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Access the research note on Allenby Capital's website

Altona has recently announced an inspired strategic move into copper exploration in the Kalahari Copperbelt (KCB), Botswana. This is a rapidly emerging new copper province based on an extensive area of sediment-hosted copper deposits broadly analogous to the prolific Central African Copperbelt to the north in Zambia and the DRC. Mid-tier miners, notably, Hong Kong-listed MMG Ltd (1208.HK) and ASX-listed, Sandfire Resources (SFR:AX) have recently established sizeable mining/mill operations while juniors such as Galileo Resources (GLR:L) and ARC Minerals (ARCMA:L) have exploration programmes in the Belt. MMG through its Khoemacau/Boseto operations has the potential for a worldclass mine. Altona has an option agreement with a local company, Ignate African Mining, to acquire an 85% interest in the Sesana Tenement 25km south of Khoemacau. The consideration is modest at US$110,000 in cash and US$250,000 in Altona shares payable in three tranches over four years along with exploration, technical and expenditure commitments.

18 April 2024: Allenby Capital update research note: An inspired strategic move, by Peter J Dupont