Singaporean consortium secures $850m for South32’s Australian coking coal
South32 said in February it had agreed to sell the business in New South Wales state for $1.65 billion.
Lithium miner Alita Resources Ltd’s administrators said on Friday the company has entered into a A$70 million ($47.50 million) loan facility agreement with China Hydrogen Energy Ltd to pay back its biggest shareholder.
Earlier this year, Galaxy Resources Ltd, Alita’s biggest shareholder, had bought $28.8 million worth of debt in the cash-strapped miner.
Shares of Alita, which is undergoing a wider restructuring, have been on a trading halt since Aug. 12. The trading halt is expected to continue until there is an update on the company’s review.
Lithium prices have plummeted this year, due to lower demand from Chinese customers after a change in the country’s electric vehicle subsidies and global trade tensions.
Alita had also taken a price cut on its shipment of lithium concentrate in August to a China-based chemicals maker, as it sought to offload its stockpile amid higher lithium supply.
($1 = 1.4736 Australian dollars)
(By Shruti Sonal; Editing by Shounak Dasgupta)
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