Pilbara Minerals acquires Altura lithium
(Kitco News) - Pilbara Minerals (PLS:ASX) has finalised its acquisition of the Altura lithium project in Western Australia from Altura Mining in a deal valued at $201 million.
Pilbara Minerals secured the agreement to purchase Altura Mining’s lithium operations in October 2020. The purchase will provide Pilbara Minerals 100 per cent ownership of the Altura lithium project, which grants the former with control of the largest independent hard-rock lithium mining and processing operation globally.
Pilbara Minerals managing director and chief executive officer Ken Brinsden said “This is a historic day in Pilbara Minerals’ relatively short history as a lithium producer and marks an important moment, not just for our shareholders, but also for the lithium industry in Australia,”.
He added “The well-timed and cost-effective acquisition of our neighbouring operation is one of the most compelling transactions seen in the lithium sector in recent times. It represents a unique opportunity to realise tangible synergies from integrating two very similar mining and processing operations and adopting a holistic approach to extracting value from what is essentially the same orebody.”.
As you can see the daily share price chart has been on a tear. The price is now 423% higher for the calendar year and still going strong. It is hard to project a pullback or even any support levels in the chart but onwards and upwards.