Altura Mining Offtake Agreement
The key buyer`s terms include a minimum price of 550 dmt based on lithium oxide (Li20) to 6% Li20 for the first year of the contract term and a ceiling of 950 dmt for the second and subsequent years. The first BOA delivery of approximately 10,000 DWT is expected to be loaded in August and further deliveries of 40,000 dmt by February 2020 for the remainder of the 2019 auction. Prices are based on a Li2O content formula that contains weighted published reference prices for lithium carbonate and other process factors. Lionergy has agreed to a tonnage reduction, which falls within its existing acquisition obligation and now provides for a minimum annual allocation of DWT 65,000 (previously DWT 100,000). «This latest acquisition agreement is the result of months of close discussions with Shanshan to ensure they get exactly what they need to support their new lithium-chemistry plant. Shanshan has demonstrated excellent design quality by focusing on sustainability through the introduction of ultra-low emission technologies, water recycling and heat and energy recovery systems in its chemical plant,» said Brown. Brown said the recent acquisition agreement was the result of months of close talks with Shanshan to ensure they get what they need to support the Chinese company`s new lithium plant. The contract includes a separate one-year contract, plus a five-year acquisition contract. Altura has also terminated the current agreements with Shaanxi J-R Optimum Energy (JRO) for the remaining 50,000 tonnes per year. The agreement plans to supply 35,000 tonnes of concentrated spodumen concentrate per year with a quality of 6% by June 2024. Lionergy, a partner in the abatement, has agreed to a reduction in tonnage, which falls under the existing wear and tear obligation and now provides for a minimum annual allowance of 65,000 dmt. Altura Mining (AJM) has entered into a multi-year acquisition contract (BOA) with Ningbo Shanshan`s subsidiary, Hunan Yongshan Lithium.
PERTH (miningweekly.com) — AsX listed Altura Mining has entered into a lithium withdrawal agreement with Hunan Yongshan Lithium Company, a subsidiary of shareholder Ningbo Shanshan. The company has completed a feasibility study on a possible second extension, with a final investment decision to be made following verification of the operation of the first stage, production growth, takeover agreements and guarantee of financing of the extension. Altura Mining has signed a buyout agreement with Chinese lithium materials producer Shandong Ruifu for a product from its lithium mine in Pilgangoora, Western Australia.