Pilbara Minerals to acquire stake in Altura Pilgangoora Mine
Pilbara Minerals has signed an agreement with Altura Lithium Operations (ALO) to acquire a stake in Pilgangora Mine operations. Pilbara Minerals has agreed to invest US$ 175 million in ALO.
ALO manages a hard-rock lithium operation, located at Pilgangoora in Western Australia, an approximately 123km drive from the town of Port Hedland. The current project resource, contained within Mining Lease tenements M45/1230 and M45/1231, covers an area of 394 hectares.
Pilbara has also agreed to contribute AUD 6 million (US$ 4.42 million) to a Deed of Company Arrangement (DOCA) fund to support Altura employees who have been made redundant after the lithium project was placed under care and maintenance.
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