About Universal (proposed name change: Altona MINING)
Altona is the result of a merger of ASX listed base metal companies; Vulcan Resources Limited and Universal Resources Limited. The company has two major copper assets.
The Company aims to become a copper producer in 2011/2102 and for 2013/2014 is targeting annual production approximating to 40,000 tonnes of copper with significant additional gold, zinc, nickel and cobalt credits.
The Outokumpu Copper Project is located in Eastern Finland and comprises the Luikonlahti Processing Plant and some 15.6 million tonnes of copper Resources in 7 deposits within 45km of the plant with significant cobalt, gold, nickel and zinc credits.
The Kylylahti copper deposit is the largest deposit in the area. The company is finalising engineering studies and intends to make a decision on commencement of operations in the second quarter of 2010. Both Luikonlahti and Kylylahti are permitted and both have been the subject of feasibility studies.
The Roseby Copper Project is located near Mt Isa in Queensland in north east Australia. Resources at Roseby contain some 877,000 tonnes of copper and 239,000 ounces of gold in 9 shallow deposits. A detailed feasibility study for a 5mtpa open pit mining operation on three deposits has been completed and the project is currently proceeding through permitting.
The company also holds extensive nickel sulphide resources and nickel exploration tenements in Finland.
VCN Price at posting:
11.0¢ Sentiment: None Disclosure: Held
