Search

Lithium neighbours strike deal at Pilgangoora

Pilbara Minerals and Altura Mining have struck agreements for ongoing co-operation in the development of their neighboring lithium projects at Pilgangoora in the north west of W.A.

Altura’s deposit is immediately southwest of Pilbara’s giant lithium-tantalum deposit, which earlier this week was the subject of a 136% boost in reserves and is now widely considered to be the largest hard rock Lithium deposit in the world.

The companies said today that recent drilling had essentially confirmed that some of their deposits were the same ore body and this proximity created many opportunities to unlock “logistical, operational and strategic synergies”.

The two companies already have a strong working relationship, and have formalized this with a joint access agreement and a memorandum of understanding.

Under the joint access agreement, Pilbara and Altura have mutually removed any objections by either company to the other’s tenure and they have agreed to share site access roads and pipeline locations.

The MOU establishes a framework to jointly evaluate the potential to expand or jointly exploit the lithium-rich pegmatite zones that cross the tenement boundaries between the projects.

Pilbara are on the cusp of releasing their Definitive Feasibility Study for Pilgangoora, which is the world’s leading lithium development project, based on a massive mineral resource of nearly 130m tonnes.

Altura Mining is also close to releasing its own DFS for the development of a smaller, lower grade resource, estimated at 35.7 million tonnes at 1.05% Li2O.

Pilbara’s Managing Director and CEO, Ken Brinsden said “The synergies between the two projects are compelling, given that recent drilling has essentially confirmed that the mineralisation on either side of the tenement boundaries essentially forms part of the same orebody in our Southern Zone.

“The Access Agreement and MOU put in place a collaborative framework which ensures that both companies can move ahead quickly with their development plans, while also jointly evalutating opportunities to optimise the reserve and mining schedules by considering the potential to exploit mineralisation which crosses the tenement boundaries.

“We are pleased to have entered into these arrangements with Altura, which demonstrates a positive and collaborative approach to the development of valuable resources in this state which will ultimately benefit a wide range of stakeholders.” Said Mr Brinsden

Comments

W.A
Great idea, good cooperation helps everyone, a positive attitude, just the opposite to BHP and Rio's dog eat dog attitude, where the greediest wins.

If only our politicians could work together for the common good like these two companies

Add your comment

BNIQ sponsored byDiversus

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/01/19

1 year TSR5 year TSR
357thTriangle Energy Global-17%-7%
366thMatsa Resources-18%-1%
421stOtto Energy-27%-2%
453rdPilbara Minerals-31%122%
726 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

21/12/18
$0 Issued
19/10/18
$70k Bought
19/04/18
$900k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

55th↑Pilbara Minerals$15.3m
56th↑Triangle Energy Global$13.8m
57th↓Otto Energy$13.0m
60th↑Matsa Resources$11.7m
61st↑India Resources$11.4m
509 listed resources companies ranked by revenue.
Source: Morningstar

BNiQ Disclaimer