Altura Mining Ltd. signed an off-take agreement to supply at least 70,000 dry tonnes per year of 6% grade spodumene concentrate from its Altura lithium operation in Western Australia to Ganfeng Lithium Co. Ltd. unit GFL International Co. Ltd. until 2021.
The company will receive an US$11 million pre-payment on 2019 shipped cargoes, according to the Nov. 9 release.
The agreement can be extended for a further five years, at GFL's election, and another five years by mutual agreement.
The company said 100% of the planned production from its flagship operation at Pilgangoora is now committed.
Altura also agreed with its existing off-take partner, Shaanxi J&R Optimum Energy Co. Ltd., to reduce the current commitment from a minimum of 100,000 t/a to 50,000 t/a from 2019 onward.
The first shipment of spodumene concentrate produced at Altura departed Port Hedland in October.
