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...