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Altura Mining confirms rumored control deal with largest shareholder

Altura Mining Ltd. confirmed market speculation that it is in discussions with Shaanxi J&R Optimum Energy Co. Ltd., its largest shareholder, for a proposed control transaction.

The company said March 15 that talks on the potential transaction are confidential, incomplete, indicative and nonbinding. In addition, any proposal is subject to a number of conditions, including regulatory approvals in China and Australia.

Altura said that at this stage, there is no guarantee any transaction will proceed.

The company is advancing the Pilgangoora lithium project in Western Australia, with commissioning expected in the first quarter.