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Altura Mining puts control deal on hold, focusing on Pilgangoora mine

Altura Mining Ltd. is suspending efforts regarding a control deal confirmed in March and will focus on ramping up production at the Pilgangoora lithium mine in Western Australia to full capacity over the coming months.

The company had confirmed market speculation that it was in discussions with its largest shareholder, Shaanxi J&R Optimum Energy Co. Ltd., for a proposed control transaction.

Altura Mining said Aug. 9 that following an evaluation focused on shareholder value, it decided against such a deal, citing prevailing market sentiment toward listed lithium companies and the fact that the company is commissioning Pilgangoora and transitioning from a development to a production company.

Citigroup and Allion Partners will remain as the company's corporate and legal advisers, respectively, in case of future approaches.