Altona Mining Ltd
(ASX:AOH) has cut its debt in half.
The copper producer says it has made an early repayment of its debt facility of $US10.45 million reducing the balance from $US20.45 million to $US10 million.
The debt reduction was funded by a payment in cash as well as $US5.4 million released from the closure of the company’s gold hedge book.
Managing Director Alistair Cowden says the strong performance of the Outokumpu Project has allowed the company to pay down debt.
Altona Mining generated a net profit of $12.6 million in fiscal 2013.
