Altura Mining Provides Shipping and Operations Update

  • Sep 14, 2018 AEST
  • Team Kalkine
Altura Mining Provides Shipping and Operations Update

Altura Mining Limited (ASX:AJM) is running the business of exploration and development of minerals mainly in Australia and Indonesia. Company recently gave an update on operations and shipping of its Altura Lithium Project which is located Pilgangoora. Production work of Altura lithium mine started on 25th July 2018. Currently all the mining operations are going as planned and overall recoveries are also good at mines. The team of Ultra mining continues to focus on ramping up the levels of production to nameplate capacity. As per the daily monitoring of production tonnages, the mining and processing are performing at high level. 

Process plant’s product feed has been successfully increased during its commissioning phase. In order to suit the offtake partners requirement of consumption the shipment of concentrate are planned at regular interval.

Cargo is going to be shipped through “Handy” sized vessels of up to 40,000 tonnes. Most of Altura’s cargoes are going to be shared amongst other commodity producers shipping from Port Hedland’s qube facility. According to the binding offtake agreements, payment will be received for cargoes after presenting the documents under standard letter of credit arrangements. Company’s maiden cargo are booked and managed by the shipping agents appointed by Altura. AJM’s market share price initially declined by 2.128% on 14 September 2018 but then traded flat as at 2:00 PM AEST.

AJM shares traded at $0.235 with market capitalization of about $427.67 million.

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