Altura names new major shareholder

Altura Mining has a new major shareholder, after Ningbo Shanshan acquired Shaanxi J&R Optimum Energy’s shares in the lithium miner.

Last week, Altura said Shaanxi J&R Optimum Energy sold 251 million shares in the miner, a stake of about 11.8 per cent.

Altura said China-based Shanshan, which was founded in 1989, was one of the world’s largest integrated suppliers of lithiumion battery materials such as cathodes, anodes and electrolytes.

The Shanghai Stock Exchange-listed Shanshan has a market capitalisation of approximately $2.5 billion and employs more than 4,000 people.

In 2018, Shanshan reported lithium battery material revenue of approximately $14.5 billion.

Altura managing director James Brown said the company was delighted to welcome Shanshan as a cornerstone investor in Altura.

“Shanshan was one of the early movers in the battery materials market and has grown into a global leader,” he said.

“The share sales by JRO have been ongoing for several months and this latest transaction, which completes that divestment process, is extremely positive as it removes a significant market overhang.”

However, shareholders did not welcome the news as positively as Mr Brown, with Altura shares down 10.7 per cent to trade at 12 cents each at 11.10am AEST.