Altura Mining Declares Commercial Lithium Production From Its Altura Lithium Mine

Altura Mining Declares Commercial Lithium Production From Its Altura Lithium Mine

Lithium Producer, Altura Mining Limited (ASX: AJM) has declared a commercial production from its wholly owned Altura Lithium Mine which is located in the Pilbara region of Western Australia (WA). According to Managing Director Mr. James Brown, this is one of the most significant milestones in Altura Mining’s history.

In an announcement made on 13 March 2019, the company informed that its operational team has delivered significant and measurable increases in lithium concentrate output as well as in overall lithium metal recovery from both the coarse and fines (flotation) plants in the last few weeks.

In recent weeks, the company has delivered an average of 541tpd which represents 84% of nameplate. Till now in March month, the company has delivered an average of 612tpd, or 95% of the nameplate with a maximum of 705 tonnes produced within a 24-hour period.

The company is now focusing on ensuring the mining, processing plant and logistics chain are operating as efficiently as possible. The company is also making sure that its customers are getting the best quality product that it can produce.

On 13 March 2019, Altura Mining also released its half-year financial report for six months ended 31 December 2019. For the half-year period, the company reported operating loss after of $10.979 million which was principally related to the Group’s administrative and corporate costs and a net foreign exchange loss in the six months. For the half-year period, the company reported revenue from continuing operations of $450k. As at 31 December 2018, the company had current assets of $28.394 million and current liabilities of $223.829 million.

During the half year period, the company joined the ranks of global lithium miners with the completion of construction, commencement of production and shipping of lithium concentrate during the commissioning of its flagship Altura Lithium Project.

During the period, the company stated the intention to divest its interest in the Tabalong coal asset. The company is pursuing a number of options for sale of the coal assets and information has been made available to a number of parties under confidentiality deed arrangements.

Now, let’s have a glance at the company’s share performance and the return it has posted in the past few months. At the time of writing (13 March 2019, AEST 4:00 PM), the stock is trading at a price of $0.145, up by 7.407% during the day’s trade with a market capitalization of ~$256.15 Million. The counter opened the day at $0.140 and reached the day’s high of $0.147 and touched a day’s low of $0.137 with a daily volume of ~10,772,547. The stock has provided a year till date return of -10.00% & also posted returns of -42.55%, -22% & -3.57% over the last six months, three & one-month period, respectively. It had a 52-week high price of $0.487 and touched 52 weeks low of $0.120, with an average volume of ~4,433,005.


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