Altura mining has announced information about a $28 Million capital raising to fund its lithium project in West Australia. The financing package comprises of:
· National & international investors $23 million AUD
· Secure Purchase Plan for existing shareholders to participate in capital raising $5 million
The funds raised will provide important capital as the company is closing in achieving nameplate production of 220,000tpa.
“This capital raising provides working capital strength for the final push in the ramp-up phase,” said James Brown. “The most recent modifications we’ve made to the plant have had a significant impact on performance and we are now consistently achieving approximately 70 per cent of nameplate production capacity.”
“We are confident that we are close to achieving steady-state production and we can then focus on ensuring the plant is working as reliably and efficiently as possible, while we continue to work towards nameplate capacity, which we believe should be accomplished over the company months,” Mr. Brown added.
The second stage for Altura mining is to work towards achieving 440.000tpa.
About Altura Mining
Altura is a key player in the global lithium market and is leveraging increasing demand for raw materials for manufacturing lithium ion batteries for electric vehicles and static storage uses. Altura owns and operates the world-class Altura Lithium Mine at Pilgangoora in WA’s Pilbara, which commenced production during 2018 and has a production capacity of 220,000tpa of quality spodumene concentrate. The Company has completed a Definitive Feasibility Study on a potential Stage 2 expansion to 440,000tpa, with a Final Investment Decision due in 2018.
Altura Mining Website: https://alturamining.com/
