Shares in copper miner Altona have soared by about 30 per cent on news of an $80 million windfall for shareholders.

The news came as Altona announced it is selling its Finish operations and exploration assets to Swedish miner Boliden Mineral for $US100 million ($A108.2 million).

Altona said it would have between $120 million and $125 million in cash on its books after the sale, paving the way for it to return 15 cent-a-share to shareholders.

The miner also flagged that more money could be on the way if it signs a partnering deal or sells its Little Eva project at Cloncurry, near Mt Isa in Queensland.

Shares in Altona had leapt five cents to an eight-month high of 22 cents by 1148 AEST.

If the sale of its Finish assets is approved, Altona’s main asset will be the Cloncurry copper project.

It is one of Australia’s largest undeveloped copper projects and includes the Little Eva open pit, which is expected to produce 38,800 tonnes of copper and 17,200 ounces of gold annually.

Altona will host separate meetings for shareholders to vote on the sale and cash return later in 2014.