15/03/2018 - 11:14

Altura in takeover talks

15/03/2018 - 11:14

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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.

Altura is set to enter the commissioning phase at Pilgangoora this quarter.

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.

Chinese battery manufacturer Shaanxi J&R Optimum Energy has a 19 per cent stake in Altura, along with a number of offtake deals at its Pilgangoora project in the Pilbara.

Board and management own 18 per cent of the company, led by non-executive director Allan Buckler, who holds 10 per cent.

Max Smith also has a 10 per cent stake in Altura.  

Shares in Altura reached a price of 45 cents in early trading and were at 42.7 cents, an 8 per cent rise, at 2pm AEDT.

In a statement to the ASX, Altura said there was no certainty a transaction would occur.

“In accordance with its continuous disclosure obligations, Altura will keep the market updated with any developments as necessary,” the company said.

Altura is set to enter the commissioning phase at Pilgangoora this quarter, with mining and processing to commence at a rate of 1.5 million tonnes per annum of ore.  

Meanwhile, Neometals announced it has acquired a lithium project for $2.5 million.

The Mt Edwards site is located 40 kilometres from the company's Mount Marion lithium project, in which it has a 13 per cent stake.

 

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