Altura Mining Limited (ASX Code: AJM) is pleased to advise that it has received the final payment of the US$110 million senior secured debt facility to complete construction and development of the advanced Altura Lithium Project at Pilgangoora in WA’s Pilbara region.
The Tranche 2 final payment of US$77 million was settled on 25 September 2017, following the initial settlement of US$33 million on 4 August 2017.
Altura is more than 50% through construction of the Project and is working towards first production of spodumene (lithium concentrate) in the March Quarter 2018.
Altura Managing Director Mr James Brown said the Company was now fully funded for the construction of the Altura Lithium Project.
“We are delighted with the support of our lending partners who, like us, understand and appreciate the robust nature of this Project. As was shown in the Definitive Feasibility Study announced on 26 September 2016, we anticipate being able to pay back the initial project debt within two years. The covenant-light nature of the terms also provides us with excellent flexibility and support,” he said.
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