Regis Resources sues Australian minister over blocked gold mine
Miner is challenging Environment Minister Tanya Plibersek's decision to block the McPhillamys gold project in Federal Court.
Altura Mining Ltd said on Tuesday key shareholder Ningbo Shanshan Co Ltd would increase its stake and invest A$22.4 million ($15.8 million) in the company.
The lithium miner said it will issue 200 million fully paid ordinary shares to a unit of Shanshan, which would result in the Shanghai-listed company becoming its single largest shareholder with a 19.4% stake.
The issue price of 11.2 cents per share is marginally higher than Altura’s last closing price of 11 cents per share on July 19.
Shanshan is a China-based supplier of lithium-ion battery materials.
Last month, it acquired an 11.8% stake in Altura from the company’s former biggest investor and one-time suitor, China’s Shaanxi J&R Optimum Energy.
Altura’s shares traded as much as 9.1% higher on Tuesday after the announcement, against a 0.3% rise in the broader index
($1 = 1.4221 Australian dollars)
(By Rashmi Ashok; Editing by Richard Pullin)
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