Altura ups Li reserves, extends mine lifespan

Australian lithium developer Altura Mining has increased mineral resources and ore reserves at its Altura project in Western Australia, boosting the projected mine lifespan by a further two years.

The estimated ore reserve has been increased by 20pc to 41.1mn t grading 1.05pc lithium oxide, containing around 432,000t of lithium oxide. The mineral resource has been increased to 50.5mn t containing around 512,000t of lithium oxide.

The updated resource and reserve estimates will be included in a continuing definitive feasibility study to duplicate stage one of the Altura project, which has crushed and stockpiled its first ore towards initial concentrate processing in June and first offtake shipments early in the third quarter. Stage one will produce 220,000 t/yr of lithium oxide.

Total output will double to 440,000 t/yr if stage two is approved.

Altura earlier this year appointed investment bank Citigroup to advise it on control discussions with its Chinese offtake partner J & R Optimum Energy and other parties seeking to secure long-term access to upstream lithium output.