Altura Mining in takeover talks with Chinese

Altura's lithium project in January

Lithium aspirant Altura Mining has confirmed that it has been in discussions with a Chinese company in regards to a potential takeover.

Altura, which is developing the Pilgangoora lithium project in Western Australia’s Pilbara region, today responded to speculation about a “proposed control transaction” involving the company.

Perth-based Altura confirmed that Shaanxi J&R Optimum Energy, one of its largest shareholders, was the potential buyer it has been discussing a deal with.

“The content of the discussions are confidential, incomplete, indicative and non-binding,” Altura reported in an ASX announcement.

“Any proposal would be the subject to a number of conditions including regulatory approvals in China and Australia.

“At this stage there is no certainty that any transaction will proceed, and if so, on what terms. In accordance with its continuous disclosure obligations, Altura will keep the market updated with any developments as necessary.”

Altura is currently commissioning the Pilgangoora operation’s processing plant.  The company reported last month that it was on track to meet its target of first lithium concentrate sales in the second quarter of this year.

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