Pilbara Minerals to take control of Altura Mining’s lithium project

Spodumene producer Pilbara Minerals has entered a conditional deal to acquire Altura Mining’s lithium project in Western Australia, it said on Wednesday October 28.

Pilbara’s conditional agreement with Altura’s senior secured loan noteholders provides a path for a potential purchase of the project through the acquisition of shares in Altura Lithium Mining Operations Pty Ltd (ALO) for about US$175 million.
The deal would be subject to the completion of a receivership process.
A filing with the Australian Securities Exchange (ASX) on October 26 announced that spodumene producer Altura Mining had entered receivership, and that Richard Tucker and John Bumbak of advisory and investment firm KordaMentha had been appointed receiver and manager respectively, taking immediate control of all operations.

The move followed unsuccessful attempts by the company to refinance more than...

Published

Carrie Shi

Dalila Ouerghi

October 28, 2020

14:35 GMT

Singapore, London