Altona Mining (ASX:AOH) has released an updated reserve estimate at its 100%-owned Kylylahti mine in Finland. The reserves now contain 4.55 million tonnes at an average grade of 1.66% copper, 0.83g/t gold and 0.62% zinc for a total of 166.5 million pounds of copper and 122,000 ounces of gold. At the current throughput rate of 650,000 tonnes per year, this reserve update extends the Kylylahti mine life to 7.5 years.
We consider this to be a good update as compared to the June 2013 reserve estimate, Altona has added one million tonnes to its reserves at a 3% higher copper grade and a 14% higher gold grade.
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Disclosure: The author holds no position in Altona Mining. Please see our disclaimer for current positions.
