The company, which is listed on the London AIM exchange, is aiming to explore and develop a coal to liquids project and will use the funds for working capital.
Altona is conducting a bankable feasibility study for the Arckaringa CTL and power project with its joint venture partner, Chinese energy major CNOOC New Energy Investment Co, a subsidiary of the China National Offshore Oil Corporation.
The BFS base case is for an open cut mine with a capacity upwards of 15 million tonnes per annum to support an integrated 10 million barrels per annum CTL and net 560-megawatt cogeneration power plant.
Altona holds a 49% interest in three exploration licences covering 2500sq.km in the northern portion of the Permian Arckaringa Basin in SA including three coal deposits – Westfield (EL4511), Wintinna (EL4512) and Murloocoppie (EL4513).
The deposits lie close to the Adelaide to Darwin railroad and the Stuart Highway.
The company said the BFS was expected to take 24-30 months overall, leading to a three to four-year construction phase.
