12th Apr 2016 08:39
LONDON (Alliance News) - Altona Energy PLC on Tuesday said shareholders in Sino-Aus Energy Group Ltd have paid the majority of the first financial contribution to the Arckaringa joint venture.
Sino-Aus has made a AUD4.0 million payment, with the other AUD1.4 million expected by the end of April once approval for the transfer is secured from the Chinese government.
Altona and Sino-Aus are working together on the Arckaringa coal project in Australia.
Altona shares were up 17% on the news to 1.28 pence, one of the best performers in the AIM All-Share. The stock set a new 52-week high of 1.34p earlier Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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