Altura shareholder becomes offtake partner
PERTH (miningweekly.com) – ASX-listed Altura Mining has inked a multi-year lithium offtake agreement with Hunan Yongshan Lithium Company, a subsidiary of shareholder Ningbo Shanshan.
The five-year binding offtake agreement will start in January next year, with a minimum of 60 000 t/y from January 2022. The binding offtake agreement includes options to agree to increase the supply to 120 000 t/y.
A separate contract for 2020 would see Altura provide 44 000 t of 6% grade spodumene concentrate product in line with market price.
Altura will be a key supplier to Shanshan’s new lithium chemical plant, which has a planned Phase 1 production of 25 000 t/y lithium carbonate equivalent. The plant started construction in April, and also included a Phase 2 expansion to take overall output to 45 000 t/y.
Altura MD James Brown said on Friday that the offtake agreement with Shanshan diversified the company’s customer base, de-risked sales channels, and was testament to both the quality of the product and the market-leading nature of Altura’s operation.
“This latest offtake agreement is the result of months of close discussions with Shanshan to ensure they get exactly what they need to support their new lithium chemical plant. Shanshan have demonstrated excellence in design with a focus on sustainability through the adoption of ultralow-emission technology, water recycling and heat/energy recovery systems included in their chemical plant,” said Brown.
“Our customer list boasts some of the biggest and best names in the battery materials sector and adding Shanshan to that list further demonstrates the market’s increasing desire for stable, long-term, high quality lithium concentrate supplies."
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