Altura Mining Limited: Quarterly Activities Report for June 2016
29.07.2016 | ABN Newswire
Perth - Altura Mining Ltd. (ASX:AJM) (OTCMKTS:ALTAF) provide the Quarterly Activities Report for the period ending June 2016 with the following significant highlights.Lithium
- Feasibility Study completed with the following key findings:
- Annual production of 215,000 tonnes (average) of spodumene concentrate
- LOM Net Revenue of A$1,562 million
- LOM Cash Generation of A$773.8 million
- NPV of A$382 million and IRR of 59.5% (10% discount rate)
- Project payback of 1.7 years
- 18.47 Mt of total ore feed to produce 2.744 Mt of spodumene concentrate production
- LOM Strip Ratio of 2.7:1
- LOM Cash Cost (FOB) of A$298 per product tonne; Gross Margin of A$348 per tonne
- Maiden Ore Reserve estimate of 18.4 million tonnes @1.07% Li2O
- Binding Offtake Agreement signed with Lionergy Limited for spodumene concentrate
- Access and Compensation Deed signed with pastoral lease holders
- Native Title Agreement signed with the Njamal people
- Further exploration drilling being undertaken with eight (8) prospective lithium target areas identified
- Work on Definitive Feasibility Study progressing with release scheduled for Q3 2016
Coal
- During the quarter 97,089 tonnes of coal sold - Altura share 32,363 tonnes
Corporate
- Share Placement with institutional investors raises $20 million
- Expiry of 30 June 2016 Listed Options sees a 99.9% take-up rate and has provided $4 million in funds to the Company since their initial issue
To view the full report, please visit:
http://abnnewswire.net/lnk/0O6LF9CS
About Altura Mining Ltd:
Altura Mining Ltd. (ASX:AJM) is building a leading position in the independent supply of lithium raw materials, with a world class lithium project at Pilgangoora ready to set the platform and be the first new hard rock lithium product supplier in 2017. The Altura team has a track record of delivering mining projects with Pilgangoora the most advanced stage, near term producing lithium project; solid offtake partners and a market providing substantial growth opportunities to ensure positive shareholder returns.
Contact:
James Brown, Managing Director
Altura Mining Ltd.
T: +61-427-988-898
www.alturamining.com