Altura Mining Limited’s (ASX: AJM) stock climbed up 1.5 per cent on July 25, 2018 as the company updated the market about the transition from a developer to miner after producing the first batch of lithium concentrate from its Altura Lithium Project. The Company-making milestone comes after 16 months because the first ground was broken at Pilgangoora site in mid of March 2017. As per the release, the Company has been further encouraged by on-site testing of the first production batch by laboratory operator Intertek. The results have shown a concentrate product grade exceeding the industry benchmark SC6 concentrate specifications and fit within the Company’s offtake agreements.
The management expects that the plant optimization will materialize as a production in the coming months. At full production capacity, the processing plant will produce 220,000 tpa of 6 per cent lithium concentrate that will feed into the electric vehicle and static storage lithium battery market. As of now, the company is eying the delivery of the first commercial shipment of SC6 spodumene concentrate and increase production at full capacity over the coming 6 months and then turn to the expansion of the project.
Altura Mining Limited traded at a market price of $0.335 with the market capitalization of circa $ 600.56 Mn (AEST: 03:30 P.M.)
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