BHP warns Australian mining not ready for low-cost competitors
The boom in demand from China’s industrialization is now “past the period of aggressive growth,” BHP’s Australia President said.
Altius Mining (ASX:AYM) has commenced an initial public offering (IPO) with the intention of raising A$12 million and a listing on the Australian Securities Exchange (ASX). The company, based in Toorak, Victoria, is offering a maximum 60 million shares at 20 cents apiece. It expects to list on the ASX by June 2nd.
Altius says it plans to begin pouring gold in the next four months from its flagship project, the historic Forsayth mine in North Queensland, where the company is currently engaged in trial mining and commissioning of its mill, processing plant and associated infrastructure.
AYM is targetting 50,000 ounces of gold in its first year of production at an estimated cash cost of A$500 per oz.
“We are very encouraged by the prospects for Altius and we are pleased to present this offer to investors. This is an opportunity for investors to participate in the development of an existing gold mining operation in Queensland and be part of our ongoing exploration success,” said CEO Alexander King.
Altius says it is also planning to develop two open-pit gold mines in New South Wales, and will focus on exploring for iron ore, copper and rare earths. The company has invested close to $12 million to date in Queensland and New South Wales.
