PERTH (miningweekly.com) – Chinese firm Ningbo Shanshan Co has taken an 11.8% shareholding in ASX-listed lithium developer Altura Mining, after acquiring some 251-million shares in the company.
Altura MD James Brown on Tuesday welcomed Shanshan to the registry, noting that the Chinese firm was one of the early movers in the battery materials market, and had grown into a global leader with a market cap of around A$2.5-billion.
Shanshan acquired the shares in an off-market transaction with Shaanxi J&R Optimum Energy Co (JRO), which sold the shares at 10c a piece.
Brown noted the share sale by JRO had been ongoing for several months, and this latest transaction, which completed its divestment process, was a positive step for the company as it removed significant market overhang.
“We know the Shanshan team well and look forward to further progression of our strategic relationship,” Brown said.
Altura shareholders did not take kindly to the share transaction, with the company’s share price falling more than 7% on Tuesday, from a high of 13c a share to a low of 12.5c a share.