logo-loader
Alita Resources Ltd

Alliance Mineral Assets shares surge on achieving record lithium production in January

Revenue from shipments earlier this month is expected to be about $26 million, subject to final assay.

shares rising chart
Shares closed about 18% higher today, at 20 cents.

Alliance Mineral Assets Ltd (ASX:A40) (SGX:40F) has achieved record monthly production of 13,160 tonnes of lithium concentrate in January 2019 from its Bald Hill Lithium and Tantalum Mine in Western Australia.

The lithium concentrate graded an estimated 6.15% lithium oxide.

Notably, total lithium concentrate production in January 2019 was 28% higher than December 2018 production.

 

The 131,400 tonnes of ore were processed at an average throughput of 237 tonnes per hour with 87.6% net utilisation, which equates to 30% above nameplate and 23% more throughput than December 2018.

Alliance reported a head grade of 0.93% lithium oxide and gross recovery of 64.2%.

The company has shipped a total of 23,232 wet metric tonnes (about 22,928 dry metric tonnes) of lithium concentrate on the 2nd and 3rd of February.

Revenue from these shipments is expected to be about $26 million, subject to final assay.

READ: Alliance Mineral Assets completes Tawana Resources ‘merger of equals’

An additional 30,000 tonnes of lithium concentrate is expected to be shipped or ready for shipment during the March 2019 quarter.

It is worth noting that a total of 20 tonnes of high-grade tantalum grading about 30% tantalum pentoxide was shipped in January 2019.

An additional shipment of 20 tonnes of high-grade tantalum grading about 30% tantalum pentoxide is expected to depart on February 8, 2019.

The company’s production guidance for the half year to June 30, 2019 remains at 65,000 to 80,000 tonnes of lithium concentrate.

READ: Alliance Mineral Assets gains new substantial shareholder

Alliance managing director Mark Calderwood said: “Lithium concentrate production for January 2019 was up 28% on December 2018 total production and is an excellent start to the current quarter.

“The quantity of lithium concentrate shipped over the last week is also a record for Alliance.

“A number of requests for lithium concentrate are currently being reviewed and we expect to ship, or have ready for shipment an additional 30,000 tonnes of premium quality lithium concentrate during the quarter.

“Interest in long term off take for Bald Hill’s high-grade lithium concentrate remains strong.”

Quick facts: Alita Resources Ltd

Price: $0.08

Market: ASX
Market Cap: $121.07 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...

In exchange for publishing services rendered by the Company on behalf of Alita Resources Ltd named herein, including the promotion by the Company of Alita Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Alliance Mineral Assets posts record quarterly results, inks MoU for...

Alliance Mineral Assets Ltd (ASX:A40) managing director Mark Calderwood updates Proactive Investors on the lithium producer's record quarterly production at its Bald Hill Lithium Mine, up 68% from the December quarter last year. "We expected this - this is nameplate production, our costs...

on 1/5/19

2 min read