Quarterly Activities Report – Mar Qtr 2015

Highlights:

Coal

  • During the quarter 228,624 tonnes of coal produced from the Delta Coal mine – Altura share 76,208 tonnes.
  • Focus continues on lowering costs via reductions in stripping ratio and mining costs.
  • The Indonesian Government benchmark price for coal sales was 5% higher in March 2015 as compared with December 2014.

Corporate Restructure

  • Shareholder approval obtained for the sale of the Mt Webber iron ore joint venture interest for A$24m with settlement occurring on 17 February 2015, and for the Singapore listing of the Indonesian coal assets into a new separate coal focused entity.
  • Future corporate profile of Altura Mining Limited is that of a company with a controlling interest in a Singapore listed coal investment entity, a developer of the World Class Pilgangoora lithium deposit and a provider of mining services.

Capital Raising

  • Altura conducting a non-renounceable rights issue to raise A$3.12 million (before issue costs).
  • The rights issue is partially underwritten to an amount of A$2.4 million.
  • Shareholders can purchase 2 New Shares for every 3 Existing Shares held, and will also receive 1 free attaching New Listed Option for every 2 New Shares acquired.

Lithium

  • Altura continues search for a strategic investment partner to develop the world class Pilgangoora project.
  • Capital raising will allow for completion of feasibility studies and progression of the mining lease towards grant.
  • Altura is encouraged with the progress to date having gained a better understanding of the concentrated nature of the Chemical Grade Lithium supply market.
  • The Chemical Grade Lithium market continues to demonstrate encouraging long term fundamentals.

 

Further details

 

Posted in 2015 ASX