06/10/2017 - 10:17

Altura raises $26m for lithium project

06/10/2017 - 10:17

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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.

Altura raises $26m for lithium project
Site work at the Altura lithium project in the Pilbara.

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.

The company raised the funds through the placement of 136.8 million shares at 19 cents each, representing an 8.4 per cent discount to its 30-day, volume-weighted average price.

The proceeds from the raising will be used to progress an expansion study at the company’s Altura lithium project, which is aimed at increasing annual production of spodumene concentrate from start-up capacity of 220,000 tonnes to 450,000t.

“We received a strong level of interest from international investors in how advanced the Altura lithium project already is and how the project could be expanded to meet growing global demand for lithium,” managing director James Brown said.

“Construction of the project is already more than 50 per cent complete and is fully funded following the recent finalisation of the $US110 million senior secured debt facility.

“We are only months away from first production and now investors see considerable upside in advancing our stage 2 expansion study in order to capitalise on this opportunity.”

The expansion definitive feasibility study is expected to be completed by early next year.

Jett Capital Advisors and Bizzell Capital Partners assisted Altura with the raising.

Shares in Altura were 1.8 per cent higher to 27.5 cents each at 10am.

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