PILBF - Pilbara Minerals to buy Altura's lithium operations for $175M

Pilbara Minerals ([[PILBF]] +4.2%) has agreed to buy the lithium assets of troubled peer Altura Mining for $175M, in further sector consolidation on lithium recovery bet.Altura entered receivership in October following prolonged weakness in the raw battery materials market that was worsened by the impact of the pandemic. Altura’s creditors will vote on the proposal on or before December 11.Pilbara said it has proposed an arrangement under which it will contribute A$6M to a fund to support Altura employees who have been made redundant following the lithium project being placed into care and maintenance.

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Pilbara Minerals to buy Altura’s lithium operations for $175M