Altura's flagship Pilgangoora lithium mine in the Pilbara.

Altura raises $22m

Tuesday, 23 July, 2019 - 09:58

Ningbo Shanshan, which last month became Altura Mining’s largest shareholder, has invested an additional $22.4 million in the lithium miner via a share placement.

Altura issued 200 million shares to Shanshan at a price of 11.2 cents per share, a 1.8 per cent premium to its previous closing price.

Shanshan will increase its stake from around 11.8 per cent to 19.4 per cent.

Last month, debt-plagued Shaanxi J&R Optimum Energy sold its stake of about 11.8 per cent to Shanshan.

Shanshan, which was founded in 1989, is one of the world’s largest integrated suppliers of lithium-ion battery materials such as cathodes, anodes and electrolytes.

Altura managing director James Brown said the company was extremely buoyed to have Shanshan follow its initial investment.

“The partnership between our groups significantly strengthens the outlook for both companies as key suppliers to growth in the global battery market,” he said.

“Our relationship with Shanshan is strong and open and we are continuing to formalise a strategic plan of supporting each other commencing with lithium concentrate supply.”