Anyone understand what the situation with Altona Resources is? They have some kind of coal permits (surface mining?) right in the middle of the Sapex permits in the Arckaringa Basin. Is this another overlapping tenements situation?
Altona is claiming a resource of 7 billion tons non-JORC, and just drilled off a 1.3 billion ton JORC resource. They have MOU's with CNOOC and BP to look into CTL projects for their coal. Market cap is 3.6 million pounds (listed on London Exchange). That is $8.5 million Australian.
Not interesting in owning Altona - especially in this environment. But since this area is Linc's new focus, seems like a good idea to understand who the existing players there are. Heck of a lot of coal in this Arckaringa Basin. Decision to buy Sapex is looking better and better.
Is there a discussion board for Altona? Having trouble figuring out this Hot Copper site. Looks like there are only boards for ASX stocks.
LNC Price at posting:
$2.23 Sentiment: LT Buy Disclosure: Held
