Join our daily newsletter At The Bell to receive exclusive market insights
- Lithium explorer Altura Mining has exceeded targets at its flagship WA Pilgangoora development
- The record production is giving way for the site to reach an annual 220,000 tonnes of lithium, subject to ongoing performance later this year
- Current quarterly sales are also satisfactory with 24,881 dry metric tonnes of lithium shipped so far and another 13,000 tonnes to be delivered later this month
Lithium explorer Altura Mining showed off success to shareholders today, announcing record production from its flagship operation.
The WA Pilgangoora development, named after the company, has been outperforming on a daily basis to provide a record production of 220,000 annual tonnes of lithium.
Current grading of the lithium is wavering around a respectable six per cent rating. The element is in hot demand around the globe lately, due to the key role lithium-ion batteries will play in a renewable energy future.
Company Managing Director James Brown says since production on site began earlier this March, management has been focused on pushing the flagship project towards optimal capacity and output.
“In a relatively short amount of time, the operations team has made a number of significant improvements to key aspects of the process plant, which has delivered a record month of production in May, and strong lithium sales for the current quarter,” James said.
Improvement changes at the company’s plant include higher efficiency in performance and less downtime between scheduled maintenance for increased production.
From the increase in performance, Altura management has reported up to 742 tonnes of the lithium aluminium concentrate ‘spodumene’ has been produced in 24-hour periods, exceeding the set target of 640 tonnes per day.
Overall, lithium recovery rates are consistent at 62 per cent, but company management is focused on increasing that number to an impressive 80 per cent.
“The outstanding performance of the mine comes at an opportune time for Altura as we recently returned from a successful marketing trip to China where we engaged with existing and potential new offtake partners. Demand for quality spodumene remains strong, and we continue to field genuine interest for supply and Stage 2 offtake,” he said.
Quarter sales for the company are currently strong, with 24,881 dry metric tonnes currently delivered and a further 13,000 dry metric tonnes promised to follow later this month.
Shares in AJM are trading at 11 cents today, a 4.76 per cent premium from yesterday’s pricing. The company’s market cap is currently set at $223.1 million.
