Interestingly, AJM just responded to an ASX price drop/ volume query and the share price has bounced back.
However, on reading their response they have not offered anything new and just regurgitated sales and production information contained in their announcement of 20 August 2019.
Here's what was said in their ASX response today:
"Altura notes that negative news emanating from some specific lithium companies, and general market weakness, appears to be having a severe impact on all companies across the lithium sector, irrespective of the underlying fundamentals of individual companies.
However, Altura is currently experiencing strong production and sales performance, as advised in the ASX announcement on 20 August 2019. Quarterly sales are currently at 19,000 dmt and production is forecast to reach 45,000 wmt by the end of September.
There have been regular shipments of spodumene concentrate, and the next cargo to offtake partner Lionergy will be dispatched next month. Altura continues to be able to sell the concentrate produced and maintain optimal inventory levels.
The demand for Altura spodumene remains strong with customers citing the exceptional quality of the Company’s product. Marketing initiatives in China have also resulted in ongoing sales enquiries."
And, here's what was announced on 20 August 2019:
"The Altura Lithium Project is consistently delivering strong production figures with the September quarter output expected to be approximately 45,000 wmt, exceeding the 42,402 wmt achieved in the June quarter. With the mine operating at close to nameplate capacity the Company has continued to dispatch regular shipments of spodumene concentrate.
The demand for Altura spodumene remains strong with customers citing the exceptional quality of the Company’s product. A recent marketing trip to China has reinforced consistent positive feedback from clients with regard to the quality and consistency of the product which is making a point of differentiation in the market.
Sales and exports of approximately 19,000 dmt 1 of spodumene have been made so far this quarter. The Company forecasts similar sales and exports during the remainder of the quarter. The loading of 11,300 wmt on the vessel COE Luisa over 18 and 19 August 2019 marked the first cargo to the Guangdong Weihua Corporation as part of the recently executed binding offtake agreement.
The remaining 2019 allocation of 40,000 dmt is scheduled for routine delivery over the next 6 months.
As noted above, Altura continues to receive positive feedback from its offtake customers regarding product quality. Altura is also continuing to negotiate future offtake arrangements with a range of high profile potential offtake partners."
I think they will pull the wool over some investors eyes - but not for too long!!
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