Photo by: Bloomberg
PERTH (miningweekly.com) – Lithium developer Altura Mining has secured an additional $15-million for its lithium project in the Pilbara, following an amendment deed with its existing loan note holders.
“The additional funds will ensure the efficient ramp-up of commissioning towards nameplate capacity at the Altura lithium project, continued exploration of the company’s portfolio of tenements and ongoing work on the Stage 2 expansion, which targets a doubling of production to 440 000 t/y in the first half of 2020,” said Altura MD James Brown.
Altura in July produced its first spodumene from the mine, which will produce some 220 000 t/y of 6% lithium concentrate when in full production. Spodumene concentrate from the mine will be stockpiled in a purpose-built storage facility in Port Hedland, which has a capacity of 40 000 t, with Altura presently having the rights to 30 000 t.
The terms of the amendment deed are in line with the existing $110-million senior secured loan note facility that was executed in July last year, and was raised without the issue of further equity securities, which Brown said would have resulted in some dilution for existing shareholders.