Altona buys cash flow

Altona Energy, which is the junior partner to China's CNOOC in the Arckaringa coal-to-synthetic liquid fuels project in Australia, is to acquire a 95 per cent interest in two advanced coal exploration licences in China. Crucially for Altona, the acquisition promises near-term profits and cash flow. Subject to satisfactory due diligence, which is expected to be completed by the end of April, and conversion of the exploration licences to mining licences, Altona could start mining coal before the end of 2012.