First Altura production due this week

ALTURA Mining’s A$151 million Pilgangoora lithium project is on track to produce first concentrate this week.
First Altura production due this week First Altura production due this week First Altura production due this week First Altura production due this week First Altura production due this week

Altura MD James Brown speaking at the Noosa Mining and Exploration Conference

Managing director James Brown told the Noosa Mining and Exploration Conference on Friday that wet commissioning was complete and first production was due within days.

Once first concentrate was produced, Altura would aim for the first shipment to offtake partner Lionergy in the second part of August.

"We're looking to ramp up towards Christmas to nameplate capacity of 220,000 tonnes per annum," Brown said.

Full cash costs are expected to be around $400 per tonne.

Brown said 6% spodumene concentrate was currently selling for around the "high US$800s to $900s".

"We do expect that even in the worst-case scenario, the operation will be relatively profitable," he said.

The company has also completed a definitive feasibility study into the stage two doubling of production.

As of July 1, the stage two DFS delivered a net present value of A$835 million, using a 10% discount rate.

The stage two expansion is based on an ore reserve of 34.2 million tonnes, which has since been upgraded to 41.1Mt.

Brown said there was also opportunities to materially extend the life of mine through exploration.

"We're not just a one-trick pony with Pilgangoora," he said.

Altura shares closed at 33c on Friday, valuing the company at $600 million.