Here it is LONG TERM OFFTAKE AGREEMENT SECURED WITH LEADING...

Here it is



LONG TERM OFFTAKE AGREEMENT SECURED WITH LEADING GLOBAL LITHIUM PRODUCER ■ Binding Offtake Agreement with GFL International Co., Limited (a wholly owned subsidiary of Ganfeng Lithium) a leading global battery materials producer ■ Supply to commence in 2018; with a minimum of 70,000 tonnes per annum from 2019 until the end of 2021 with potential extensions for up to a further 10 years ■ Variations agreed to existing offtake arrangements with Shaanxi J&R Optimum Energy Altura Mining Limited (ASX: AJM) (“Altura” or the “Company” is pleased to announce a new binding offtake agreement (BOA) with GFL International Co., Limited (GFL), a wholly owned subsidiary of leading global lithium producer in Ganfeng Lithium. The new agreement provides Altura with a more diverse customer base and locks in 100% of planned production from the recently commissioned flagship Altura Lithium operation located at Pilgangoora in Western Australia. GFL is a leading global battery materials producer that is continuing to expand both its lithium carbonate and lithium hydroxide production capacity. The new BOA further diversifies GFL’s existing supplier base and provides the option to increase supply through access to 50% of the Stage 2 expansion production from the Altura Lithium operations. Altura has also reached agreement with existing offtake partner in Shaanxi J&R Optimum Energy Co., Ltd (JRO) whereby JRO will reduce its current BOA commitment from a minimum of 100,000 tpa to a minimum of 50,000 tpa from 2019 onwards. This will provide Altura with more flexibility as JRO aims to conclude its current restructuring. Altura is also provided with an opportunity to expand its existing customer base with the removal of JRO’s rights to additional tonnage produced. Altura Managing Director James Brown said the new agreements would underpin production and should remove any offtake uncertainty. “Ganfeng is one of the largest and most respected lithium companies in the world and an offtake agreement with them is further proof of the quality of the product we are producing from the Altura Lithium operations,” he said.