Altura raises A$41.6m from Chinese battery maker for Pilgangoora
PERTH (miningweekly.com) – ASX-listed Altura Mining has signed a subscription and cooperation agreement with Chinese battery producer Shaanxi J&R Optimum Energy to raise some A$41.6-million to help pay for the Pilgangoora lithium project, in the Pilbara.
The two-tranche placement at 13.6c a share would give J&R Optimum a 19.9% shareholding in Altura and will entitle the Chinese company to appoint one director to the Altura board, provided that its relevant interest does not reduce below 15%.
The placement price represents an 8.8% premium to the last closing price of Altura shares, and a 4.6% premium to the company’s 30-day volume-weighted average price.
Altura MD James Brown, who on Tuesday welcomed J&R Optimum to the Altura share register and ultimately to the board of directors, said that the transaction significantly de-risked the Pilgangoora project and provided a strong lead to debt funding groups as the company worked towards finalising the complete financial package for the project.
“The alliance is also a significant acknowledgement of the high standard of work achieved by the Altura development team and consultants with the recently definitive feasibility study (DFS).”
The DFS estimates that the project will have a yearly ore feed rate of 1.54-million tonnes to deliver 219 000 t/y spodumene concentrate containing 6% lithium, with estimated life-of-mine cash costs of A$316/t of spodumene concentrate.
It will cost A$139.7-million to construct the Pilgangoora project and it will have a repayment period of 1.8 years.
Altura has also formed a strategic partnership with J&R Optimum, which will provide a platform for participation in not only raw material supply, but downstream processing and technology.
Altura said that the partnership provided a secure offtake for all production from the company’s operation.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















