Altura has entered a new chapter, moving from “Explorer to Producer” and is now set to become a significant global supplier servicing South East Asian growth markets.
The Company is focused on simple operations with strong cash flows. It has taken advantage of opportunities created by the subdued global economic climate for projects and has been making substantial and methodical progress in creating independently sustainable businesses that deliver profitability, liquidity and growth.
Altura has a multi-commodity portfolio with first production via its 30% interest in the Mt Webber DSO iron ore project (North Pilbara, Western Australia) and a one-third stake in the Delta operating coal mine (East Kalimantan, Indonesia). Other projects approaching production include the Tabalong high value coal targets (South Kalimantan, Indonesia) and Pilgangoora Lithium (North Pilbara, Western Australia).
With prudent financial management, an experienced management team and solid cash flow from its services arm, Altura is securely placed to future growth in 2014.
The Delta Coal mine in East Kalimantan which produces at a current rate of 1.5 Mtpa. Altura owns a one-third stake in this cash flow positive business.
The Mt Webber iron ore project (joint venture with Atlas Iron Limited - ASX: AGO) in the Pilbara region of Western Australia where production agreement has been reached and construction has commenced. Production and first sales are scheduled for Q2 2014 at an initial production rate of 3 Mtpa.
The Tabalong coal project in South Kalimantan is pending approval, with coal mine construction anticipated during 2014.
Work on the Pilgangoora lithium project in Western Australia continues with the successful completion of the Scoping Study which demonstrated a favourable Net Present Value. The acquisition of 15% of Lithium Corporation (OTCBB: LTUM) also underlines Altura’s strategic lithium focus.