Australian lithium producer Altura enters receivership

Australian lithium producer Altura Mining Ltd has entered receivership, administrator KordaMentha said, hit by a prolonged period of low prices for battery materials that has been exacerbated by the coronavirus pandemic.

MELBOURNE, Oct 27 (Reuters) - Australian lithium producer Altura Mining Ltd AJM.AX has entered receivership, administrator KordaMentha said, hit by a prolonged period of low prices for battery materials that has been exacerbated by the coronavirus pandemic.

KordaMentha was appointed as administrator on Oct. 26 by Altura's security agent, BNY Trust Company of Australia Ltd.

It is conducting an urgent assessment of the company’s financial position to begin transitioning the operations into care and maintenance in the coming week, it said in a filing late on Monday.

KordaMentha also called for interested parties to get in touch for sales or recapitalisation opportunities.

(Reporting by Melanie Burton; Editing by Edwina Gibbs)

((melanie.burton@thomsonreuters.com Twitter: @MelanieMetals; +613 9286 1421; Reuters Messaging: melanie.burton.thomsonreuters.com@reuters.net))

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