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Altura signs letter of intent for lithium offtake from Pilgangoora

22nd February 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Perth-based explorer Altura Mining has entered  into  a  nonbinding  letter  of  intent  with  China-based group Lionergy, which would see the latter buy a minimum of 100 000 t/y and up to 150 000 t/y of lithium spodumene concentrate, produced from Altura’s 100%-owned Pilgangoora lithium project.

Lionergy has also agreed to subscribe to shares in ASX-listed Altura through a A$3-million placement at 8.1c apiece.

“The  placement  to  Lionergy  demonstrates  the  confidence  level  shown  in the company  and  our  flagship project,” Altura said in a statement.

Both parties were  working  towards  further developing the relationship and would conduct a China-based marketing programme this week to showcase the  project potential to downstream lithium carbonate processors.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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