Officials at Altona Mining Ltd. have finalized the $95 million sale of their Kylylahti copper mine, its exploration rights and its copper and nickel deposits in eastern Finland’s Outokumpu field to the Boliden Group; Finland’s Competition and Consumer Authority has approved the transaction.
“All approvals for the deal have been received,” with a Q4 close, according to Boliden CEO Lennart Evrell. During the year ending Q3 2014, production stood at 9,000 copper tons, 300 gold kg, 2,200 zinc tons and 2,100 silver kg in concentrate; the operation’s 2013 profits stood at $18 million.
Located 450 km northeast of Helsinki, Kylylahti has 110 employees and 120 contractors; copper represents 80% of revenues alongside gold, zinc and silver. Concentrate is processed at Boliden-owned smelters at Harjavalta and Kokkola; since its 2012 opening, the mine has enjoyed a 650,000 ton per year (t/y) capacity with mine life forecast through 2021.