https://thewest.com.au/business/mining/altura-looks-to-new-beginning-in-the-us-ng-b881862606z
Altura looks to new beginning in the US
Stuart McKinnonThe West Australian
Mon, 3 May 2021 3:05PMComments
Stuart McKinnon
The processing plant at the Altura mine site.
Collapsed lithium miner Altura Mining has emerged from receivership after being stripped of its core asset to announce a potential new venture in the US.
The company said today it had secured an option for a 60 per cent earn-in of Lithium Corporation’s Fish Lake Valley project in Nevada.
The project lies 35km west north-west of Albermarle’s producing and expanding Silver Peak lithium brine operation and in the same state as electric vehicle company Tesla’s gigafactory.
If formalised, the $US50,000 option agreement would involve Altura spending $US2m over four years in exploration at Fish Lake Valley as well as further staged cash and scrip payments to Lithium Corporation worth $US3.9m.
Altura’s former lenders called in receivers and managers to the company in October last year after months of unsuccessful negotiations over a refinancing plan for the heavily indebted miner.
It’s flagship asset was subsequently sold to rival Pilbara Minerals for $US175m.
Altura shares remain suspended, with the company seeking a re-quotation on the ASX.
https://thewest.com.au/business/mining/altura-looks-to-new-beginn...
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