Altona Mining is the latest Perth company to receive a first strike from shareholders against its remuneration report.
Altona Mining is the latest Perth company to receive a first strike from shareholders against its remuneration report.
Just more than 28 per cent of voting shareholders opposed the company's remuneration report at its annual general meeting in Perth yesterday.
Speaking at the meeting, Altona managing director Alistair Cowden defended the company's performance, saying its share price had been driven down by a wave of negative sentiment towards junior exploration companies.
"Markets can be cruel and they certainly have been unjust to the Altona shareholder," Mr Cowden said.
"Our share price has declined from 25 cents at this time last year to 15 cents today, this in a year where we outperformed and delivered our first statutory profit.
"We are not alone. Our peers have suffered similar or worse fates."
Altona yesterday announced its best ever drilling results at its Kylylahti copper deposit in Finland
The company remains on the lookout for a partner for its Roseby copper project in northwest Queensland but says it will not rush into a transaction.
"We are financially strong with no net debt, profitable and growing our production," Mr Cowden said.
"We have enormous optionality over copper and markets with Roseby, with or without a deal in the next 6 months it remains an option over copper and it will be a mine one day.
"We are patient and understand the value of a 1.5 million tonne fully permitted copper resource."
Under two-strike rules introduced in 2011, if 25 per cent of voting shareholders oppose a company's remuneration report, it receives a strike.
If this happens again the following year, it receives a second strike and a resolution to spill the board is automatically triggered.
Other companies to record a first strike in recent weeks include Global Construction Services, David Jones, Automotive Holdings Group and Aurizon.
Cash Converters and TFS Corporation meanwhile received second strikes but shareholders showed little interest in spilling the companies' boards.
