Altura Mining signs Letter of Intent with Chinese lithium specialists

THE BOURSE WHISPERER: Altura Mining (ASX: AJM) has entered into a non-binding Letter of Intent (LOI) with China based group, Lionergy Limited for offtake for a minimum of 100,000 tonnes per annum and up to 150,000tpa of lithium spodumene concentrate to be produced from the company’s 100 per cent-owned Pilgangoora lithium project.

Lionergy will also be buying a parcel of shares in Altura by way of a $3 million placement at 8.1 cents per share.

“The placement to Lionergy demonstrates the confidence level shown in Altura and its flagship Pilgangoora lithium project,” Altura Mining said in the company’s ASX announcement.

“Both parties are working towards further developing the relationship and conducting a China marketing program this week to showcase the project potential to downstream lithium carbonate processors.”

Lionergy is a China-based company specialized in the Lithium industry, which has interests in spodumene exploration, spodumene mine development, spodumene concentrate sales and distribution.

The two companies have also agreed to start discussions regarding possible investment and other project funding opportunities by Lionergy and its associates in the Pilgangoora lithium project, for the purpose of expediting the construction of the mine and processing plant.