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Altura Mining achieves major milestone at Pilgangoora Lithium

Received approval for the Mining Proposal and Mine Closure Plan.

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Well positioned to commission the project by Q4 2017

Altura Mining (ASX:AJM) has received approval for the Mining Proposal and associated Mine Closure Plan for its Pilgangoora Lithium Project located in the Pilbara region of Western Australia.

The Mining Proposal, Mine Closure Plan and the Native Vegetation Clearing Permit, together constitute the key environmental approvals required to allow works to commence on site.

The approvals are for the two mining leases and associated miscellaneous licences which cover the planned mining, processing and waste facilities and haul roads.

These key approvals will be favourably viewed by Altura’s potential funding and offtake partners as the company works toward securing the final portion of funding for the project.

With this significant milestone achieved and only minor permit approvals prior to commencing site works, Altura will prepare for mobilisation and early works.

The company continues to be well positioned to deliver the project for commissioning by Q4 2017 and the first shipment in early 2018.

A definite feasibility study for the Pilgangoora Lithium Project in September 2016 had projected a pre-tax net present value of $411 million and a payback period of just 1.8 years.

The project has an initial 13-year mine life based on the current ore reserve estimate of 20.33 million tonnes at 1.06% lithium.

Altura’s share price has increased by 33% since the start of 2017, last trading at $0.175.

Quick facts: Altura Mining Ltd

Price: 0.063 AUD

ASX:AJM
Market: ASX
Market Cap: $156.12 m
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