Altura Mining Signs LOI For Offtake Agreement

Altura Mining (ASX:AJM) has signed a letter of intent (LOI) with China based Lion Energy for an offtake agreement for its Pilgangoora lithium project. The LOI considers a minimum of 100,000 tonnes per year and up to 150,000 tonnes per year of spodumene concentrate produced from the project.
As quoted in the press release:

Lionergy has also agreed to subscribe to shares in Altura by way of a AUD3,000,000 placement @ 8.1 cents per share. The placement to Lionergy demonstrates the confidence level shown in Altura and its flagship Pilgangoora Lithium Project. Both parties are working towards further developing the relationship and conducting a China marketing program this week to showcase the project potential to downstream lithium carbonate processors.
Lionergy Limited is a China based company specialized in the Lithium industry. Its business scope covers spodumene exploration, spodumene mine development, spodumene concentrate sales and distribution, Li2CO3 and LiOH manufacturing and sales, Lithium metal manufacturing, cathode materials manufacturing for Li-ion batteries. This broad coverage and the integration of the lithium industry places Lionergy at the cutting edge in China’s Lithium industry.
The directors and the management of Lionergy have been working in the Chinese Lithium industry for almost twenty years. They have experienced the growth in the Lithium industry in China from a very small scale to a presently booming sector. The directors of Lionergy have established a very good reputation in the Chinese Lithium industry and are well connected.

Click here for the full press release.