Altura secures $18.6m for its projects

Australia-listed firm Altura Mining Limited announced on Monday that is has received more than $18.6 million in funds through the exercise of its listed options which expired on 31 August 2011.

The option exercise represents a take up of over 95% of the issued options and demonstrates shareholder confidence in Altura?s exciting pipeline of projects, the company said.

Altura is now well placed to fully fund two of its near term mining projects in the Tabalong Coal in East Kalimantan and Mt Webber Iron Ore in Australia, both of which are planned for production during 2012, it said.

Altura is now funded to capitalise on the strong demand for its key commodities of coal and iron ore moving into production in 2012 and 2013.

The company said in a presentation last month that production target from the mine will be 500,000-750,000 tonnes per annum. Mining will be conducted by open-pit method and coal will be transported through a 110-km haul road to Barito River in Central Kalimantan.

Altura owns 100 percent shares of PT Suryaraya Cahaya Cemerlang, which operates the mine, which is divided into two blocks with total area of 5,000 hectares. (denny)