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Altona Resources
- BY: Andrew Hore |
- POSTED: 04/12/2007 |
Altona Resources expects to complete the pre-feasibility study for its Arckaringa coal-to-liquid project in the first quarter of 2008.
The project will use coal from Altona’s Wintinna deposit in South Australia. It is drilling and sampling at the deposit so that it can prove reserves of 700m tonnes of coal. Altona has also signed a memorandum of understanding with South Australia’s largest electricity producer to supply it with 4m tonnes of coal a year for 25 years.
At the end of June 2007 Altona has £1.64m in cash. When it acquired the Arckaringa project Altona thought that it would not be subject to the land rich stamp duty provisions relating to South Australian property. On 7 September the South Australian tax authorities said they were conducting a review. If it decides that the tax is payable it could cost £112,000.
The shares have more than halved in the past six months and are currently trading at 3.875p. Altona has appointed Bell Potter as its Australian adviser. An ASX quotation would make sense and might help the share price to recover. Australians have an understanding of the potential power shortages in their country. This could help to increase demand for the shares.
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