Altura signs MoU at Pilgangoora
PERTH (miningweekly.com) – ASX-listed Altura Mining has inked a memorandum of understanding (MoU) with Chinese lithium battery producer Optimum Nano Battery for a spodumene concentrate offtake agreement over the Pilgangoora project, in Western Australia.
The MoU was based on a minimum of 100 000 t/y and up to 150 000 t/y of lithium spodumene concentrate, and paved the way for Altura to enter into an alliance with Optimum Nano into the expanding lithium battery market.
The MoU followed a letter of intent inked with China-based group Lionergy, which would also see the Chinese firm buy between 100 000 t/y and 150 000 t/y of lithium spodumene concentrate from Pilgangoora.
Lionergy also agreed to subscribe to shares in ASX-listed Altura through a A$3-million placement at 8.1c apiece.
The Optimum Nano MoU was conditional upon Altura obtaining regulatory approvals and taking a decision to proceed with the Pilgangoora project within the next three years.
A prefeasibility study into the Pilgangoora project estimated that the project was expected to require a capital investment of A$97.6-million, and would have a net present value of A$277-million and an internal rate of return of 42.5%.
A base-case study of a one-million-tonne-a-year throughput estimated that the Pilgangoora project could deliver about 150 000 t/y of spodumene concentrate over a mine life of 19 years.
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