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Altura Mining (ASX:AJM) - Managing Director, James Brown - The Market Herald
Managing Director, James Brown
Source: Finance News Network
  • Altura Mining (AJM) has recorded a strong quarter with increases in production and exports, as well ending June cash flow positive
  • Production of lithium concentrate increased by 10 per cent, while the amount of ore mined increased 34 per cent from the March quarter
  • The cost of each unit did increase over the June quarter though, from US$345
    (around A$479) per wet metric ton (wmt) to US$369 per wmt (around $A512)
  • Altura ended the quarter with $2.3 million in the bank, and the company said it is considering a further equity raise or loan to bolster that figure
  • Shares in the company closed the day trading flat at 6.2 cents per share

Altura Mining (AJM) has recorded a strong June quarter with increases in production and exports, as well ending the period cash flow positive.

The company suffered no operations stoppages due to COVID-19, instead chugging away to produce 46,316 wet metric tonnes (wmt) of lithium concentrate, a 10 per increase on the March quarter of 42,282 wmt.

Altura also registered a record quarter for shipping and sales, more than doubling the amount of lithium concentrate exported in March.

Source: Altura Mining

It comes after the company signed a five-year Binding Offtake Agreement with Hunan Yongshan Lithium Co., which is owned by Ningbo Shanshan Co., one of Altura’s largest shareholders.

Meantime, the amount of ore mined in the June quarter also increased by 34 per cent on a quarter by quarter basis.

Altura said this was to make up for a slow performance during the March quarter, and explained the increased productions costs, which went from US$345/wmt (around A$479) to US$369/wmt (around $A512).

Along with the strong mining and sales results, Altura also ended the June quarter cash flow positive with $2.57 million on its operating balance sheet.

It also had $2.3 million in cash in the bank at the end of the period.

Going forward, the company said one of its key focuses was the "strengthening of its balance sheet" and that it was engaged in "both debt and equity discussions, via its appointed adviser Azure Capital".

While since the end of the quarter, the company completed loading the first cargo for FY21, with another expected to be loaded today, July 31.

Shares in Altura closed trading flat today for 6.2 cents per share.


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