Altura raises A$26m for WA lithium expansion
PERTH (miningweekly.com) – Lithium developer Altura Mining will raise A$26-million through a share placement to institutional and sophisticated investors to fast-track lithium production expansion studies at its lithium project in Western Australia.
The company on Friday announced that it would issue about 136.8-million shares, at a price of 19c each under its current placement capacity.
The placement price represented an 8.44% discount to Altura’s 30-day volume-weighted average price of 20c a share, and a 12.57% discount to the 15-day volume-weighted average price of 21c a share.
“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,” said Altura MD James Brown.
“Construction of the project is already more than 50% complete and is fully funded following the recent finalisation of the $110-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 company previously approved the Stage 2 expansion study of its flagship project in Pilgangoora, aimed at increasing production from the start-up capacity of 220 000 t/y to 450 000 t/y.
The expansion study is due for delivery in early 2018.
Brown said that the expansion was particularly attractive and straightforward because increased mining volumes could be accommodated with the addition of a second mining shift, and there would be no need to increase the accommodation village capacity or ancillary infrastructure to facilitate the expansion.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation