PERTH (miningweekly.com) – Chinese firm Ningbo Shanshan has increased its stake in ASX-listed Altura Mining from 11.8% to 19.4%, through a further A$22.4-million investment.
Altura on Tuesday told shareholders that it will issue Shanshan 200-million fully paid ordinary shares at a price of 11.2c each, making the Chinese firm Altura’s single largest shareholder.
“We are extremely buoyed to have Shanshan follow its initial investment in Altura and increase its holding via this equity placement,” said Altura MD James Brown.
“The partnership between our groups significantly strengthens the outlook for both companies as key suppliers to growth in the global battery market. The professionalism demonstrated by Shanshan has been able to deliver an attractive outcome for both entities.”
Following the share placement, Shanshan will be entitled to appoint a director to the Altura board, provided that its interest in the company does not fall below 12.5% for more than 30 consecutive days.
Shanshan has advised that James Tai will be nominated to the Altura board.
The share placement will be subject to Chinese regulatory approval.