logo-loader
Altura Mining Ltd

Altura Mining gets ready to begin construction at Pilgangoora Lithium

The project remains on track to begin production in Q1 2018.

WA-Map-3---757.jpg
The ore reserve was recently upgraded by 9.8 million tonnes

Altura Mining (ASX:AJM) is progressing well in developing the site in preparation for construction of the process plant at its Pilgangoora Lithium Project in the Pilbara region of Western Australia.

The detailed design is substantially complete and the first plant construction works are planned to commence this month.

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 ore reserve estimate of 20.33 million tonnes at 1.06% lithium.

Interestingly, the ore reserve was subsequently upgraded by 9.8 million tonnes to a total of 30.1 million tonnes at 1.04% lithium, further enhancing the project potential.

Following completion of the civil design in the coming weeks, the focus of the design team will shift to the Structural Mechanical and Pipework (SMP) packages to allow fabrication of steelwork to commence.

Meanwhile, Altura is continuing to place orders for the machinery and equipment necessary to build the process plant.

Of the 40 packages that comprise of the machinery and equipment necessary to build the process plant, contracts have been signed for 25.

Importantly, the project remains on track to begin production in Q1 2018.

Altura had a cash balance of circa $37 million as at 31 March 2017.

Quick facts: Altura Mining Ltd

Price: $0.08

Market: ASX
Market Cap: $174.41 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Northern Minerals reveals talks with US government agencies,...

Northern Minerals Ltd (ASX:NTU) CEO George Bauk tells Proactive he recently met US government agencies, who he says wanted to get a better sense of the Australian company's progress with its dysprosium production, and its strategy going forward. Bauk is currently in New York meeting with...

11 hours, 35 minutes ago

2 min read