SYDNEY: Australia’s Pilbara Minerals Ltd said yesterday it has agreed to buy the lithium assets of troubled peer Altura Mining Ltd for US$175mil, in further sector consolidation that suggests a two-year bear market may be turning around.
Altura entered receivership in October following prolonged weakness in the raw battery materials market that was worsened by the impact of the Covid-19 pandemic this year. Altura’s creditors will vote on the proposal on or before Dec 11.
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