quarterly just arrived, page-23

The Xmen have no intention of going away - The mine life at Ernest Henry has been extended and staff contarcts have been renewed- They are spending $600m at Ernest Henry underground decline and have bought the CCP project from Exco for $175m. for additional ore feed.

AOH have a similar JORC resource to CDU and the Xmen have said they are going to take control of that project for additional ore feed for E.H ( see below ) yes the smeter at Mt Isa will be closed as will the refinery in Townsille but they intend to build a superpit at Mt Isa after the smeter is closed. There is still plenty of high % grade copper at Mt Isa .

I cant see Glencore wanting them to can that project unless the backside falls out of the coper price.

UPDATE ON XSTRATA COPPER’S
OPTION TO PURCHASE 51% OF ROSEBY PROJECT

Altona Mining Limited (“Altona”) (ASX: AOH) announced on 2 July 2012 that it received notice from Mount Isa Mines Limited (“Xstrata Copper”) that Xstrata Copper intends to exercise the option it holds to acquire a 51% interest (“Sale Interest”) in a portion of the Roseby Project(“Roseby”)Under the terms of a Heads of Agreement, Xstrata Copper has the right to acquire the Sale Interest at an agreed or fair market price.

Further to that release, the formal process between Altona and Xstrata Copper regarding XstrataCopper’s option to acquire the Sale Interest is continuing.

Altona and Xstrata Copper have yet to reach an agreement on the exercise price for the Sale Interest. Failing agreement, the process may ultimately result in a valuation from an independent expert to determine the price at which the option may be exercised by Xstrata Copper.

Shareholders will be advised of any additional material developments in due course.

* The Option Agreement with Xstrata Copper refers to certain tenements, data and information termed the “RFP Sale Interest”. The tenements at Roseby that host the Ivy Ann deposit are not part of the RFP Sale Interes