The Bald Hill lithium mine in the Goldfields will cost Mineral Resources almost $260 million after a price for the acquisition was revealed by administrators.
Mineral Resources has inched a step further in closing a deal to take control of the Bald Hill lithium mine, with a share sale agreement with Alita Resources liquidators now unconditional.
Liquidators for Alita Resources are working against the clock to push ahead with the sale of the company's Bald Hill mine to Mineral Resources, as details of the bid remain tightly under wraps.
Mineral Resources has sought to pluck Alita Resources' Bald Hill lithium mine out of the hands of administrators after the Foreign Investment Review Board blocked a bid from a foreign buyer.
Perth-based lithium producer Altura Mining has been placed in receivership after the ASX-listed company was unable to refinance its debt, placing 100 jobs at risk.
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At least $1.6 billion of equity has been raised by WA-linked critical minerals hopefuls in the past five years, but achieving consistent returns is another battle.
Alita Resources has repaid $US32.5 million ($A47 million) to its major shareholder and creditor Galaxy Resources, which confirmed today it would not pursue its planned acquisition of the lithium mi
Collapsed lithium miner Alita Resources has entered a binding $70 million loan agreement with China Hydrogen Energy, three months after the company went into administration.
Galaxy Resources will scale back shipments from its flagship Mt Cattlin mine by up to 48 per cent, as weak global demand for lithium continues to linger.
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The Supreme Court of Western Australia has agreed to delay a creditors meeting of Alita Resources, as its administrators assess more than 11 proposals that could revive the fallen lithium miner.
Galaxy Resources has confirmed interest in striking a downstream processing deal with Alita Resources' offtake partner, just a day after placing the lithium miner into receivership, while Talison is reconsidering the timing of its $516 million stage three expansion project at Greenbushes.
Alita Resources has entered administration just two days after its biggest shareholder, Galaxy Resources, struck a deal to buy the company's $42 million in secured debt.
Galaxy Resources has gained effective control of struggling lithium miner Alita Resources by purchasing a $US28.8 million ($A42 million) secured loan facility.
Alita Resources and its major lender have entered into a standstill agreement after Tribeca Investments issued a default notice to the struggling lithium miner.
Galaxy Resources said it expects to record a non-cash impairment charge of between $US150 million ($222 million) and $US185 million ($274 million) for the first half of 2019, reinforcing the current bleak conditions in the lithium sector.
Updates from two WA lithium miners today have highlighted the extent of the supply glut in the industry, with Pilbara Minerals confirming it will scale back production and Alita Resources launching a strategic review.
Alliance Mineral Assets has raised $32.5 million via two share placements, including with Galaxy Resources, with the funds set to primarily go towards upgrades at the processing facilities at its Bald Hill lithium and tantalum mine.
Alliance Mineral Assets has appointed Mark Turner as executive director of operations, and non-executive director Geoffrey McNamara becomes non-executive chair.
Lithium producer Tawana Resources has secured a $40 million funding package with a consortium led by Tribeca Investment Partners, with its planned merger with joint venture partner Alliance Mineral Assets expected to be completed in November.
Westgold Resources Limited is pleased to advise that completion of the sale of the South Kalgoorlie Operations (SKO) to Northern Star Resources Limited as announced on 8 March 2018 occurred on 29 M
Lithium producer Tawana Resources has announced plans to merge with its Bald Hill project joint venture partner, Singapore-listed Alliance Minerals Assets, to form a $446 million company.
Pacific Energy has strengthened its position in the remote power market by striking a deal to acquired Kewdale-based Contract Power Group for $90 million in cash and shares, adding to its existing operations through subsidiary Kalgoorlie Power Systems.
Tawana Resources has opened the state's fifth lithium operation, with the ASX-listed company announcing today that production has started at its jointly owned Bald Hill project in the eastern Goldfields.
