Shares in Altura Mining have finished 36 per cent higher today after the lithium producer announced an offtake deal with Chinese company Ganfeng Lithium.
Lithium producer Altura Mining has secured an additional $US15 million of debt funding to support a second stage expansion and the ongoing ramp-up of its Pilgangoora operation, after officially opening the project last week.
Altura Mining has decided not to pursue a takeover from its largest shareholder, after its corporate adviser Citigroup began investigating a potential transaction in April.
Talison Lithium has confirmed it will build a third concentrator at the Greenbushes lithium mine to boost output to 1.95 million tonnes per annum, but the owner of tantalum rights at the project has again warned the expansion will be subject to an ongoing legal battle.
SPECIAL REPORT: Battery metals businesses such as Pilbara Minerals, Altura Mining, and Western Areas have joined AusCann Holdings, Buru Energy and OM Holdings among the best-performing stocks in the year to June.
The directors of Mineral Resources and Altura Mining have enjoyed solid growth in the value of their shares over the past month, according to data on Director Shareholdings tracked by Business News.
Altura Mining has appointed Citigroup as its corporate adviser in relation to a potential takeover of the $740 million company by its largest shareholder, Chinese battery manufacturer Shaanxi J & R Optimum Energy.
Shares in Altura Mining, which is on the brink of lithium production, jumped this morning after the $770 million company confirmed it was in discussions with its largest shareholder in relation to a potential control transaction.
Tawana Resources has opened the state's fifth lithium operation, with the ASX-listed company announcing today that production has started at its jointly owned Bald Hill project in the eastern Goldfields.
A number of local mining companies have moved up the stock market rankings, with contractor Ausdrill included in the S&P ASX 200 index, while South32 has been admitted into the top 20 as part of the market's quarterly rebalance.
Altura Mining directors Allan Buckler and Paul Mantell and AusCann Holdings directors Mal Washer and Harry Karelis have been among a group of major Western Australian investors to have the value of their portfolios hit as markets have fluctuated in recent weeks.
SPECIAL REPORT: The five WA people with the largest holdings in listed companies have earned around $1.5 billion in dividends in the past five years, with Andrew Forrest and Kerry Stokes leading the way. Click through for our list of 50 directors and investors with holdings worth more than $11 billion between them.
SPECIAL REPORT: Financing opportunities have improved markedly from just two years ago for the state's junior miners, amid growing demand for drill rigs and skilled workers.
Altura Mining has taken the next step to double capacity at its Pilgangoora project, approving a definitive feasibility study for expansion to 440,000 tonnes per annum of lithium concentrate, while confirming shipments from stage one of the mine are due in the second quarter of 2018.
SPECIAL REPORT: Ten lithium projects under construction or in advanced planning to bring new lithium supply onto the market will dramatically boost exports of the commodity in coming years.
Investors appear to have shaken off a drop in gold and iron ore prices at the end of September to back Western Australian businesses, with the Business News BN30 index of local shares closing the September quarter near record highs.
Lithium-focused Altura Mining has raised $26 million from investors as it prepares for a second-stage development of its flagship project in the Pilbara.
Kidman Resources has finalised a $110 million joint venture agreement with Chilean company SQM for the Mt Holland lithium project, while Altura Mining has begun extracting ore at its Pilgangoora lithium project.
SPECIAL REPORT: Backdoor-listed technology businesses and mining hopefuls have joined the state's top performers in financial year 2016 in Business News's annual analysis of total shareholder returns.
Global demand for lithium is expected to increase by three to four times by 2025 and projected supplies will not keep up, Tianqi Lithium Australia general manager Phil Thick told a Mining Club lunch today.
Henderson-based Civmec has received $90 million worth of contracts for work on a number of projects nationwide, with the most significant being a construction job at Alcoa of Australia's Pinjarra alumina refinery.
Pilbara Minerals has been given a final environmental tick for its Pilgangoora lithium project, and is now cleared for construction, but the company will be continuing work on project financing.
Three contractors have won work for Altura Mining's planned $140 million Pilgangoora lithium mine, as the company continues work to secure debt financing for the project.
Altura Mining has attracted a Chinese lithium battery producer for a $41.6 million investment in the business to assist with the development of its Pilgangoora lithium project in the Pilbara.
Altura Mining has followed the example of neighbouring lithium project developer, Pilbara Minerals, by purchasing a mothballed mine camp from Roy Hill Holdings.
Lithium projects in Western Australia are set to inject almost $1 billion of new investment into the state's economy as the past year's surge in commodity prices and stock valuations turn into tangible commercial benefits.
Lithium hopeful Pilbara Minerals has scored an $18 million equity injection, offtake agreement and downstream processing deal with an unnamed Chinese company.
Lithium hopeful Altura Mining has announced plans to raise $23 million to fund development of its Pilgangoora project, with construction targeted for later this year.
BGC Contracting, Decmil Australia and Rapid Crushing & Screening Contractors have inked separate deals with Pilbara iron ore miners Atlas Iron and BC Iron.
