Altona Mining Searches for New Partner after Xstrata Withdrawl

Bloomberg reported that Altona Mining Ltd. (AOH) is looking for a new partner for its A$320 million ($338 million) copper venture in Queensland after XStrata has walked away.

As quoted in the market report:

Our preferences are either a traditional strategic party to come in for a share of the project and provide financing, or maybe a sale of the project,” or merging it with other mines to share the cashflow, Cowden said. “Target investors are not just China and we’re active in Europe in Finland so we get exposed to a lot of investors more than other Australian companies. We would like this resolved within six months.

To view the whole Bloomberg report, click here.