Copper miner Altona is planning to return $80m in cash to shareholders following the sale of its assets in Finland.
Shareholders in Altona are in for an $80 million windfall following the sale of the copper miner’s assets in Finland.
Shares Altona leapt 26 per cent to a 15-month high of 21.5 cents as the news emerged on Tuesday.
Altona is selling its Finnish operations and exploration assets to Swedish miner Boliden Mineral for $US100 million ($A108.2 million).
The miner said it would have between $120 million and $125 million in cash on its books after the sale, paving the way for it to return 15 cent-a-share to shareholders.
The miner also flagged that more money could be on the way if it signs a partnering deal or sells its Little Eva project at Cloncurry, near Mt Isa in Queensland.
Shares in Altona had leapt five cents to an eight-month high of 22 cents by 1148 AEST.
If the sale of its Finish assets is approved, Altona’s main asset will be the Cloncurry copper project.
It is one of Australia’s largest undeveloped copper projects and includes the Little Eva open pit, which is expected to produce 38,800 tonnes of copper and 17,200 ounces of gold annually.
Altona will host separate meetings for shareholders to vote on the sale and cash return later in 2014.