The company plans to use the funds to progress a Stage 2 expansion study at its Altura Lithium Project, located at Pilgangoora in Western Australia’s Pilbara region.
The Stage 1 construction at Altura is on schedule for first lithium concentrate sales in the June quarter 2018.
A select group of global investment funds were cornerstone investors in the placement including one of the world’s biggest resources funds.
The Stage 2 expansion plan at Altura is aimed at increasing production to 450,000 tonnes per annum (tpa) of spodumene concentrate, from the start-up capacity of 220,000 tpa.
The capacity expansion is aligned with the growth plans of Altura’s Chinese offtake partners.
Altura’s study will look at engineering design for additional process plant modules to deliver the increased production tonnage, along with the necessary additional water, power supply and logistics.
The expansion is particularly attractive because increased mining volumes could be accommodated with the addition of a second mining shift.
Importantly, there would be no need to increase the accommodation village capacity or ancillary infrastructure to facilitate Stage 2.
Altura’s expansion definitive feasibility study is expected to be delivered early in 2018.