General Discussion Topics, page-123033

While there is often criticism of some Sayona Directors, bear in mind that
directors involved in Altura Mining did build this:


And during very difficult times (stagnated lithium price $400) it looks like the
directors did everything they could to keep Altura afloat -

Feb 8, 2019

Altura Mining has folded under the pressure of the struggling lithium market, with the company set to start a sale process as its Pilgangoora operation in Western Australia is placed on care and maintenance.

Hit by lithium oversupply and other unfavourable market factors, Altura has handed over company control to Richard Tucker and John Bumbak of KordaMentha Restructuring.

The decision follows unsuccessful attempts by Altura to refinance more than $250 million of debt owed to creditors.

Tucker said prices for the lithium spodumene had fallen by about 50 per cent in the past two years.

“… Altura has been losing money for some time. It was not sustainable and the company was simply too highly leveraged,” he said.

Altura has capacity to produce 220,000 tonnes of lithium spodumene concentrate a year at the Pilgangoora mine.

SYA - Zero financed debt.