Altura Mining has secured an additional $US15 million ($21 million) to support the operation of its Altura lithium project at Pilgangoora in the Pilbara.
The additional funds will be used to advance the project’s stage two expansion plans to 440,000 tonnes per year (t/y) in the first half of 2020, at the request of Altura’s offtake partners.
Currently, the project’s processing plant is expected to produce up to 220,000t/y at 6 per cent lithium concentrate. This will supply the electric vehicle and static storage lithium battery market.
The capital will facilitate efficient ramp-up toward Altura’s intended full-load capacity and distribution of lithium concentrate to offtake partners.
The additional funds were obtained from Altura’s existing loan note holders and with no dilution for existing shareholders.
Altura commenced its shipping process of lithium spodumene concentrate to Port Hedland for first shipment to China last month.
The results of its first concentrate product grade have shown that it meets the industry benchmark SC6 specifications and requirements of offtake partners.
The Altura lithium project is 123 kilometres from the town of Port Hedland in Western Australia.