Altura Mining Signs Binding Offtake Agreement With China's Lionergy

Altura Mining (ASX:AJM) has signed a binding offtake agreement with China based Lionergy Limited. The agreement considers a minimum of 100,000 tonnes of spodumene concentrate per year grading 6 percent Li2O.
As quoted in the press release:

Key points of the BOA:

• Lionergy to take minimum of 100,000 tonnes of 6% Li2O grade spodumene concentrate annually for an initial 5 year period – any extensions to be negotiated between Altura and Lionergy.
• Lionergy and Altura to negotiate any additional offtake tonnage in excess of 100,000 tonnes annually.
• Conditions Precedent based on the commencement of mining occurring within two years of the date of the signing of the BOA, and Altura obtaining finance for the development of the Project within six months of the date of the signing of the BOA.
• Spodumene concentrate pricing is based on the prevailing US$ market price and will be negotiated between the parties.

Click here for the full press release.