t n % g/t on % g/t n % g/t

COPPER GOLD DEPOSITS
Little Eva 105.9 0.52 0.09 546,00295,0037.1 0.60 0.09 45.0 0.46 0.08 23.9 0.50.10
0 0 0

Ivy Ann 7.5 0.57 0.07 43,00017,000- - - 5.4 0.60 0.08 2.1 0.40.06
9

Lady Clayre14.0 0.56 0.20 78,00085,000- - - 3.6 0.60 0.24 10.4 0.50.18
4

Bedford 1.7 0.99 0.20 17,00011,000- - - 1.3 1.04 0.21 0.4 0.80.16
3

Sub-tot129.1 0.53 0.10 684,00409,0037.1 0.60 0.09 55.3 0.49 0.09 36.7 0.50.12
al 0 0 1

COPPER ONLY DEPOSITS
Blackard 76.4 0.62 - 475,00- 27.0 0.68 - 6.6 0.60 - 42.7 0.5-
0 9

Scanlan 22.2 0.65 - 143,00- - - - 18.4 0.65 - 3.8 0.6-
0 0

Longamundi 10.4 0.66 - 69,000- - - - - - - 10.4 0.6-
6

Legend 17.4 0.54 - 94,000- - - - - - - 17.4 0.5-
4

Great 6.0 0.61 - 37,000- - - - - - - 6.0 0.6-
Southern 1

Caroline 3.6 0.53 - 19,000- - - - - - - 3.6 0.5-
3

Charlie 0.7 0.40 - 3,000 - - - - - - - 0.7 0.4-
Brown 0

Sub-tot136.7 0.61 - 840,00- 27.0 0.68 - 25.0 0.64 - 84.7 0.5-
al 0 9

TOTAL 265.8 0.57 0.05 1,524,409,0064.1 0.63 0.05 80.3 0.54 0.06 121.4 0.50.04
000 0 6

See ASX release of 27 May 2014 (Little Eva), 26 July 2011* (Longamundi, Great Southern, Caroline and Charlie Brown), 23 April 2012* (Bedford, Ivy Ann and Lady Clayre), 03 July 2012* (Blackard and Scanlan) and 22 August 2012* (Legend) for full details of resource estimation methodology and attributions.
Note: All figures may not sum exactly due to rounding.
Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off grade.
* This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Table 2: Kylylahti Resource Estimate, December 2013
TonnesCu Au Zn Co Ni
(m) (%) (g/t) (%) (%) (%)
Measured 1.2 1.19 0.48 0.56 0.22 0.19
Indicated 7.2 1.35 0.77 0.53 0.24 0.23
Inferred 0.5 1.38 1.71 0.54 0.27 0.24
TOTAL 8.8 1.33 0.78 0.54 0.24 0.22
Metal Tonnes 117,480222,60047,400 21,35019,680
oz
See ASX release dated 26 March 2014 for JORC 2012 Compliance.

Table 3: Kylylahti Ore Reserves, December 2013
Tonnes Cu Au Zn Co Ni
(m) (%) (g/t) (%) (%) (%)
Proven Ore 0.6 1.43 0.66 0.66 0.23 0.15
Reserves

Probable Ore 4.0 1.70 0.86 0.61 0.27 0.16
Reserves

TOTAL 4.6 1.66 0.83 0.62 0.26 0.16
Metal Tonnes 75,651 122,00028,000 12,000 7,400
See ASX release dated 7th of May 2014 for JORC 2012 Compliance.
Resources are inclusive of ore reserves.

Table 4: Outokumpu Resources, December 2013
Deposit ClassificaTonnesCu Au Zn Co Ni
tion (m) (%) (g/t) (%) (%) (%)

Kylylahti Measured 1.2 1.19 0.48 0.56 0.22 0.19
Indicated 7.2 1.35 0.77 0.53 0.24 0.23
Inferred 0.5 1.38 1.71 0.54 0.27 0.24
TOTAL 8.8 1.33 0.78 0.54 0.24 0.22
Saramäki Inferred 3.40 0.71 - 0.63 0.09 0.05

Vuonos Inferred 0.76 1.76 - 1.33 0.14 -
HautalampiMeasured 1.03 0.47 - 0.06 0.13 0.47
Indicated 1.23 0.30 - 0.07 0.11 0.42
Inferred 0.90 0.30 - 0.10 0.10 0.40
Total 3.16 0.36 - 0.07 0.11 0.43
RiihilahtiIndicated 0.14 1.69 - - 0.04 0.16

ValkeisenrIndicated 1.54 0.29 - - 0.03 0.71
an
ta
SärkiniemiIndicated 0.10 0.35 - - 0.05 0.70

TOTAL 17.94 0.97 0.39 0.45 0.16 0.26

See Vulcan ASX Release of 16 November 2009 for JORC 2004 compliance for deposits other than Kylylahti. This release can be found on the Finland Resource and Reserve estimates page of Altonas website: www.altonamining.com. There has been no annual review of the Outokumpu area resources other than Kylylahti. Estimation for all of these deposits under the 2012 version of the JORC code is underway.

The ASX releases referenced in Tables 1 through 4 are on the Altona website at www.altonamining.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the most recent market announcement for each deposit and, in the case of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not materially modified from the original market announcement:

APPENDIX 5B
Mining Exploration entity quarterly report

Name of entity
ALTONA MINING LIMITED

ABNQuarter ended (current quarter)
35 090 468 018 30 June 2014

Consolidated statement of cash flows

Current Year to
Cash flows related to operating Quarter Date
activities
(3 months) (12 months)
A$000 $A000
1.1Receipts from product sales and 23,063 82,174
related
debtors

1.2Payments for(a)exploration and (610) (3,532)
evaluation

(b)development ** (4,556) (14,692)
(c)production (12,769) (48,487)
(d)administration (Finland & (1,671) (7,538)
Australia)

1.3Dividends received - -
1.4Interest and other items of a 60 192
similar nature
received

1.5Interest and other costs of (369) (2,334)
finance
paid

1.6Income taxes rebate - 37
1.7Other* (912) 14,085

Net Operating Cash Flows 2,236 19,905
Cash flows related to investing
activities

1.8Payment for purchases of:(a)pros- -
pects

(b)equity investments - -
(c)other fixed assets ** 418 (6,034)
1.9Proceeds from sale of:(a)prospec- -
ts

(b)equity investments - -
(c)other fixed assets - -
1.10Loans to other entities - -
1.11Loans repaid by other entities - -
1.12Other - -
Net investing cash flows 418 (6,034)
1.13Total operating and investing 2,654 13,871
cash flows (carried
forward)

* Predominantly includes gain from close out of copper, gold and zinc hedge (December 2013 and March 2014) and VAT/GST received.
** Allocation error in March quarterly. YTD amount spent in relation to other fixed assets is A$6.0 million, amount spent in current quarter is A$0.6 million.

Cash flows related to financing
activities

1.14Proceeds from issues of shares - -
(net of
costs)

1.15Proceeds from sale of forfeited - -
shares

1.16Proceeds from borrowings - -
1.17Repayment of borrowings - (22,321)
1.18Dividends paid - -
1.19Other - -
Net financing cash flows - (22,321)
Net increase (decrease) in cash held 2,654 (8,450)
1.20Cash at beginning of quarter/year15,834 26,093
1.21Exchange rate adjustments to 1.20(412) 433
1.22Cash at end of quarter 18,076 18,076

Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current
quarter

$A000
1.23Aggregate amount of payments to the parties 246
included in item
1.2

1.24Aggregate amount of loans to the parties -
included in item
1.10

1.25Explanation necessary for an understanding of the transactions

Payment of executive and non-executive directors fees,
salaries and superannuation during the
quarter.

Non-cash financing and investing activities

2.1Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

N/A

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

Financing facilities available

Add notes as necessary for an understanding of the position.

Amount Amount used
available $A000

$A000
3.1Loan facilities(*) - -
3.2Credit standby arrangements - -

(*) The Credit Suisse senior debt facility was fully drawn down in March 2012 as a component of the funding package to construct the Outokumpu Copper Project. Full repayment of the facility was achieved on 31 March 2014, some two years ahead of scheduled repayment terms.

Estimated cash outflows for next quarter (excluding any proceeds from concentrate sales and other income)

$A000
4.1Evaluation/Exploration (1,009)
4.2 Development (5,929)
4.3 Production (11,429)
4.4 Administration (Australia and (2,232)
Finland)

Total (20,599)

Reconciliation of Cash

Reconciliation of cash at the end of Current Previous
the quarter (as shown in the quarter quarter
consolidated statement of cash $A000
flows) to the related items in the $A000
accounts is as
follows.

5.1Cash on hand and at bank 17,301 14,234
5.2Deposits at call 775 1,600
5.3Bank overdraft - -
5.4Other (provide details) - -
Total: cash at end of quarter (item 18,076 15,834
1.22)

Changes in interests in mining tenements
6.0See attached Schedule A.

Issued and quoted securities at end of current quarter

Total Number Issue Amount paid
number quoted price up per
per security
security

7.1Preference - - - -
securities
(description)

7.2 Changes - - - -
during

quarter

7.3Ordinary 532,234,7532,234,70- -
securities 04 4

7.4Changes - - - -
during

quarter
- Issued

7.5 Converting - - - -
debt

Securities
(description
and

conversion
factor)

7.6 Changes - - - -
during

quarter

7.7 Options
(description
and 14,726,74- - -
9^
conversion
factor)

7.8Issued 1,012,020- - -
during ^

quarter

7.9Exercised - - - -
during

quarter

7.10Expired 89,000^ -
during - -

quarter

7.11Debentures - - - -
(totals only)

7.12Unsecured - - - -
notes

(totals only)

^ Share rights issued pursuant to approved Employee Share Scheme. These Share Rights form part of the Long Term Incentive Scheme in compliance with Altonas Remuneration Policy. The Share Rights have various expiry dates and performance hurdles.

Compliance statement

1. This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX.

2. This statement does give a true and fair view of the matters disclosed.

Sign here:Date: 30 July 2014

Company Secretary

Print Name:Eric Hughes

Über Altona

Altona Mining Limited (ASX: AOH) ist ein Kupferproduzent in Finnland und besitzt ein großes Kupferentwicklungsprojekt in Queensland, Australien.

Das Outokumpu-Projekt im Südosten Finnlands umfasst eine Untertagemine mit Verarbeitungsanlage. Die
Produktion startete 2012 und liegt bei durchschnittlich 9.000 t Kupfer p.a, 9.000 Unzen Gold p.a. und 1.600 t
Zink p.a.

Das Projekt Little Eva nahe Mt.Isa in Queensland besitzt eine Resource von 1,52 Mio. t Kupfer und 0,38 Mio. Unzen Gold. Es wurde eine endgültige Machbarkeitsstudie für eine 7 Mio. t Kupfer-Gold-Tagebaumine und einen Konzentrator auf Little Eva erstellt. News TV- Interview with Dr. A. Cowden: http://bit.ly/1xxQjH4

Stand 30. Juni 2014
Ausgeg. Aktien: 532.234.704
Ausgeg. Aktienrechte: 14.726.749
Barmittel: 18,1 Mio. AUD

Marktkapitalisierung
(at) 22 Cents/Aktie 117 Mio. AUD
(Stand 29. Juli 2014)

Altona Mining Limited
ACN: 090 468 018
Ground Floor, 1 Altona Street
West Perth
Western Australia 6005

T: +61 8 9485 2929
E: admin(at)altonamining.com
W: altona(at)altonamining.com

ASX: AOH
Frankfurt: A20
Oslo: ALTM

SCHEDULE A

FINNISH MINING TENEMENTS

Interests in mining tenements relinquished, reduced or lapsed during the quarter

Kuhmo Metals three claims, Hakovaara, Myllyaho 1 and Myllyaho 2 (Reg no 8618/1, 8618/3-4) expired during the quarter. Restructuring of the Kuhmo Metals tenement package is now completed and it includes two mining licenses, five exploration permits and one claim. Four of the five exploration permits are extension applications which have been submitted for public hearing by the Mining authorities. Permits are expected to be granted within the next three months. The total area of the tenement package is now 386 hectares.

All eight Vulcan Kotalahti claims expired during the quarter. An extension application totalling 252 hectares (Exploration Permit) that covers most of the expired ground was submitted in March.

Interests in mining tenements acquired or increased during the quarter

Perttilahti 1-2 (ML2012:0222) and Kokonvaara (ML2013:0034) exploration permit applications were consolidated into one single permit called Perttilahti (ML2012:0222) which was granted during the quarter and is valid for the next three years.

Interests in mining tenements at end of the quarter

OUTOKUMPU AREA
Mining Licenses
Number Name Holder Beneficia
l

Interest
Held

3593/1a Kylylahti Kylylahti Coppe100%
r

Oy
3593/1b Kylylahti Kylylahti Coppe100%
r

Oy
3593/1c Kylylahti ML Kylylahti Coppe100%
extension r

Oy
3593/2a Kylylahti 2 Kylylahti Coppe100%
r

Oy
K7802 Hautalampi Vulcan Hautalam100%
pi
Oy
KL2012:0007 Riihilahti Kylylahti Coppe100%
r

Oy
553/1a,2a,4a,6a-1Luikonlahti1-2,4,Kylylahti Coppe100%
1a 6-11 r

Oy
1281/1a-2a Petkel I+ II Kylylahti Coppe100%
r

Oy
2061/1a Petkellahti Kylylahti Coppe100%
r