Altura Mining is drawing closer on its nameplate production capacity target of 220,000 tonnes per annum at its flagship Altura Lithium Project.

The company today announced it had undertaken a financing package to raise approximately US$19.87 ($28) million (before costs) to achieve this feat.

The financing package comprises a placement to institutional and sophisticated investors to raise approximately US$16.33 ($23) million and a securities purchase plan for existing eligible shareholders to raise up to a further US$3.55 ($5) million. 

Altura Managing Director James Brown said the Company was extremely pleased with the strong support shown from sophisticated and institutional investors. 

“This capital raising provides working capital strength for this final push in the ramp-up phase,” he said.

“The most recent modifications we’ve made to the plant have had a significant impact on performance and we are now consistently achieving approximately 70 per cent of nameplate production capacity. We also continue to be delighted with the product quality from the plant which is meeting or exceeding customer expectations. 

“We are confident that we are close to achieving steady-state production and we can then focus on ensuring the plant its working as reliably and efficiently as possible, while we continue to work towards nameplate capacity, which we believe should be accomplished over the coming months.” 

Image: Altura Mining Managing Director James Brown with the under-construction processing plant at Altura Mining's Pilgangoora lithium project in 2017. Picture: The West Australian.